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ReTo Eco-Solutions, Inc. Subsidiary Receives Approval to Build Internet of Vehicle R&D Center and Recognition as a "Specialized and Innovative" Small and Medium-Sized Enterprise of Haikou City

·4 min read

BEIJING, Feb. 17, 2022 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ: RETO) ("ReTo" or the "Company"), a provider of technology solutions and operation services for intelligent ecological environments, announced today that ReTo's subsidiary, Hainan Yile IoT Technology Co., Ltd. ("Yile IoT") and its subsidiary Hainan Yile IoV Technology Research Institute Co., have been approved by the Haikou Science and Industry Information Bureau to establish the "Haikou IoV Digital Applied Engineering Technology Research and Development Center" ("IoV Technology R&D Center"). Yile IoT was also recognized as a 2021 "Specialized and Innovative" Small and Medium-sized Enterprise in Haikou.

In response to Hainan Province's science and technology innovation action plan, the IoV Technology R&D Center aims to further the future development of science and technology innovation in Hainan. As the first IoV science and technology innovation platform in the province, this center will be instrumental in consolidating the national resources of the IoV industry, continuing the research and development of key industrial technologies, accelerating the commercialization of technological achievements and developing technical services, business incubation, and innovative entrepreneurship.

The designation of a "Specialized and Innovative" Small and Medium-Sized Enterprise is awarded by Haikou City to enterprises operating in Haikou that are "professional, refined, specialized, and innovative." Following the issuance of the Implementation Plan for Promoting the Development of "Specialized and Innovative" Small and Medium-Sized Enterprises in Hainan Province by Hainan Provincial Industry and Information Technology Department in June 2021, the municipality of Haikou recognized Yile IoT in the first batch of "Specialized and Innovative" Small and Medium-sized Enterprises for its focus on market segments, emphasis on its core business, its strength in innovation, and its positive growth record.

Mr. Hengfang Li, Chairman and CEO of ReTo, commented: "Congratulations to Yile IoT for being recognized as a 'Specialized and Innovative' enterprise. This acknowledgement reflects recognition of Yile IoT's business model and achievements in its field. Receiving the approval and beginning preparation work for the IoV Technology R&D Center mark an important milestone in the implementation of Yile IoT's IoV business strategies,as Yile IoT focuses on the research, development, application and commercialization of IoV technologies, while providing customers with competitive, safe, and reliable products and solutions in the fields of IoV cloud services, intelligent terminals, and communication. The establishment of this center marks Yile IoT's continued commitment to developing IoV technologies for residents and businesses in Hainan."

About ReTo Eco-Solutions, Inc.

Founded in 1999, ReTo Eco-Solutions, Inc., through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. Through its subsidiary Yile IoT Technology Co., Ltd., a high-tech enterprise in Hainan Province and focusing on the research, development and application of IoT technologies, the Company provides products and scenario-based solutions and products for clients primarily in the automobile rental, ride sharing and logistic sectors in China. For more information, please visit: http://en.retoeco.com

Forward-Looking Statements

This press release contains forward-looking statements. 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, forward looking statements include the establishment of the IoV Technology R&D Center, the furtherance of Yile IoT's business strategies , the ability to realize the anticipated goals and benefits from the establishment of the IoV Technology R&D Center and the designation of Yile IoT as "Specialized and Innovative" Small and Medium-size Enterprise , the Company's plans, objects, goals, and strategies and assumptions underlying such statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. These risks and uncertainties may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. 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:

ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-10-64827328
ir@retoeco.com or 310@reit.cc

Cision
Cision

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SOURCE ReTo Eco-Solutions, Inc.