LOBO EV Technologies Ltd. Announces Definitive Agreement with Roundtree Lab, LLC to Manufacture Medical Beds
Agreement Targets $11 Million in Sales in Year 1,
Growing to $88 Million by Year 3
WUXI, China, March 03, 2025 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (NASDAQ:LOBO) ("LOBO" or the "Company"), an innovative e-bicycle, e-moped, e-tricycle, and electric off-highway four-wheeled shuttle designer, developer, manufacturer and seller, today announced the signing of a definitive agreement with Roundtree Lab, LLC ("Roundtree"), a Wyoming-based leader in AI-driven healthcare solutions. Pursuant to the agreement, LOBO will manufacture medical beds, and Roundtree will continue to upgrade these medical beds by integrating an AI system, turning them into AI-drive medical beds. This partnership signifies LOBO's strategic entry into the burgeoning healthcare equipment market.
Building upon the letter of intent announced on January 22, 2025, this definitive agreement solidifies the collaboration between LOBO and Roundtree. The partnership aims to leverage LOBO's manufacturing capabilities and expertise in connectivity and multimedia interactive systems to bring Roundtree's patented AI medical bed technology to healthcare facilities across the United States.
Key Highlights of the Agreement:
- Exclusive Manufacturing Partnership
- LOBO will serve as the exclusive Original Equipment Manufacturer (OEM) for Roundtree's medical transfer beds, utilizing Roundtree's proprietary patents and licenses.
- Market Penetration and Expansion
- Roundtree's established relationships with U.S. hospitals and healthcare providers will facilitate accelerated market entry and adoption of these advanced medical transfer beds nationwide.
- Projected Sales and Growth
- LOBO expects that the projected sales arising from the agreement will be $11 million for the first year, $27 million for the second year, and $50 million for the third year. The actual sales revenue depends on the actual orders amount to be placed by Roundtree.
Targeting a Massive and Growing Market
Through this opportunity, LOBO is entering the expanding U.S. medical device market. The demand for smart medical devices, particularly in elderly care and intelligent patient transport, is a key driver of this growth. Within this landscape, AI-driven emergency transfer beds represent a significant opportunity, with Roundtree aiming to capture at least 50% of the U.S. emergency medical equipment market over the next three years. This ambitious target underscores the transformative potential of the technology and the substantial market LOBO is poised to address by combining its manufacturing prowess with Roundtree's innovative solutions.
Management Commentary
Huajian Xu, CEO of LOBO, stated:
"We are excited to formalize our partnership with Roundtree Lab to deliver medical beds to the U.S. healthcare market. This collaboration aligns with our commitment to innovation and diversification, enabling us to apply our advanced manufacturing expertise to enhance patient care and operational efficiency in medical facilities."
Gordon Franklin, CEO of Roundtree Lab, commented:
"Partnering with LOBO EV Technologies marks a significant milestone in our mission to revolutionize healthcare through AI-driven solutions. LOBO's proven manufacturing excellence and dedication to technological advancement make them the ideal partner to bring our innovative medical transfer beds to market, ultimately improving patient outcomes and healthcare operations."
About LOBO EV Technologies Ltd.
LOBO is an innovative designer, developer, manufacturer and seller of e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles such as golf carts and mobility scooters for the elderly and disabled persons. LOBO also provides automobile information and entertainment software development and design services to customers. Leveraging its cutting-edge technologies in connectivity, multimedia interactive systems and artificial intelligence, LOBO re-defines and develops its products in order to provide users with convenient, affordable and pleasant driving experiences. For more information, visit: https://www.loboebike.com and https://loboev.io/. Any information displayed on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy," "future," "likely" or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the expected closing date of the public offering and the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, those described in "Risk Factors," "Operating and Financial Review and Prospects," "Cautionary Note Regarding Forward-Looking Statements" in the Annual Report on Form 20-F filed with the SEC (File No. 333-270499) on April 30, 2024. LOBO undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.
Contact:
For more information, contact:
HORIZON IR
Michael Wei
[email protected]
