Minor Effects and New Requests from Partners and Customers to Address the Outbreak
ZHUHAI, CHINA / ACCESSWIRE / February 12, 2020 / Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) ('Powerbridge' or the 'Company'), a global trade software applications and technology services provider, today provides comments on its recent and near-term business activity impact from the recent coronavirus outbreak in China.
Nearly three weeks since the outbreak, the coronavirus has shaken the economy and disrupted every major industry, from food, fashion and entertainment to automobile and technology. As of the end of last week, over 400 companies (90% from the U.S.) had discussed the impact of coronavirus on their quarterly earnings calls.
Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies, commented, 'Currently, our office remains in operation, but most of our employees are working from home. While the economic disruption is widespread across many industries and various supply chains, we have maintained daily communication with our partners and customers.'
Mr. Lor, continued, 'Some of our partners and customers are deferring existing and new business as these contracts are being pushed out possibly a few weeks but not cancelled. We believe our overall 2020 outlook will have minor negative impact from the coronavirus outbreak and our yearly growth will maintain a positive outlook. Additionally, we have received new inbound business requests from our partners and customers seeking system upgrades and specific applications in response to the coronavirus outbreak. Our team is moving quickly to address these newly warranted needs. Given the significant level of uncertainty with this dynamic and evolving situation, we will continue to communicate with our partners and customers and update shareholders accordingly.'
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a provider of software applications and technology solutions and services to corporate and government customers primarily located in China. Founded in 1997, Powerbridge pioneered global trade software applications with a vision to make global trade operations easier for customers. Since inception, Powerbridge has continued to innovate and deliver solutions and services to address the changing needs of thousands of customers. Powerbridge's mission is to make global trade easier by empowering all players in the ecosystem. For more information, visit www.powerbridge.com/en
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as 'may, 'will, 'intend,' 'should,' 'believe,' 'expect,' 'anticipate,' 'project,' 'estimate' or similar expressions that do not relate solely to historical matters, it is making forward-looking statements; specifically, the Company's statements regarding listing on the NASDAQ Capital Market and the IPO are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Powerbridge Technologies Co., Ltd.
President and Chief Financial Officer
SOURCE: Powerbridge Technologies Co., Ltd.
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