IT Tech Packaging, Inc. Launches Production of Single-Use Face Masks for COVID-19 Protection
29 May 2020
BAODING, China, April 29, 2020 /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 that it launched its production line of non-medical single-use face masks as planned, following completion of raw materials preparation, trial run of the equipment and the sample products inspection.
The Company currently has two sets of mask production equipment that produces approximately 100,000 single-use face masks per day. The mask production equipment is all automated and the strict operational procedures and guidance have been applied to ensure that each product complies with government requirements and regulations as to provide protection from COVID-19. All masks from raw material to finished products are produced in a seamless process and are packed for delivery after sterilization. The sample products have been licensed with Non-Medical Facial Masks Production Permit, Xingtai City Level. The Company has received orders from different organizations and is distributing the products to drugstores and supermarkets in Hebei Province. The Company anticipates the gross margin of its face mask products will be around 40%.
According to the statistics from National Development and Reform Commission, however the daily output of both medical and non-medical masks has reached over 100 million at February 29, 2020, there are still huge gap between the supply and demand due to large population based on ongoing resumption of production, work and school. It is expected that minimum 530 million face masks per day will be needed for 530 million workers from manufacturing and service industries only in China. Given the market trend, the Company built the dust proof workshop in 20 days and equipped the production line.
Mr. Zhenyong Liu, the CEO and Chairman of the Company commented, "Our high-standard dust proof workshop producing masks in Xingtai City, will effectively mitigate face mask shortage during this crucial stage that businesses and schools in Hebei Province are reopening. The capacity of 80 masks per minute with 24 hours operation will enable us supply approximately 100,000 masks per day to the market, which we believe will provide sufficient material support to protect workers returning to work and students resuming classes in the region of Hebei Province."
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.
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SOURCE IT Tech Packaging, Inc.