CLPS Incorporation's Growth Strategies Unaffected by COVID-19; Remains Prepared for Growing Demand for Its Services

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Mar 20, 2020, 07:00 ET

SHANGHAI, March 20, 2020 /PRNewswire/ -- CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today announced that its growth strategies remain unaffected by the global outbreak of the coronavirus disease (COVID-19) since January 2020. In addition, as part of the effort to combat the COVID-19 global outbreak, CLPS has enhanced its support to its clients in the healthcare industry. At the same time, CLPS remains well-equipped to meet the growing demand of its services.

Upon learning about the outbreak in January, CLPS took the initiative to establish an internal COVID-19 Outbreak Response Group to minimize the impact of COVID-19 and to ensure the safety of its staff. Spearheaded by the Chairman of the Company, 20 additional management staff have proactively participated in this initiative, including the CEO, the COO, the acting CFO, the general manager of each business group, and the functional department heads. Since its founding, the response group has routinely monitored employee health through the "CLPS Staff Health Status Tracking Questionnaire" daily health survey, powered by an independent cloud-based application. The survey helps management understand the necessary preparations and arrangements to be made before and after a staff member returns to work based on the information provided in the survey, the availability of the Company's medical resources, and local government policies, among others. As of the date of this press release, CLPS has zero confirmed cases of COVID-19 amongst its staff.

In addition, at the height of the COVID-19 outbreak in China, CLPS enhanced its level of support for services provided to its clients in the healthcare industry, such as in the areas of research and development, testing, and maintenance of diagnostic medical imaging equipment including PHILIPS and AGFA. CLPS remains committed to its social responsibilities and is dedicated to fighting against the COVID-19 outbreak.

Mr. Paul Yang, Chairman and President of CLPS, commented, "CLPS has taken progressive precautionary measures to ensure that our staff are protected against the novel coronavirus while doing our best to optimize our operations. I am confident that through cooperative and prudent action, we can soon overcome this outbreak. This ongoing crisis has not affected the growth strategies of CLPS thus far. We remain on track to delivering on our growth strategies, and I would like to extend my gratitude to our shareholders for their unwavering support during this challenging time."

As reported in the Company's financial results for the first half of fiscal year 2020, its revenues increased by 38.2% year over year to $42.6 million, and net income attributable to CLPS's shareholders was $2.4 million, or $0.17 basic and diluted earnings per share, compared to net loss attributable to CLPS's shareholders of $1.4 million in the prior year period.

About CLPS Incorporation

Headquartered in Shanghai, China, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT") consulting and solutions service provider focusing on the banking, insurance, and financial service sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial service industry, including large financial institutions in the US, Europe, Australia, and Hong Kong SAR, and their PRC-based IT centers. The Company maintains 18 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Baoding, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Suzhou. The remaining eight global centers are located in Hong Kong SAR, USA, UK, Japan, Singapore, Malaysia, Australia, and India. For further information regarding the Company, please visit: http://ir.clpsglobal.com/.

Forward-Looking Statements

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company's expectations of the Company's future growth, performance and results of operations, the Company's ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company's most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Contact:

CLPS Incorporation
Email: [email protected]

SOURCE CLPS