PowerTech™️ Enters Into A Memorandum of Understanding Agreement (MOU) with Smart Product Concepts to Expand the Market Capacity and Anchor the IoT business

Rhea-AI Summary

King Resources, Inc. (OTC: KRFG) announced a Memorandum of Understanding (MOU) with Smart Product Concepts, the owner of Team Cuisine®, to expand into the IoT market. This partnership will enable Powertech, a subsidiary of KRFG, to distribute Team Cuisine® smart kitchen appliances in Asia, promoting energy efficiency and carbon neutrality. The global smart kitchen appliances market is projected to grow significantly, and according to forecasts, the Asia Pacific Household Cooking Appliance Market will reach $44 billion by 2027, showcasing a solid growth potential for KRFG's IoT initiatives.

Positive

• Partnership with Smart Product Concepts to enhance distribution of Team Cuisine® products in Asia.
• Access to the growing Asia Pacific Household Cooking Appliance Market, projected to reach $44 billion by 2027.
• Opportunity to promote carbon neutrality with innovative kitchen appliances.

Negative

• None.

HONG KONG, Aug. 16, 2022 /PRNewswire/ -- King Resources, Inc., (OTC: KRFG) and its wholly subsidiary, Powertech Corporation Limited ("Powertech"), is pleased to announce that Powertech™ has entered a Memorandum of Understanding ("MOU") With Smart Product Concepts who creates and owns the Team Cuisine^® brand of products, a renowned German Innovative Kitchen Brand. The MOU allows Powertech™ to expand and anchor the IoT market in the future by providing a power-saving solution to achieve carbon neutrality whilst Team Cuisine^® is able to expand the market capacity in Asia with their Smart Kitchen Appliance with integrated IoT solutions.

Cross Sector and Cross-Regional Collaboration in Pursuit of Revitalizing the Global Partnership for Sustainable Development

Upon signing a formal agreement, Powertech™ will be distributing Team Cuisine^® products in the Asia markets. This partnership is to strengthen the mean of innovative implementation and achieve low carbon living to a greater extent.

The mission at Team Cuisine^®  is to make home cook an enjoyable and easy experience in a smart lifestyle. Powertech will provide a wide range of Team Cuisine^® Smart kitchen appliances through different similar partnerships, filling the market with home appliances that can work with any cooking style, ranging from sous-vide starter sets to individual gadgets and smart appliances that can be controlled remotely. Powertech believes that everyone enjoys food and cooking, especially after the pandemic. Most people are called to develop smart eco-living. Initially we plan to bring six Team Cuisine flagship products to the Asia markets, including Smart Cooking Machine, Smart Pressure Cooker, Smart Convection Oven, Smart Air Fryer, Smart Air Fryer Oven and Smart Sous Vide Stick. These products are empowered intelligent mobiles App control, built in step-by-step guided recipes for culinary inspiration,  the All-in-one multi-functional design replacing different appliances to reduce electronic waste and power usage. 

A Critical Milestone in IoT for Smarter Business in Powertech in Asia

According to a report, the Asia Pacific Household Cooking Appliance Market is expected to witness market growth of 7.1% CAGR during the forecast period. Also, the China market dominated the Asia Pacific Household Cooking Appliance Market by Country in 2020. It is expected to continue to be a dominant market till 2027; by that, achieving a market value of $44,032.4 million by 2027. The Japan market is forecasted to grow at a CAGR of 6.4% during (2021 - 2027). Additionally, the India market is expected to unveil a CAGR of 7.7% during (2021 - 2027).

The pandemic has changed people's living habits passively and more people are becoming at-home chef due to the strict social distancing regulation. As a result, this circumstance persuades household consumers to substitute their traditional cooking appliances with smart cooking appliances, to create restaurant-quality meals. Powertech™ believes a series of smart kitchen products is able to leverage our company to grow IoT business in a good and healthy approach and merge the latest technology into the modern appliance. The desire for this high-efficiency cooking equipment is also surging, as a number of individuals have taken up cooking as a pastime and are thus buying the most up-to-date smart appliances.

Outlook of the Smart Kitchen Appliances

The global smart kitchen appliances market size to be valued at USD 43.83 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 18.6% during the forecast period. Adjustment in living standards worldwide and a growing interest in smart connected home appliances are driving the kitchen cooking appliance industry. The demand for energy-efficient appliances with user-friendly interfaces is another factor driving kitchen appliance purchases. Antimicrobial hardware such as coppers, brasses, and bronze are becoming increasingly popular. Copper-based materials have been found to inhibit the transmission of viruses and bacteria in studies. Home appliances are increasingly making their way into shopping trolleys as individuals in the COVID world spend more time at home. While the lockdowns caused some instability in the business, overall consumer sentiment has been strong, and the prognosis is positive.

William Fu, CEO of Powertech, commented " Smart Kitchen Appliances' high-end built-in solutions utterly embedded into our existing new lifestyle, combining power saving technology with new-fangled designs to redefine the power usage in IoT experience. The growing popularity of the smart home idea signifies well for the market's growth in the coming years. Moreover, advanced technologies have resulted in the introduction of innovative home cooking manufacturers that carry touch screens, sensors and built-in cameras, as well as voice assistants and connectivity. Smart kitchen appliances that are IoT enabled can be monitored and operated remotely via the internet utilizing smartphones. Granted, this cross-sector collaboration is one step forward to anchor our IoT business together with our smart power solutions. "

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that KRFG is a holding company. A further list and description of these risks, uncertainties and other risks can be found in KRFG's regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 10-K filed on June 24, 2022. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. KRFG undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

For media queries, please contact:

Ms Marsella Cheng
Director, PR
media@powertechcorp.com 

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SOURCE King Resources, Inc.

FAQ

What is the recent partnership announced by King Resources (KRFG)?

King Resources announced a partnership with Smart Product Concepts to distribute Team Cuisine® smart kitchen appliances in Asia.

How will the partnership impact KRFG's market position?

The partnership is expected to strengthen KRFG's position in the growing IoT and smart kitchen appliance markets in Asia.

What is the growth forecast for the smart kitchen appliance market?

The global smart kitchen appliances market is projected to reach USD 43.83 billion by 2028, growing at a CAGR of 18.6%.

What is the estimated market value of the Asia Pacific Household Cooking Appliance Market by 2027?

It is projected to reach $44,032.4 million by 2027.