Viomi Announces Updates for Strategic Value Chain Investments
GUANGZHOU, China, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Viomi Technology Co., Ltd (“Viomi” or the “Company”) (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today announced updates with regard to two majority-owned strategic value chain investments, Guangdong Lizi Technology Co., Ltd. (“Guangdong Lizi”) and Guangdong AI Touch Technology Co., Ltd. (“Guangdong AI Touch”).
Guangdong Lizi, a smart water purification system facility focusing on the research, design, production and supply of smart water purifiers and water purifier filters, was established in July 2018 in Foshan, Guangdong Province. The facility began commercial manufacturing operations earlier this month and going forward, Viomi expects a material proportion of its smart water purifier and water purifier filter demands can be supplied directly through this facility.
In addition, Viomi established Guangdong AI Touch in January 2019 in Foshan, Guangdong Province, for the development, production and supply of touch screen components for the Company’s smart products. Guangdong AI Touch has begun its pilot run and is expected to commence commercial manufacturing operations during the first half of 2019. Going forward, Viomi expects a material proportion of the touch screens required for its smart products can be supplied directly through this facility.
“Our strategic value chain investments are an integral part of our ongoing focus to accelerate our innovation, strengthen our market position and maximize our operating efficiency,” said Mr. Xiaoping Chen, Founder, Chairman of the Board of Directors and Chief Executive Officer of Viomi. “We believe the integration of these two facilities into the Viomi platform will provide us with greater control over our supply chain, especially in terms of ensuring the continuity of supply for critical components, optimal quality control, on-time delivery and fulfillment as well as technological expansion, which will ultimately maximize shareholder value through improved cost savings over time. As part of our core strategic focus, we will continue to evaluate additional value chain investments that are complementary to our business and consistent with our overall growth strategy on an ongoing basis.”
About Viomi Technology
Viomi’s mission is to redefine the future home via the concept of IoT @ Home.
Viomi has developed a unique IoT @ Home platform consisting an ecosystem of innovative IoT-enabled smart home products, together with a suite of complementary consumable products and value-added businesses. This platform provides an attractive entry point into the consumer home, enabling consumers to intelligently interact with a broad portfolio of IoT products in an intuitive and human-like manner to make daily life more convenient, efficient and enjoyable, while allowing Viomi to grow its household user base and capture various additional scenario-driven consumption events in the home environment.
For more information, please visit: http://ir.viomi.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Viomi’s strategic and operational plans, contain forward-looking statements. Viomi may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; the cooperation with Xiaomi, the recognition of the Company’s brand; trends and competition in global IoT-enabled smart home market; development and commercialization of new products, services and technologies; governmental policies relating to the Company’s industry and general economic conditions in China and the global, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
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