Changzhou City, China, June 13, 2023 (GLOBE NEWSWIRE) -- Jin Medical International Ltd. (the "Company" or “JinMed”) (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese operating entities that manufacture and develop wheelchairs and living aids products, today released a new ultralight electric wheelchair model and a new electric mobility vehicle model for the elderly. The two new models have been developed in collaboration with Nanjing Tech University (“NJTech”), which is a top-tier university with over 100 years of history and is well-known for its training programs for engineers in China. JinMed is responsible for the development and manufacturing of the new models’ electrical components, while NJTech oversees the new models’ style and industrial design. The new models are expected to be ready for sale this year, via multiple sales channels, including online platforms, and authorized dealerships, both in China and overseas markets.
The newly released ultralight and portable wheelchair model is equipped with dual brushless motors and an electromagnetic safety brake system designed to offer reliable performance on slopes with optimal safety. Its large-capacity battery allows for an extended single-charge range of over 25km, while the quick-release battery box design offers both convenience and security.
The new model has a compact and user-friendly interface, which enables 360-degree remote control and a USB plug for powering mobile devices. The new model is made of high-strength aluminum alloy materials but weighs only 21.5kg. It also features a one-button reclining function for the backrest (up to 130 degrees) and an adjustable headrest, providing users with the option to rest in a lying position.
The newly released electric mobility vehicle model is a branded “E-Scooter” which incorporates multidimensional folding technology, so it can be folded into a compact size. Also featuring a powerful motor, safety brake design, the E-Scooter has a large display screen for precise route measurement that is powered by a GPS positioning system to facilitate a worry-free travel experience. The model provides an extended battery life, while the LED headlights are designed to make night-time travel safer. The E-Scooter's design comes in a range of colors and is also made of high-strength lightweight aluminum alloy and a carbon fiber structural skeleton.
Mr Erqi Wang, Chairman and CEO of the Company commented: “Currently electric wheelchairs products attribute to a small portion of our sales and are only sold to a few selected customers to test the markets for these products. We believe the new products being introduced this time represent an important milestone of JinMed’s electric wheelchair and electric mobility scooter products. They represent a significant addition to our existing line of wheelchairs, and address the current market demand for convenient mobility solutions. We expect that these products will provide customers with a superior and more enjoyable experience. Through our collaboration with NJTech, we have developed a cutting-edge product that combines style, functionality, and practicality. NJTech brings their expertise in product styling and industrial design, while JinMed contributes its expertise in electrical components design, resulting in products that we are proud to bring to market.”
“Based on pre-sales order demand, we expect to sell about 2,000 units of the new ultra-lightweight electric wheelchairs and 3,000 units of the new mobility scooters annually.”
“Our commitment to quality and innovation drives us forward as we continue to develop products that meet the needs of our customers. We expect that our partnership with NJTech will yield more groundbreaking products in the future and we look forward to sharing them with our stakeholders.”
About Jin Medical International Ltd.
Founded in 2006 and headquartered at Changzhou City, Jiangsu Province of China, the Company, through its Chinese operating entities, designs and manufactures wheelchairs and living aids products for people with disabilities, the elderly, and people recovering from injuries. The Company’s Chinese operating entities operate 2 manufacturing plants with approximately 228,257 square feet in the aggregate in Changzhou City and Taizhou City, Jiangsu Province, China. The Company’s Chinese operating entities have established relationships with over 40 distributors in China, and over 20 in the other regions of the world where it currently sells the products. The majority of the Company’s wheelchair products, with more than 30 models, are sold to dealers in Japan and China, including Nissin Medical Industries Co., Ltd, one of the largest medical device distributors in Japan. The Company’s Chinese operating entities own 106 patents and are in the process of registering 22 additional patents with the Patent Administration Department of the People’s Republic of China and continuously deliver innovative wheelchair designs that are both lightweight and ergonomic each year. For more information, please visit: http://www.zhjmedical.com.
Forward-Looking 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 performances, 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. 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 ability to achieve its goals and strategies, the Company's future business development and plans for future business development, including its financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, fluctuations in general economic and business conditions, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission ("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, as well as its current reports on Form 6-K and other filings, all of 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.
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