Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with China’s Leading Electric Vehicle Manufacturer

HANGZHOU, China, February 23, 2022 /PRNewswire/ — Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a franchisor and retailer of new energy vehicles under the “Jiuzi” brand in Chinatoday announced that the January 6, 2021the Company, through its wholly owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has entered into a one-year strategic cooperation agreement (the “Agreement”) with Jiangsu Jemmell New Energy Vehicle Industry Co., Ltd. (“Jemmell”), a leading Chinese maker of electric vehicles and battery assembly.

Under the agreement, Zhejiang Jiuzi is granted the non-exclusive right to sell the “LINGBOX” series electric vehicles produced by Jemmell in 2022-2023. Zhejiang Jiuzi plans to buy up to 5,000 vehicles from mass production models and custom models from Jemmell. In return, Jemmell will offer preferential sales policies to Zhejiang Jiuzi customers, who will also adhere to the sales restrictions to avoid competition with Jemmell described in the agreement, including to avoid promotional activities for LINGBOX cars through the same sales channels. sale or regions covered by Jemmell. Nevertheless, Zhejiang Jiuzi is allowed to sell customized models through its own sales channels, which mainly involve home delivery to customers through cooperation with relevant transportation service platforms.

Both parties will also work proactively to come up with new initiatives to implement their respective strategic plans, achieve their business goals and achieve win-win business results. Zhejiang Jiuzi and Jemmell will support each other in business development, protect each other’s brand image and seek to expand the scope of their collaboration.

Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., said, “We expect this cooperation with Jemmell to serve as a model for us to continue accelerating our sales growth in China. Our collaboration has many advantages and could potentially bring 60 million RMB sales to our company and create great values ​​for shareholders. We expect this to be another important growth driver for our business.”

“By leveraging Jemmell’s brand recognition with customers and relationships with the EV industry, we can more quickly grow the Jiuzi brand both to distribute EVs and accelerate sales and revenue growth. We are very excited about this important strategic step ahead of us and will remain focused on building on the sales and customer momentum we have established in the past.

About Jiangsu Jemmell New Energy Vehicle Industry Co., Ltd.

Founded in 2018, Jiangsu Jemmell New Energy Vehicle Industry Co., Ltd. made a first-phase investment totaling 2.7 billion RMB which covers a construction area of ​​nearly 250,000 square meters and has built an annual production line of 50,000 new energy vehicles. It has a complete set of automotive mold manufacturing and stamping, welding, painting, assembly units for major automotive production processes, as well as a new battery assembly plant in “PACK” energy. Jemmell also has an independent product testing line and a vehicle and parts laboratory. The Company is engaged in the research and development, production and sale of new energy vehicles and accessories, the rental of new energy vehicles and the sale of auto parts. It has 1,500 employees, including 240 automotive R&D professionals. For more information, please visit http://www.jemmell.com/.

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, Chinaand established in 2017, franchises and operates retail stores under the “Jiuzi” brand to sell New Energy Vehicles (“NEV”) in third- to fourth-tier cities in China. The Company mainly sells battery electric vehicles and sources NEVs from more than twenty NEV manufacturers. It has 31 operating franchise stores and one company-owned store. For more information, visit the company’s website at http://www.zjjzxny.cn/.

Forward-looking statements

All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections regarding future events and financial trends that the Company believes could affect its financial condition, results of operations, strategy business and financial needs, including the expectation that the Offer will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “has intention to”, “plans”, “believes”, “potential”, “continues”, “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to discuss other factors that could affect its future results in the Company’s registration statement and other filings with the SEC.

For more information please contact:

Janice Wang
EverGreen Consulting Inc.
E-mail: [email protected]
Phone: +1 571-464-9470 (from the United States)
+86 13811768559 (from China)

SOURCE Jiuzi Holdings, Inc.

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