Graphex Group has also obtained the new symbol 'GRFXY' on the OTCQX
NEW YORK, NY / ACCESSWIRE / May 10, 2021 / Graphex Group Ltd. (the 'Company') ('Graphex Group') (OTCQX:GRFXY); (HKEX:6128), formerly known as Earthasia International Holdings Ltd., is pleased to announce that it has completed the process to officially change its name to Graphex Group Ltd. The process was initiated in February of this year and received Board approval on April 8.
As part of the corporate rebranding, the company has also changed its ticker symbol for its American Depository Receipts (ADRs) on the OTCQX from ETIHY to GRFXY. The stock ticker symbol on the Hong Kong Exchange is unchanged.
The name change and new ticker symbol complete the company-wide rebrand undertaken to better reflect the Company's primary business focus on graphene research, manufacturing, and development.
'The Company is now primarily focused on, and dedicated to, the renewable energy industries. The Board and the senior executive team thought it imperative that this be reflected in our name and overall corporate identity' said Dan Nye, Chief Strategy Officer, Graphex Group. 'The process was detailed and demanding, and it is a testament to the efforts of our team that we were able to get it completed so quickly without losing focus on our business objectives.'
Since the acquisition of its graphene products business in 2019, the Company has solidified its focus on the development of technologies and processes for the enrichment and manufacturing of spherical graphite and graphene, key components for electric vehicle batteries, lithium-ion batteries, and advanced solar energy products, among other uses. The Company's current annual production capacity for spherical graphite is 10,000 metric tons.
In March of this year, Graphex Group announced its plan to invest in and develop a new production facility for spherical graphite through newly formed subsidiary HLJ Province Graphex, with a planned annual additional production capacity of up to 30,000 metric tons, that will come into operation in phases over the next 3 years.
Also in March, Graphex Group entered into a Letter of Intent with an exclusive negotiating period to acquire a majority stake in Shenzhen KYSS Technology Co., Limited ('KYSS'), a China-based producer of lithium-ion (Li-ion) battery cells and replaceable battery modules for mopeds and scooters.
Separately through its eco-design division, the Company is working with eight major Chinese cities to design Recharge Parks, combining landscaped green spaces with mobile device and electric vehicle charging points. The Company expects that the parks would be partially powered by onsite renewable energy. The concept is to electrically recharge machines and devices while mentally recharging the people who use them by providing an architecturally superior park space.
Strategically located near the largest supply source of high-quality natural graphite in the world, the Company has strong and long-standing relationships with multiple major graphite suppliers and holds 25 patents in areas including products, production methods, machinery design, and environmental protection.
About Graphex Group Ltd.
Graphex Group Ltd. is a publicly traded company, listed on the Hong Kong Stock Exchange and the OTCQX Best Market. Based in the People's Republic of China (PRC), and strategically located near the largest supply source of high quality natural graphite anywhere in the world, the Company is a leading supplier of graphene products. The Company owns 25 patents in the PRC, including products, production methods, machinery design, and environmental protection. The Company's spherical graphite is an essential anode material for lithium-ion batteries.
This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'plan,' 'project,' 'seek,' 'strive,' 'try,' or future or conditional verbs such as 'could,' 'may,' 'should,' 'will,' 'would,' or similar expressions. The Company's ability to predict results or the actual effects of its plans or strategies is inherently uncertain and based, in part, on third party market research which the Company's assumed to be accurate. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause the Company's actual results to differ from its expectations or beliefs include, without limitation, the risks of its businesses, the assumed significant growth of graphene related products and spherical graphite products. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company does not undertake any obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
SOURCE: Graphex Group Ltd.
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