IT Tech Packaging, Inc. reports developments tied to its paper manufacturing and distribution business in North China. The company produces corrugating medium paper, offset printing paper and tissue paper products, and has also disclosed single-use face masks as part of its product mix. Its updates commonly address operating and financial results, including sales volume and average selling price trends for corrugating medium paper.
Recurring corporate news also covers annual stockholder meetings, proxy voting outcomes, director elections, auditor ratification, market-action responses, capital-structure disclosure and NYSE American continued-listing compliance matters.
IT Tech Packaging, Inc. (NYSE American: ITP) announced the results of its 2020 Annual General Meeting of Stockholders held on July 23, 2020. Stockholders elected three Class II directors to serve until 2022, ratified WWC, P.C. as the independent accountants for fiscal year 2020, conducted an advisory vote on executive compensation, and approved a reduction in the exercise price of outstanding warrants. The Company, based in North China, specializes in diversified paper products and face masks, strategically located to leverage the large market in the Beijing-Tianjin region.
IT Tech Packaging, Inc. (ITP) reported its preliminary second quarter 2020 results, showing total revenue of $26.4 million, a 21.6% decline from $33.6 million in Q2 2019. Notable changes include a 74.5% drop in offset printing paper sales volume, while tissue paper products saw a 130% increase. Gross profit fell by 12.0% to $2.6 million. The company also launched a face mask business, generating $0.8 million in revenue from sales of 6.3 million masks. Management anticipates further stabilization in orders as the economy recovers.
IT Tech Packaging, Inc. (NYSE American: ITP) announced plans for a Biomass Combined Heat and Power (CHP) project at its production base in Wei County, Hebei, China. The project covers 80,373 square meters and is part of the Hebei Province's 13th Five-Year Biomass Power Generation Program. Construction is expected to finish by the end of 2021. It aims to install two 75 t/h biomass boilers and two 4.5 MW turbines, projected to generate 56.45 million kWh of electricity and provide annual revenues of RMB42.9 million, alongside heating steam generating RMB114.64 million annually.