Recently Renamed Graphex Group forms new indirect wholly-owned subsidiary in China in order to increase production capacity
NEW YORK, NY / ACCESSWIRE / March 4, 2021 / Earthasia International Holdings Ltd. (the "Company") ("Earthasia") (OTCQX:ETIHY); (HKEX:6128), a leader in graphene products and technologies and a manufacturer of spherical graphite and graphene technology for the renewable energy sector, is pleased to announce that on February 22, 2021 The board of directors of the Company (the "Board") approved the foundation of a new indirect wholly-owned subsidiary, Heilongjiang Province Graphex New Material Technology Company Limited ("HLJ Province Graphex") at Qitaihe City of the Heilongjiang Province of China.
The Company's current annual production capacity for spherical graphite, an essential material to produce anodes for lithium-ion batteries used in electric vehicles, is 10,000 tons. It is the Company's plan to invest in and develop a new production facility for spherical graphite through HLJ Province Graphex with a planned additional production capacity of up to 30,000 tonnes that will come into operation in phases.
"Earthasia intends to fully leverage its Graphene Division's patented high-volume manufacturing capability and product technology to capitalize on the forecasted growth of EV and stored energy lithium ion batteries, in addition to developing future graphene applications," said Chan Yick Yan Andross, Chief Executive Officer and Director, Earthasia International Holdings Ltd.
The demand for electric vehicles and energy storage are key demand drivers for lithium ion batteries and therefore the Company's products. The Company's main product, spherical graphite, is an essential material for production of Lithium Ion battery anodes. These powerful market drivers should provide robust demand for the Company's graphene products in the foreseeable future.
The recent Board approval to change the Company's name from Earthasia International Holdings Ltd. to Graphex Group was the first of a number of strategic actions being taken to accurately reflect the Company's focus on graphene research, manufacturing and development and further capitalize on the opportunities the graphene sector presents. The Company remains committed to its strategy of achieving leadership in the graphene business.
The Company's spherical graphite manufacturing facility is strategically located in Heilongjiang Province, which has significant high-quality natural graphite reserves. Once HLJ Province Graphex's new production facility is fully operational, the Company expects to increase annual production by 30,000 tons to a total of 40,000 tons.
About Earthasia International Holdings Ltd. (Graphex Group)
Earthasia International Holdings Ltd. (Graphex Group) is a publicly traded company, listed on the Hong Kong Stock Exchange and the OTCQX Best Market. Based in the People's Republic of China (PRC), and strategically located near the largest supply source of high quality natural graphite anywhere in the world, the Company is a leading supplier of graphene products. Earthasia owns 25 patents in the PRC, including products, production methods, machinery design, and environmental protection. The Company's spherical graphite is an essential anode material for lithium-ion batteries.
Media Contact:
Gavin Davidson
investrel@earthasia.com.hk
This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. The Company's ability to predict results or the actual effects of its plans or strategies is inherently uncertain and based, in part, on third party market research which the Company's assumed to be accurate. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause the Company's actual results to differ from its expectations or beliefs include, without limitation, the risks of its businesses, the assumed significant growth of graphene related products and spherical graphite products. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company does not undertake any obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
SOURCE: Earthasia International Holdings Ltd.
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