Benzinga | Sep 24, 2020 08:17AM EDT

IT Tech Packaging Announces It Is Advancing Negotiation With One Of Its Top 5 Customers For Paper Product Orders

BAODING, China, Sept. 24, 2020 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE:ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that the Company is advancing negotiation with one of its top 5 customers, based in Shandong Province for orders of the paper products. The customer is currently ranked among the top 5 customers of the Company during the past couple of years.

Based on the negotiation, the Company and the customer will further cooperate on products supply and purchase in the next quarters and definitive new contracts are expected to be signed by the end of the year. Based on its increasing clients' demand, the customer will continue to increase its purchase orders from the Company.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging commented, "We are pleased with the negotiation with the customer for further partnership. As Chinese economy recovers from the COVID-19 epidemic with an amazing pace, our top clients such as companies focusing on printing and packaging are also receiving amount of orders and some even have backlog of orders, so they push forward the negotiations for raw materials and increase purchase volume of our products. We appreciate their confidence in our products as well as efficiency of delivery. We hope the stable partnership between us will continue contributing considerable revenue stream in the upcoming quarters."