LAS VEGAS, NV, April 27, 2020 (GLOBE NEWSWIRE) -- Ionix Technology, Inc. (OTCQB: IINX), ("Ionix Technology", "IINX" or "the Company"), a business aggregator in photoelectric display and smart energy fields, today announced a number of updates of its two subsidiaries Shenzhen Baileqi Electronic Technology Co., Ltd. (“Baileqi”) and Lisite Science Technology (Shenzhen) Co., Ltd. (“Lisite”).
On April 20, 2020, a management team lead by Mr. Yang Yan, president of Ionix Technology, has visited Baileqi and Lisite in Shenzhen to learn about the operational situation of the two subsidiaries under the current market conditions.
Baileqi Update
Due to the increasing demand for online education, live webcasts and online communication platforms, Baileqi has received an increased amount of orders in the past few months for its LCD modules, which are the key components of the remote communication terminals.
Baileqi also plays an important role in Ionix Technology’s OLED module project. At present, the 5.5-inch OLED screen has come off the line and been applied to the urban rail transit system. Also, a detailed plan has been made regarding the construction of six OLED production lines in 2020.
Lisite Update
Lisite’s orders were not much affected by the current market situation. Pressures on logistics may lead to an increase in the cost of supply.
Currently, Lisite is developing a battery management system (BMS) that can be applied to existing battery pack production lines and electric logistics vehicles. The new product is expected to bring new revenue source for the Company.
“The COVID-19 pandemic has led to a slowdown for IINX in the first quarter. But we are glad to see the production and sales of the two subsidiaries are now in order after the official resumption of work. The progress we have achieved over the last few years leaves IINX well positioned to navigate this challenging environment,” said Mr. Yang Yan, president of Ionix Technology. “We plan to take a few products under development to the market this year, which will provide new growth points for the Company. We will continue to operate at the highest efficiency to serve our clients and create value for our shareholders.”
About Ionix Technology, Inc.
Ionix Technology, Inc. is a holding company that is principally engaged in the photoelectric display and smart energy industries. The company has five operating subsidiaries: Changchun Fangguan Electronics Technology Co., Ltd, a company which has been focusing on R&D, manufacturing and marketing LCM and LCD. Changchun Fangguan Photoelectric Display Technology Co., Ltd, a company which specializes in developing, designing, and selling TN and STN LCD, STN, CSTN, and TFT LCD modules as well as other related products; Shenzhen Baileqi Electronic Technology Co., Ltd, a company which specializes in LCD slicing, filling, researching and designing, and selling of LCD Modules (LCM) and PCBs; Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged in the marketing and selling of intelligent electronic devices; and Dalian Shizhe New Energy Technology Co., Ltd., a company engaged in the new energy support service, and operating the photovoltaic power generation, electric vehicles and charging piles with corresponding operation and maintenance and three dimensional parking. Currently, IINX has embarked on the layout of industrialization and marketization of front end materials and back end modules of liquid crystal displays and applications of flexible folding display technology by taking Fangguan Electronics as production bases, to seize the market share of OLED high technology.
To learn more, please visit our website: www.theiinx.com
Safe Harbor Statement
This news release contains "forward-looking statements" as that term is defined in the United States Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. Ionix Technology assumes no obligation to update the forward-looking statements. Although Ionix Technology believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors disclosure outlined in Ionix Technology's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the U.S. Securities and Exchange Commission.
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