Addentax Group Corp. Entered into a Strategic Cooperation Agreement with AUTO CITY for L4 Autopilot Tech, New Energy Autopilot Vehicles and EV Charging Research and Manufacturing

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Jun 06, 2023, 08:00 ET

SHENZHEN, China, June 6, 2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, property management and subleasing, and epidemic prevention supplies, today announced that on June 5, 2023 it entered into a strategic cooperation agreement (the "Agreement") with Auto City (Shenzhen) Autonomous Driving Co., Ltd. ("Auto City"), a Shenzhen based company specializing in artificial intelligence ("AI") cloud based Level 4 ("L4") Autopilot research and development ("R&D"), manufacturing and application, and digital city full industry chain solutions. This strategic cooperation marks a pivotal step for Addentax as it seeks to expand its business footprint and diversify its revenue streams.

Pursuant to the Agreement, the two parties will work together on the development autonomous driving technology project, including but not limited to marketing, research and development, production, and application of new energy autonomous clean vehicles, as well as R&D and applications of automatic charging and battery technology. Additionally, Addentax and Auto City are in deliberations with other industry frontrunners in the new energy vehicle, electric vehicle ("EV") battery and autopilot arenas to foster technology and application partnerships. The shared objective of the parties is to drive project developments and applications of leading-edge autonomous driving technology and new energy battery technology initially in the Guangdong Province first.

Auto City is a cutting-edge technology company focusing on the R&D, production, and application of advanced autonomous vehicles. It boasts deep-rooted involvement in the digital city service sector, reinforced by an AI intelligence management platform. Auto City addresses the traditional city service industry's challenges head-on, fostering safer, smarter, and environmentally-friendly digital city solutions. Auto City's elite R&D team comprises alumni from prestigious universities such as Massachusetts Institute of Technology, University of California, Berkeley, Stanford University, Tsinghua University and The Chinese University of Hong Kong, while its key management team consists of luminaries from leading autopilot companies, EV corporation founders, and experienced industry stalwarts.

Addentax has expressed a prospective interest in becoming a major shareholder in Auto City. The parties plan to intensify its collaborations, focusing on the further evolution of L4 Autopilot technology, R&D of new energy clean vehicles, and associated auto charging/battery technology research and applications.

Addentax is excited to announce this cooperation. The cooperation with Auto City represents an exciting chapter for Addentax. This strategic cooperation marks a pivotal step for Addentax as it seeks to expand its business footprint and diversify its revenue streams into AI autopilot, electric vehicle and EV battery areas. In line with its strategic goal to consolidate and grow its existing business portfolio, Addentax is eager to seize opportunities in emerging industries to strengthen its revenue streams. With Auto City's expertise in the autonomous driving field, Addentax anticipates that this partnership will catalyze its expansion and further elevate shareholders' value.

About Addentax Group Corp.

Addentax Group Corp. is an integrated service provider specializing in garment manufacturing, logistics services, property management, subleasing, and epidemic prevention supplies. Its apparel manufacturing business includes sales to wholesalers and is based in China. The logistics business, which includes delivery and express services, covers 79 cities in 7 provinces and 2 municipalities in China. The property management and subleasing business provides relevant services to clothing wholesalers and retailers in the apparel market. The epidemic prevention supplies business includes manufacturing and distributing quarantine products, as well as reselling supplies purchased from the third parties in domestic and overseas markets. More information please visit the website: https://www.addentax.com/.

Safe Harbor Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim,"

"estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Company Contact:

Addentax Group Corp
Phone: + (86) 755 86961 405

Investor Relations Contact:
Sherry Zheng
Weitian Group LLC
1-718-213-7386
[email protected]

SOURCE Addentax Group Corp.