Baoding, China /PRNewswire/ - IT Tech Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced the Company plans commercial launch of a new tissue paper production line (the "PM10").
On April 13, 2020, the Company signed an agreement to purchase paper machine with paper machine supplier. The Company expects to launch commercial production of the PM10 following success of its trial run.
"As the tissue paper market represents significant opportunities for us with its strong growth prospects, especially outbreak of COVID-19 stimulates consumption surge of life necessaries such as tissue paper, we plan to launch the third tissue paper production line in addition to the existing PM8 and PM9. With the feature of energy conservation of the PM10, the company will continuously launch new tissue paper production lines, which we believe will provide significant profits for the Company in the future." said Mr. Zhenyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE MKT since December 2009.
Safe Harbor Statements
This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.