Tantech Holdings Ltd Establishes New U.S.-Based Subsidiaries

Rhea-AI Summary

Tantech Holdings (NASDAQ: TANH) has announced the establishment of two new U.S. subsidiaries: Gohomeway Inc and Gohomeway Group Inc. These subsidiaries aim to support growing overseas demand and expand the company's presence in the green building materials sector. With over 20 years of experience in formaldehyde-removal carbon products for construction and renovation materials, Tantech plans to implement a wholesale distribution strategy for branded green building materials and establish a franchise system in the U.S. market. Operations have already begun, with revenue generation targeted for 2025.

Positive

• Expansion into U.S. market through two new subsidiaries
• Strategic entry into international wholesale distribution
• Development of franchise system for green building materials
• Planned revenue generation starting 2025

Negative

• No immediate revenue impact as operations just starting
• Revenue generation delayed until 2025

LISHUI, China, Dec. 16, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today announced that Tantech has established two subsidiaries in the United States, Gohomeway Inc and Gohomeway Group Inc. The new companies aim to support the Company's growing demand for overseas business, increase its presence in the green building materials sector, and expand its operations in this field.

Since its focus on the development of formaldehyde-removal carbon products for construction and renovation materials in 2002, Tantech has been engaged in the green building materials sale and development business for over 20 years. The company is now expanding its business in the U.S. to meet the rising international demand for its products. Its business strategy includes the wholesale distribution of branded green building materials and the establishment of a franchise system. Gohomeway has commenced its operations with an aim to generate revenue in 2025.

Tantech's CEO, Mr. Wangfeng Yan, commented "The establishment of the new U.S. subsidiaries marks another step forward in Tantech 's internationalization efforts."

About Tantech Holdings Ltd

For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. For more information, please visit: https://tanhtech.com.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Tantech Holdings Ltd
Investor Relations
Tel: +86 (578) 226-2305
ir@tantech.cn

View original content:https://www.prnewswire.com/news-releases/tantech-holdings-ltd-establishes-new-us-based-subsidiaries-302332085.html

SOURCE Tantech Holdings Ltd.

FAQ

What are the names of Tantech Holdings' (TANH) new U.S. subsidiaries?

Tantech Holdings' new U.S. subsidiaries are Gohomeway Inc and Gohomeway Group Inc.

When will Tantech's (TANH) new U.S. subsidiaries start generating revenue?

The new U.S. subsidiaries aim to start generating revenue in 2025.

What is the business strategy for Tantech's (TANH) U.S. expansion?

Tantech's U.S. business strategy includes wholesale distribution of branded green building materials and establishing a franchise system.

How long has Tantech (TANH) been in the green building materials business?

Tantech has been in the green building materials business for over 20 years, since 2002, focusing on formaldehyde-removal carbon products for construction and renovation materials.