Nanjing, China, July 10, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (Nasdaq: OST), a leading supplier of display modules and polarizers based in China, announces that the crowdfunding campaign launched by its subsidiary Pintura.Life LLC (“Pintura”) has achieved remarkable success on the Indiegogo platform.
Pintura managed to raise nearly $100,000 in just two months since the campaign launch in March, an impressive achievement showing the high level of consumer enthusiasm for Pintura’s products in the North American market.
Pintura’s products are more than a digital frame. They employ a combination of multiple screens, seamlessly integrating with a cloud-based photo album that enables users to easily curate their favorite photos and blends seamlessly into any living space.
In China, online sales of Pintura products have also seen encouraging outcomes. During the recent "618" shopping feast in June, Pintura ranked among the top 6 best-selling digital photo frames on Tmall and was also among the bestsellers on JD.com based on monthly sales revenue. The Company has also forged partnerships with a couple of offline distributors across China to establish a nationwide channel network and inventory pipeline.
Advancements in technology and the increasing availability of high-quality display screens with features such as remote control and Wi-Fi connectivity has been driving significant growth in the digital photo frame market. Research provider Fact.MR estimated the global digital photo frame market will reach a value of $72 million in 2024 and is forecast to reach a value of $115.1 million by 2034, with a projected CAGR of 4.8% from 2024 to 2034.
"We are deeply grateful to all the backers who supported Pintura's crowdfunding campaign. Their support and feedback have strengthened our resolve to expand in the US market," said Mr. Tao Ling, CEO and Chairman of the Company. "Going forward, we will introduce Pintura to more e-commerce platforms around the globe and anticipate revenue growth in the second half of 2024, while also working to penetrate the European and other overseas markets."
“We believe Pintura's innovative visual display technology can transcend the limitations of traditional LCD displays, allowing it to thrive in the electronic photo frame market. Moreover, it also holds immense promise to expand into the broader visual display industry, showcasing vast growth opportunities and tremendous market potential.”
“This series of impressive achievements fully demonstrates the strong market appeal of Pintura's digital photo frame products. We will continue to focus on product innovation and user experience enhancement, bringing higher-quality smart home solutions to global consumers.”
About Ostin Technology Group Co., Ltd.
Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops, and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays, and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.
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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 performance, 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 goals and strategies; the Company's forecast on market trends; the Company's future business development; the demand for and market acceptance for new products; expectation to receive customer orders for new products; the anticipated timing for the marketing and sales of new products; changes in technology; the Company's ability to attract and retain skilled professionals; client concentration; and general economic conditions affecting the Company's industry 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.
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