Powerbridge Technologies States No Negative Effect from Ongoing U.S.-China Trade War
Increased Trade by China with Other Countries
ZHUHAI, CHINA / ACCESSWIRE / November 25, 2019 / Powerbridge Technologies Co., Ltd. (NASDAQ: PBTS ) (“Powerbridge” or the “Company”), a global trade software applications and technology services provider, is please to provide clarity on its business effect from the ongoing U.S.-China tarde war.
Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies, commented, “The ongoing U.S.-China trade war has not had a negative effect on our business. We believe there are macro and company-specific reasons supporting this fact, as our business continues to demonstrate strong growth, as exemplified by our strong 62% revenue growth in the first half of 2019.”
At the macro level, the reduced trade between the U.S. and China has been made up by the increased trade by China with other countries. The overall China import/export levels have still been increasing. Of note, Powerbridge still services a very small percentage of the overall market, so would likely not experience effects from short-term macro moves in the market.
Powerbridge’s business is increasingly driven by the strong Chinese government push for trade (Belt and Road Initiative) and the upgrade or replacement of technology solutions with the latest technologies (big data, articificial intelligence and blockchain).
The Company’s recently reported 62% revenue growth for the first half of 2019 shows its technology innovation and market expansion are taking effect. The Powerbridge technology team continues to develop and launch new products and services to address the pain points and inefficiencies in global trade compliance, logistics and operations.
The China-United States trade war is an ongoing economic conflict between the world’s two largest national economies, China and the United States. President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. says are “unfair trade practices”. Among those trade practices and their effects are the growing trade deficit, the theft of intellectual property, and the forced transfer of American technology to China.
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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