BAODING, China, Dec. 7, 2021 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that the Company has officially started its surgical masks production after a month of trial production since the end of November 2021. The Company's surgical masks comply with China's pharmaceutical industry standard YY0469-2011. The annual production capacity of the surgical masks is expected to reach 38 million pieces of mask and gross profit margin is expected to reach approximately 35%. The Company's surgical masks have been sold to the local catering and sanitation industries, and the Company has also obtained bidding qualifications from various pharmaceutical companies and hospitals.
According to a report by Arizton, an advisory firm providing comprehensive market intelligence reports and advisory and consulting services, the demand for the medical face masks was high as the impact of Covid-19 pandemic continued to expand. The unit shipment value of medical masks is expected to grow to 13 billion units by 2026. Asia-Pacific is ranked second in consumption of medical masks with an expected CAGR of 9.42%. For more information about the report, please visit https://www.arizton.com/market-reports/medical-mask-market-size-analysis.
Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company commented, " Surgical masks are a key measure and considered as first line of defense to prevent the spread of Covid-19 pandemic, therefore, the demand for surgical masks has steadily increased as the fight against COVID-19 becomes normal globally. As our new product, surgical masks represent the expansion of our business scale. We will continue to strengthen our business operation, optimize the product portfolio, and generate significant economic benefits."
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks 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 American since December 2009. For more information, please visit: http://www.itpackaging.cn/.
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.
For more information, please contact:
At the Company
Tel: +86 0312 8698215
Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: +1 917 609 0333
SOURCE IT Tech Packaging, Inc.