The Company Anticipates approximately $6 million sales opportunity during the first year of the partnership
DONGGUAN, China, Oct. 23, 2020 (GLOBE NEWSWIRE) -- Dogness (International) Corporation (“Dogness” or the “Company”) (NASDAQ: DOGZ), a developer and manufacturer of smart and traditional pet products in China, today announced its affiliate Dogness Network Technology Co., Ltd. (“Dogness Network”) recently entered into a strategic partnership with Hangzhou Huayuan Pet Products Co., Ltd. (“Huayuan Pet”) and Shanghai Chongai Trading Co., Ltd. (“Chongai Trading”).
By signing the strategic cooperation agreement, Dogness Network, Huayuan Pet and Chongai Trading will partner to combine brand distribution channel, human capital and supply chain resources. The companies will work together to further broaden their reach within China’s rapidly expanding pet market, jointly enhance core competitiveness and maximize operating efficiencies to maintain a dominant market position , while integrating and promoting new developments within the pet industry.
Dogness (www.dogness.com) smart pet products and traditional products are currently available in over 60 countries around the world. As a leading international brand of smart pet technology products, Dogness is moving quickly to develop a pet IoT platform and work together with partners to elevate its pet products and operations.
Huayuan Pet (www.hoopet.com) is a well-known domestic company that integrates production and sales of pet products on an online sales platform in China. Huayuan Pet has 20 brands, including HOOPET and Kuqisi, and offers pet toiletries, high-end bedding, clothing, toys, staple foods and snacks. In 2019, Huayuan Pet's overall sales totalled RMB 1.1 billion (approximately USD 162 million).
With over ten years of experience in the pet industry, Chongai Trading is a highly influential pet food and supply distributor (www.pet18.com) in the China market, with extensive experience in brand promotion and channel marketing.
Mr. Silong Chen, CEO of Dogness, commented, “China’s pet industry is rapidly expanding, and companies are seeking new ways to optimize efficiency and performance. We believe this partnership can contribute approximately $6 million in new domestic sales to Dogness during the first year and expand further in the ensuing years. Dogness is well-positioned and continues to develop intelligent technologies to create in-demand consumer products and services for pet lovers around the world. We believe this strategic partnership is an important development in the overall growth of our business.”
Dogness (International) Corporation was born in 2003 from the belief that pet dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness is able to simplify pet lifestyles, make them more scientific, and enhance the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to raise capital on any particular terms, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., the success of our cooperation with business partners, our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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