Ostin Technology Group Unveils First Independently-Developed All-In-One Intelligent Video Conference Product and Plans Official Product Launch at Consumer Electronics Show 2023
Ostin Technology Group Co., Ltd. (Nasdaq: OST) has announced the launch of its first in-house developed all-in-one intelligent video conference product, set to debut at CES 2023 in January. This product integrates advanced AI technologies like facial recognition and a 120° 4K camera system, alongside noise-reducing microphones and speakers, enhancing video conferencing experiences. The accompanying scheduling panel aims to benefit hybrid workplaces by offering scheduling solutions. Despite the impact of COVID-19 on market demand, the company anticipates strong growth in video cloud services, projecting a 29.5% CAGR over three years.
- Launch of a new all-in-one intelligent video conference product aimed at enhancing communication efficiency.
- Integration of advanced AI technologies, ensuring high-quality video and audio for professional use.
- Anticipated strong growth in the video cloud service market, with a projected CAGR of 29.5%.
- Market demand has been significantly impacted by the COVID-19 pandemic, leading to uncertainties.
NANJING, China, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. (“Ostin” or the "Company") (Nasdaq: OST), a supplier of display modules and polarizers in China, today unveiled its first independently developed all-in-one intelligent video conference product and expect to officially launch the product at the 2023 Consumer Electronics Show, the global tech event to be held in January 2023. The Company’s confirmed booth number at CES is #1914 LVCC in Central Hall.
The new product has two components: conferencing system and conference room scheduling panel, which adopts artificial intelligent technologies such as facial recognition, sound localization, voice tracing, auto-framing as well as 4K super-wide 120° field of view and an electronic pan-tilt-zoom camera system, providing excellent video quality with delicate details. The conferencing system also features 6 microelectromechanical systems (MEMS) microphone arrays and two built-in 10W speakers which enable it to effectively reduce noise and reverberation, creating a professional conferencing environment. The compact, all-in-one device combines a codec, camera, microphone, speaker, Wi-Fi, and Bluetooth into a single device that supports multiple wireless presentations, providing users with a smarter and safer video conference experience. This device is perfect for medium-sized rooms as it supports wireless deployment and is compatible with most cloud platforms. It can also serve as a smart screen, speaker, camera, as well as PC audio and video peripherals.
The conference room scheduling panel offers meeting scheduling solutions that can be tailored to fit clients' plans and budgets. With an easy-to-use user interface, the panel serves as a visual indicator of room availability and is ideal for hybrid workplaces where some employees work remotely.
With a strong hardware performance and diversified software technology applications, the Company’s product helps solve problems of inefficient communication, poor coordination and language barriers that tend to be found with traditional conferencing products. The Company’s product helps build an efficient meeting space enhanced by high-tech and improve users’ company image to gain the trust from business partners. The Company plans to commence production and sales in March 2023.
"Ostin is proud to unveil the first conferencing system that we have fully developed in-house, from hardware and software design to product development and integration, thanks to the hard work of our product research and development team," said Mr. Ling Tao, CEO of the company. "We are excited to offer business tools that cater to the evolving needs of organizations as they increasingly seek premium video conferencing and collaboration devices for hybrid work environments."
"The COVID-19 pandemic has significantly impacted market demand. Following the pandemic, there has been a high demand worldwide from both governments and enterprises for professional video conferencing systems, leading to an upgrade of hardware and cloud-based products. We are optimistic about the post-pandemic market prospects as data from iResearch shows that the overall size of China's video cloud service market reached 44.8 billion yuan in 2021 and is expected to have a compound annual growth rate of
About Ostin Technology Group Co., Ltd.
Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.
For more information, please visit http://www.austinelec.com/.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; the demand for smart display and market acceptance for new conferencing product; expectation to receive customer orders for new conferencing product, the anticipated timing for the marketing and sales of new conferencing product; changes in technology; risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our businesses, including disruptions to our supply chain; our ability to attract and retain skilled professionals; client concentration; and general economic conditions affecting our industry and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Ostin Technology Group Co., Ltd.
ir@austinelec.com
Investor Relations:
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768599
+1 628 283 9214
Email: services@wealthfsllc.com
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