Erayak Power Solution Group Inc. Initiates Plans to Expand into the Middle East and South Asia
Wenzhou, China, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. ("Erayak" or the "Company") (NASDAQ:RAYA), a leading manufacturer, designer, and exporter of high-quality products in the power supply industry, is pleased to announce that it has plans to expand its business operations and distribution within the Middle East and South Asia.
The Company is currently in the planning stages to begin construction of a warehouse in the Middle East and is working to build relationships with wholesalers in the region. The demand in this area is strong with growing economies and well-developed consumer markets. The management plans to institute a complete market study and investigation beginning in September with more details to be announced upon completion.
Additionally, Erayak plans to establish an office and a warehouse near Lyallpur Galleria in Faisalabad, Pakistan. The Company has already hired five local employees to run regional operations and has begun collaboration with local wholesalers, with an initial shipment of trial products that resulted in considerable demand in the region and prompted a second shipment to be delivered imminently. The warehouse in Faisalabad, Pakistan is expected to begin operating at the end of the third quarter of 2023.
Erayak's Chairman & CEO, Mr. Lingyi Kong, stated, "We are excited about the plans we are devising in an effort to expand our reach to growing and dynamic international markets such as the Middle East and South Asia. Both markets provide us with tremendous growth opportunities and will enable us to diversify our regional concentrations and customer base."
About Erayak Power Solution Group Inc.
Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Erayak's product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are used principally in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products. Our goal is to be the premier power solutions brand and a solution for mobile life and outdoor living. For more information, visit: https://erayakpower.com/
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: [email protected]
