ZK International Starts to Supply to One of China's Largest Distributors of Gas, ENN Energy, with an Estimated Total Sales Amount of USD $12.5 Million
WENZHOU, China, Sept. 7, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that the Company has started to supply pressed-type carbon steel pipeline to ENN Energy Holdings Limited ("ENN"), one of the largest clean energy distributors in China with an estimated total sales amount of USD $12.5 Million based on the estimated size of gassing projects ENN is engaging and estimated proportion ENN seeks to supply from the Company. The Company announced it was approved by ENN as a Qualified Stainless Steel Gas Pipe Supplier in May 2021, and now the Company has agreed with ENN on its procurement plan and started to supply for ENN's gassing infrastructure projects.
In 2020, China's Ministry of Ecology and Environment proposed to replace coal with clean energy for the heating systems of 7.09 million households in northern provinces, which could boost demand for natural gas and gas piping infrastructure. ENN Energy Holdings Limited, a flagship division of ENN Group, has been engaged in the urban pipeline gas business since 1992. As one of the largest clean energy distributors in China and an integrated energy service provider, it has formed four core businesses through continuous strategic upgrading - natural gas sales, integrated energy services, energy trade, and energy transmission and distribution.
Mr. Jiancong Huang, Chairman and CEO of ZK International, stated, "We are pleased that ENN has engaged us into its procurement plan, and we are glad to participate in the Clean Energy Initiative which aims to replace coal with clean energy. Over the past few years, we have adopted several national standards to standardize the construction and engineering criteria for the pressed-type carbon steel pipeline system, and we are pleased to see our quality and innovation have been recognized. ENN China strictly enforces a high standard of selecting its gas pipeline suppliers, considering the instances of gas leakage can be fatal. Therefore, ZK's experience and quality of the manufacturing are essential to ENN's commitment to adopting more carbon steel piping systems in its future residential gas pipeline projects from ZK. We believe as the Clean Energy Initiative starts to roll out across all northern cities of China, we will face a great opportunity with the increasing demand of the gas infrastructure."
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based engineering company building and investing in innovative technologies for the modern world. With a focus on designing and implementing next-generation solutions through industrial, environmental and software engineering, ZKIN owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards.
ZKIN's core business is to engineer and manufacture patented high-performance stainless steel and carbon steel pipe products that effectively deliver high quality, highly-sustainable and environmentally sound drinkable water to the Chinese, Asia and European markets. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee. It has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the "Water Cube" and "Bird's Nest", which were venues for the 2008 Beijing Olympics. ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which has been stated to be 70% unfit for human contact.
In 2018, ZKIN established its wholly-owned xSigma Corporation to develop innovative software solutions that support its core operations while exploring new opportunities in smart contracts, distributed ledgers, supply chain management and blockchain architecture. The xSigma Labs team is made up of world-class developers and engineers formerly of Facebook, Google, Amazon, Ripple and 1inch, most recently launching its first DeFi project in the Fall of 2020.
In March of 2021, ZKIN announced the formation of its new wholly-owned subsidiary, xSigma Entertainment Limited. It was established as part of ZK's integrated network of companies focused on developing and investing in innovative software technology platforms. xSigma Entertainment's mandate is to acquire assets in the high-growth US gaming market. Sigma Entertainment aims to increase shareholder value by targeting and investing in early stage online gambling businesses that are poised for exponential growth and exits.
For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.
Safe Harbor Statement
This news release contains forward-looking statements 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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact Person: Di Chen
Cell Number: +86 15057357883
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SOURCE ZK International Group Co., Ltd.
Released September 7, 2021