Category: Press Release

Los Angeles, May 08, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), an innovator in vaping technology and precision dosing, announced today that it will host its earnings conference call at 8:00 am ET on Wednesday, May 15, 2024, to discuss the Company’s financial results for its fiscal third quarter ended March 31, 2024.

To attend the conference call, please dial in using the information below. When prompted upon dialing-in, please ask for the “Ispire Technology Call.”

• Date: Wednesday, May 15, 2024
• Time: 8:00 am ET
• Dial-In Numbers: United States 877-451-6152 or International +1 201-389-0879

This conference call will be broadcast live on the Internet and can be accessed by all interested parties at https://viavid.webcasts.com/starthere.jsp?ei=1669249&tp_key=6a1ed4d261.

Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.

A playback will be available from 11:00 am ET on May 15, 2024, through May 29, 2024. To listen, please dial 844-512-2921 or +1 412-317-6671. Use the passcode 13746419 to access the replay.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on  Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: whether the Joint Venture may be successful in achieving its goals as currently contemplated, with different terms, or at all, the Joint Venture’s ability to innovate in the e-cigarette technology space or develop age gating or age verification technologies for nicotine vaping devices, the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, April 30, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), an innovator in vaping technology and precision dosing, announced it has signed an agreement with a subsidiary of Acreage Holdings, Inc. (“Acreage”), a publicly traded, vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the United States.

Under the agreement, Ispire will supply Acreage with the Company’s Ispire ONE™ vapor products and filling machines – a comprehensive solution that aims to streamline vape production and enhance reliability in Acreage’s retail facilities in the United States. The key features of Ispire ONE™ include:

• Capless Technology: Ispire ONE™ eliminates the cap, simplifying devices into single-piece units. This design reduces leakage, contamination and device failure, enhancing production efficiency and cost-effectiveness.
• Bottom Filling: Ispire ONE’s innovative filling procedure prevents heating core oversaturation. This technology ensures that hot oil does not permeate the core, enhancing device reliability and providing a flawless user experience.
• One Operator, Two Machines: Ispire ONE™ works harmoniously with its proprietary filling machine, enabling one-touch automation. This feature allows for easy device loading, start-up unparalleled accuracy and speed, simplifying operation.

“Ispire’s solution offers a seamless experience that represents the future of manufacturing efficiency, which we believe will fuel the growth of our brands, Superflux and The Botanist” said Patricia Rosi, Chief Marketing and Strategy Officer of Acreage Holdings, Inc. “Its innovative solutions align perfectly with our commitment to quality and efficiency.  We are excited about the possibilities this relationship brings and look forward to leveraging Ispire ONE™ to enhance our production processes and deliver exceptional products to our customers.”

“Working with our Ispire ONE™ team provides our clients with access to our full suite of OEM/ODM customization services,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “Our in-house design team is dedicated to helping clients like Acreage customize devices to align with their brand. With our ODM and OEM solutions, we look forward to helping more cannabis businesses expand and elevate their brands to new heights.”

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on  Instagram, LinkedIn, Facebook, Twitter and YouTube.

About Acreage Holdings, Inc.

Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including its national retail store ‎brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning brands The Botanist and Superflux. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: whether the Joint Venture may be successful in achieving its goals as currently contemplated, with different terms, or at all, the Joint Venture’s ability to innovate in the e-cigarette technology space or develop age gating or age verification technologies for nicotine vaping devices, the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, February 22, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), an innovator in vaping technology and precision dosing, announced that the Company will participate in the Benzinga Cannabis Capital Conference, taking place from April 16-17, 2024 at the Diplomat Beach Resort in Hollywood, Florida.

Michael Wang, Co-Chief Executive Officer, will meet with investors and participate in a panel titled ‘Puff to Profit: How a Sneaky Product Snuck up the Demand Rankings’ on Wednesday, April 17, 2024, at 11:00 am ET. A live webcast of the panel discussion will be available on the Ispire Investor Relations site.

For more information or to schedule a one-on-one meeting with Ispire’s management, please contact your Benzinga representative or Ispire Investor Relations at ir@getispire.com.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitterand YouTube.

Los Angeles, March 26, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products, today announced the closing of a public offering of 2,050,000 shares of common stock at a price of $6.00 per share for gross proceeds of $12,300,000, prior to deducting the placement agent fees and offering expenses payable by the Company.

Roth Capital Partners acted as the lead placement agent for the offering. TFI Securities and Futures Limited acted as co-placement agent for the offering.

A registration statement on Form S-1 (File No. 333-276804) relating to the offering has been filed with the United States Securities and Exchange Commission (“SEC”), which was declared effective on March 21, 2024. A copy of the final prospectus relating to the offering may be obtained at the SEC’s website at www.sec.gov or from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor will there be any sales of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, market conditions, the ability of the Company to satisfy the conditions to the closing of the offering, and those described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” in the Registration Statement on Form S-1, as amended, initially filed with the SEC (Reg. No. 333-276804) on February 1, 2024 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, March 22, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products, today announced the pricing of a public offering of 2,050,000 shares of common stock at a price of $6.00 per share for gross proceeds of $12,300,000, prior to deducting the placement agent fees and expected offering expenses payable by the Company. The closing of the offering is expected to take place on or about March 26, 2024, subject to the satisfaction or waiver of customary closing conditions.

Roth Capital Partners acted as the lead placement agent for the offering. TFI Securities and Futures Limited acted as co-placement agent for the offering.

The Company intends to use the net proceeds of the offering in connection with the establishment and operation of its manufacturing facility in Malaysia, the funding of its joint venture with Touch Point Worldwide Inc. d/b/a Berify and Chemular Inc. if the definitive documentation contemplated by the previously announced amended term sheet and letter of intent is executed before the related drop dead date, and for working capital and general corporate purposes, including research and development.

The shares described above were offered pursuant to a registration statement on Form S-1 (File No. 333-276804), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on March 21, 2024. A final prospectus relating to the offering will be filed by the Company with the SEC. When available, copies of the final prospectus can be obtained at the SEC’s website at www.sec.gov or from Roth Capital Partners, LLC , 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor will there be any sales of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the expected closing date of the public offering and the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, market conditions, the ability of the Company to satisfy the conditions to the closing of the offering, and those described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” in the Registration Statement on Form S-1, as amended, initially filed with the SEC (Reg. No. 333-276804) on February 1, 2024 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Newly Formed Joint Venture Among Companies Aims to Pioneer Next-Gen E-Cigarette Age-Verification Technology While Prioritizing Safety, User Experiences and Value-Add Features and Control

Los Angeles, February 22, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR),

an innovator in vaping technology and precision dosing, announced the Company has partnered with – Touchpoint World Wide Inc. D/B/A Berify (“Berify”), a cutting-edge platform specializing in linking physical products to the digital world, digital engagement, and brand protection, and Chemular International Inc. (“Chemular”), a multi-disciplinary regulatory consulting firm – to form of a joint venture (the “Joint Venture”). Distinguished as the first of its kind, the Joint Venture will look to expedite innovation in the e-cigarette technology space, including the development of secure, user-friendly solutions for age verification and age-gating nicotine vapor devices.

Leveraging Berify’s multi-patented technology, Chemular’s regulatory consulting and PMTA knowhow and Ispire’s hardware expertise, the joint venture will look to introduce an industry-standard age-verification solution for vapor devices as well as the submission of PMTA applications that incorporate cutting-edge technologies across the U.S. e-cigarette market such as:

• Next-generation e-cigarette hardware with a user-friendly point-of-use age-verification and geo fencing capability that eliminates use of hardware in certain designated areas such as schools and sensitive areas;
• E-cigarettes with end-to-end a range of dynamic features such as authentication, direct to consumer engagements and exclusive offerings all built on the foundations of blockchain technology;
• A real-time biometric identity platform for user access controls, creating added security and reliability that deters counterfeiting.

“By combining our collective expertise in hardware, blockchain and regulatory consulting, we aim to set a new standard for age verification, security and overall quality in the e-cigarette space,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “Our hope is that this JV will be a large step forward in innovative device control, safety, counterfeit prevention and enhanced user experiences that increase overall market and consumer satisfaction.”

“The U.S. market is ripe for technological disruption that addresses age-verification, safety and counterfeit issues,” said Berify Founder and Chief Executive Officer Dan Kang. “Our mission is also to create smart products that generate a new level of consumer satisfaction. We plan to achieve this by leveraging our blockchain authentication, tokenized rewards and creating true decentralization while keeping companies in-control of their products and data.”

Kevin Burd, the Chief Executive Officer of Chemular, added, “our commitment is not only to create next-gen vapor devices, but also to elevate market education. This venture includes additional partnerships that will bring together biometric identity and access control, ensure the solution is embedded into vapor devices during manufacturing and provide safety, security and privacy for consumers. It is also a testament to our dedication to positively shaping the future of vape hardware innovation.”

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

About Berify

Berify is a cutting-edge platform specializing in linking physical products to the digital world, digital engagement, and brand protection. With a suite of patented technologies, Berify offers a blend of security, interoperability and engagement in the consumer-brand relationship. Berify brands can protect their reputation, own their data, gain valuable consumer insights, incentivize desired behaviors and differentiate themselves in the competitive market.

About Chemular

Founded in 2015 by experts in nicotine and U.S. FDA compliance, Chemular provides analytical, behavioral, toxicological, clinical, and overall project management. Its expertise spans all aspects of the PMTA and MRTP process. Chemular has successfully submitted PMTAs on over 200 products. It has a highly focused regulatory consulting group dedicated to the tobacco space and brings a world class team of tobacco-specific toxicologists, chemists, clinical trial experts in addition to project managers and other various subject matter experts to assist companies with their FDA and other regulatory needs.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: whether the Joint Venture may be successful in achieving its goals as currently contemplated, with different terms, or at all, the Joint Venture’s ability to innovate in the e-cigarette technology space or develop age gating or age verification technologies for nicotine vaping devices, the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Total Revenue Increased 30.7% to $41.7 Million

Gross Profit Increased 24.1% to $6.4 Million

North American Cannabis Vaping Hardware Revenue Increased 149% to
$19.5 Million

Los Angeles, February 20, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products with first-class performance, today reported results for the fiscal second quarter, which ended December 31, 2023, and filed its quarterly report on Form 10-Q on February 20, 2024.

Fiscal Second Quarter 2024 Financial Results

Revenue increased 30.7% to $41.7 million as compared to $31.9 million in the same period of 2023. Tobacco vaping products contributed $22.1 million and cannabis vaping products contributed $19.5 million to revenue during the fiscal second quarter 2024;
Gross profit increased 24.1% to $6.4 million as compared to $5.1 million in the same period of 2023;
Gross margin decreased to 15.3% as compared to 16.1% in the same period of 2023;
Total operating expenses increased 114% to $10.3 million as compared to $4.8 million in the same period of 2023; and
Net loss of $4.0 million as compared to net loss of $0.1 million in the same period of 2023.
Michael Wang, Co-Chief Executive Officer of Ispire commented, “This quarter proved to be quite pivotal for not only our product expansions but also our business operations. We commenced several strategic initiatives, including ISO and GMP certification for our Malaysian facility and a path to receive Pre-market Tobacco Product Application approval in the U.S. After seeing such remarkable growth trends related to our cannabis vaping hardware sales, we aim to intensify our presence and further expand our footprint in this domestic market.”

“As we further execute on our growth strategy, we continue to expand our footprint in existing and new markets, which helps to grow our diverse customer base. This quarter we launched a key celebrity partnership with Nigerian Afrobeats star, Burna Boy, highlighting our BRKFST-branded products and fortifying our global brand presence. We anticipate that our strategic initiatives this quarter will position Ispire to capitalize on emerging opportunities as well as drive sustainable and future growth across our key markets,” concluded Wang.

Daniel Machock, Chief Financial Officer of Ispire, added, “In the fiscal second quarter of 2024, Ispire’s key growth metrics highlighted rapid expansion for our cannabis vaping hardware business. Overall revenues increased 30% to $41.7 millionfor the fiscal second quarter while cannabis vaping products increased 149% to $19.5 million for the same period last year. This significant growth in cannabis vaping hardware revenues is a testament to our commitment to innovation and the immense potential of our industry. Looking ahead, we remain steadfast in our commitment to driving sustainable growth, maximizing shareholder value, and solidifying our position as a leader in the industry.”

Financial Results for the Three and Six-Month Periods Ended December 31, 2023

Revenue increased 30% to $41.7 million for the fiscal second quarter ended December 31, 2023, compared to $31.9 million for the second quarter of fiscal 2023. The increase in the second quarter of fiscal 2024, was primarily attributable to an increase in North American cannabis vaping hardware sales which increased 149% year over year from $7.8 millionto $19.5 million.

For the six-month period ended December 31, 2023, Ispire reported revenue of $84.5 million, compared to $58.8 millionduring the same period last year, an increase of 43.7%. The increase in revenue was primarily attributable an increase in North American cannabis vaping hardware sales which increased 133% from $15.8 million for the first six-months of fiscal 2023 to $36.9 million for the first six-months of fiscal 2024.

Gross Profit increased by 24.1% to $6.4 million for the three-month period ended December 31, 2023, compared to $5.1 million in the second quarter of fiscal 2023. Gross Profit for the six-month period ended December 31, 2023, was $13.3 million, compared to $10.0 million for the same period in fiscal 2023.

Gross Margin for the three months ended December 31, 2023, was 15.3% compared to 16.1% for the same period in fiscal 2023. For the six-month period ended December 31, 2023, gross margin was 15.7%, compared to 16.9% during the same period in the prior fiscal year.

Total Operating Expenses increased by 114% to $10.3 million for the second quarter in fiscal 2024, compared to $4.8 million for the same period of fiscal 2023. This increase was primarily due to marketing expenses and working capital related to maintain our manufacturing plant in Malaysia and increased professional fees for expenses incurred as a public company. Total Operating Expenses for the six-months ended December 31, 2023, were $18.1 million as compared to $10.8 million in the same period in fiscal 2023.

Net loss was $4.0 million, or $(0.07) per share, for the second quarter of fiscal 2024, compared to a net loss of $130 thousand, or $(0.01) per share for the second quarter of fiscal 2023. For the first six-months of fiscal 2024, net loss was approximately $5.4 million, or $(0.10) per share, compared to a net loss of approximately $2.1 million, or $(0.04) per share for the first six-months of fiscal 2023.

As of December 31, 2023, Ispire had approximately $17.5 million of cash and cash equivalents. As of December 31, 2023, and June 30, 2023, we had working capital of $24.8 million and $28.8 million, respectively.

Fiscal Year 2024 Outlook

Ispire is providing the following outlook for the cannabis and tobacco vaping products for fiscal year 2024, which ends on June 30, 2024. Revenue for cannabis vaping products for fiscal year 2024 is projected to be in the range of $80 million to $90 million, representing growth of 100% to 125% from fiscal year 2023. Revenue for tobacco vaping products for fiscal year 2024 is projected to be in the range of $95 million to $105 million, representing growth in the range of 33% to 47% from fiscal year 2023.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, People’s Republic of China, and Russia) primarily through its distribution network. Ispire’s cannabis vaping hardware products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Form 10-K annual report for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

State-of-the-Art Facility to Boost Production of Premium Vaporizers, Cartridges, Pod Systems, Disposables and Batteries for Global Vapor Industry

Los Angeles, February 5, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the development and commercialization of vaping technology and precision dosing, announced the opening of its new ISO- and GMP-certified 31,000 sq. ft. manufacturing facility in Malaysia, which is poised to help expedite market entry for businesses seeking to enhance their cannabis and nicotine product lines.

Located in Senai, Ispire’s facility recently secured certifications including: ISO9001:2015 Quality Management System; ISO14001:2015 Environmental Management System; and ISO13485:2016 Quality Management System Medical Device. Adhering to strict guidelines and standards, the Malaysian facility also encompasses a robust GMP-certified infrastructure, featuring a Quality Management System (QMS), Standard Operating Procedures (SOPs), Material Control and Traceability, Quality Control and Testing, Validation and Qualification, Cleanrooms, Environmental Monitoring, Compliance with Regulatory Requirements and Risk Management Protocols. In addition, the leadership at Ispire has committed to a continuous improvement strategy through regular audits, assessments and feedback mechanisms to optimize and enhance the facility.

“The inauguration of our ISO- and GMP-certified vapor device facility in Malaysia marks a significant milestone in our Company’s journey,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “As the global vapor industry expands, our customers require a responsible and cost-effective partner to scale their operations, ensuring the production of safe, consistent and high-quality products. This facility adheres to established standards and reflects the dedication of our team in establishing a manufacturing facility that sets the worldwide industry standard for vaporized products.”

Wang continued, “As we progress towards full production capacity, our owned-and-operated, ISO- and GMP-certified factory will enable us to realize profits from product assembly, a process that we previously outsourced. The absence of tariffs incurred during the assembly of products in Malaysia – in contrast to the 25% tariff from shipping finished products from China – is also expected to improve our gross margin and drive operational efficiencies that contribute to the overall growth.”

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Collaboration Brings Together Ispire’s Dual Tank SWTCH ONE with Unique Oils from Hidden Hills and Its “Friends” – Plug ‘n Play, Packwoods, Big Chief and LA Traffic

Los Angeles, February 2, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the development and commercialization of vaping technology and precision dosing, and Hidden Hills, one of the leading cannabis brands in the U.S., have teamed up to launch an innovative cannabis and hemp vaping experience for consumers: Hidden Hills & Friends. The Hidden Hills & Friends collaboration marries Ispire’s dual-tank SWTCH ONE with a variety of select cannabis and hemp oils from Hidden Hills and its legendary friends – Plug ‘n Play, Packwoods, Big Chief and LA Traffic.

“Infused with the latest Ispire ONE technology, we believe our all-in-one, SWTCH ONE transcends the typical vaping device – it represents the future,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “By combining our innovative dual tank system with the highest quality oils from Hidden Hills and its friends, this collaboration will bring consumers more vaping experiences that cannot be found anywhere else in the world.”

“We teamed up with Ispire because the SWTCH ONE sets a new standard in dual-flavor technology and pushes the boundaries of what is possible – and we only want the very best for our friends,” said Hidden Hills Chief of Sales and Partner, Ali Turner. “This collaboration is set to redefine customization by empowering consumers with unparalleled choice through the device’s groundbreaking switch mechanism.”

Ispire’s SWTCH ONE is a dual tank all-in-one vaping device that provides consumers with the ability to seamlessly transition between two 1.5mL oil tanks, or blend both for a unique, customized experience. The device is powered by Ispire’s cutting-edge TerpTech heating system, which is designed to deliver rich, consistent vapor. With transparent oil windows, cannabis and hemp consumers will also have clear visibility of levels in each tank, ensuring effortless monitoring.

Hidden Hills plans to launch “Hidden Hills and Friends” on February 14, 2024 with an exclusive event at the Wynn in Las Vegas, Nevada. More information about the event is available at www.hiddenhillsclub.com.

About Hidden Hills

Hidden Hills Club is more than a destination; we are an open invitation for introspection, connection, and self-care. Often, when striving to achieve our goals, we lose sight of ourselves and our needs. Hidden Hills products are designed to be your oasis, allowing you to recharge your mind, body, and spirits. Our alternative cannabis portfolio offers a blend of premium disposables and edible products that balance flavor and potency. With a variety of options carefully crafted with your needs and preferences in mind, Hidden Hills Club provides an all-inclusive escape from a hectic work week or an opportunity to find a little slice of ‘you’ time on the weekend. All products undergo full panel third party lab-testing and adhere to the highest standards of quality and potency. You can rest assured that with every dose, you’ve chosen a safe and reliable product that will deliver consistent and effective results. For more information, visit https://hiddenhills.club/.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, January 4, 2024 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the development and commercialization of vaping technology and precision dosing, announced that its subsidiary, Ispire Malaysia Sdn Bhd, received ISO9001: 2015 Quality Management System, ISO14001: 2015 Environmental Management System, ISO13485: 2016 Quality Management System Medical Device certifications for its 31,000 sq ft manufacturing facility in Malaysia. Ispire is a leader in vaping technology, research and development and design and innovation that is forging the worldwide industry standard for vaporized products. The Company offers a complete line of cartridges, pod systems, disposables and batteries.

“Earning three ISO certifications at our Malaysian manufacturing facility is a testament to our team’s ability to quickly bring the facility up to some of the highest standards in the industry, allowing us to expand our gross margins, geopolitically derisk our production and service other businesses who need manufacturing for their vape hardware,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “Currently, our Malaysian manufacturing facility has already received initial orders and is quickly moving into production readiness. As the facility ramps up production, our gross margin is expected to increase due to the lack of a tariff when assembling products in Malaysia and then shipping them to the U.S. This is in contrast to the 25% tariff incurred when shipping finished products from China. Additionally, by owning the factory, we also expect to be able to realize a profit on product assembly, which was formerly outsourced to a third party. We anticipate that these efficiency improvements will help drive gross-margin growth across the Company’s full array of high-quality vaping products.”

ISO (International Organization for Standardization) certifications play a crucial role in the manufacturing industry by setting international standards for quality, safety, efficiency and other aspects of operations. ISO certifications help Ispire’s manufacturing facilities improve their processes, reduce errors and enhance product quality, leading to higher customer satisfaction. By adhering to these standards, Ispire Malaysia’s manufacturing facility will be able to streamline its operations, reduce waste and optimize resource utilization, leading to improved productivity and cost savings for the Company. Since ISO certifications are also recognized globally and indicate that Ispire Malaysia’s manufacturing facility meets specific standards and guidelines, the certifications also have the potential to make it easier for the Company to access global markets.

Wang concluded, “We want to leverage third-party factories as well as our own manufacturing to ensure we have an uninterrupted global supply chain. Having our own factory infrastructure in Malaysia is expected to allow us to maximize gross margin on key high-volume products. By consistently delivering high-quality vaping products and services aligned with ISO standards, we expect that this will also increase customer satisfaction and loyalty, leading to repeat business and positive word-of-mouth recommendations.”

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.