Strategic Partnership Marks Hidden Hills Club Expansion into the Global Nicotine Products Market
LOS ANGELES, Aug. 6, 2024 /PRNewswire/ -- Ispire Technology Inc. ("Ispire" or the "Company") (NASDAQ: ISPR), a leader in the development and commercialization of vaping technology and precision dosing, announced its subsidiary, Aspire North America LLC, signed an exclusive 30-year global licensing agreement with Hidden Hills Club, marking the US-based lifestyle brand's expansion into the global nicotine products market.
Under the landmark agreement, Ispire will globally manufacture, distribute and commercialize Hidden Hills' branded nicotine products such as reduced-risk e-cigarettes. The initial Hidden Hills nicotine products are scheduled to roll out in the United Arab Emirates and South Africa in the coming weeks, followed by the United Kingdom and European Union over the next few months. Ispire is a leader in vaping technology, research and development, design and innovation, forging the worldwide industry standard for vaporized products. The Company offers a comprehensive line of vaporizers, all-in-ones, cartridges, batteries and dabbing products and plans to expand its current product offerings.
Ispire Co-CEO Michael Wang commented, "Our partnership with Hidden Hills Club enables us to bring more innovative and reduced-risk nicotine products to a global audience. The 30-year exclusive license will allow us to make significant investments in the Hidden Hills brand, ensuring robust distribution and a deep product portfolio that captures the essence of this iconic lifestyle brand. Hidden Hills' popularity as a lifestyle brand - encompassing apparel, clothing and cannabis and hemp products - has grown at an exponential rate over the last two years. Partnering with Hidden Hill will help Ispire to capture this west-coast culture and energy, and infuse it into its nicotine product offerings globally, under the Hidden Hills brand flag."
Dre Liang CEO of Hidden Hills Club, added, "Teaming up with Ispire was a strategic decision for us. Ispire's expertise in vaping technology and its global distribution network provide the perfect platform to expand our brand into the nicotine products market. We believe this collaboration will redefine the market with products that reflect our brand's commitment to quality and innovation."
Earlier this year, Ispire and Hidden Hills Club teamed up to launch a one-of-a-kind 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.
The e-vapor and cannabis vaping markets are expected to reach $29.9 billion and $11.6 billion in 2024, respectively, driven by the secular trend of healthier tobacco alternatives. As the pioneer of the "cloud chasing" movement, Ispire is at the forefront of disruptive vaping technologies, holding over 200 issued patents and more than 800 patents pending across China, the U.S., E.U. and other countries. Ispire has received numerous renowned vaping awards, including ECC, VTC, and NVE, among others.
About Hidden Hills Club
Hidden Hills Club is more than a destination; it is an invitation for introspection, connection and self-care. Our products are designed to be your oasis, allowing you to recharge your mind, body and spirits. Hidden Hills offers a blend of premium disposables and edible products that balance flavor and potency. With carefully crafted options, Hidden Hills Club provides an escape from the hectic work week or a slice of 'you' time on the weekend. All products undergo full-panel third-party lab testing, adhering to the highest standards of quality and potency. For more information, visit www.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 400 patents worldwide. Ispire's branded e-cigarette products are marketed under the Aspire 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 also engages in original design manufacture (ODM) relationships with e-cigarette brands and retailers worldwide. The Company's cannabis products are marketed under the Ispire brand name primarily on an ODM basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware in the US, Europe and South Africa, it also has commenced marketing activities and customer engagement in Canada and Latin America. 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.
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SOURCE Ispire Technology Inc.
