Nanjing, China, June 22, 2022 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. (the "Company") (Nasdaq: OST), a supplier of display modules and polarizers in China, today announced that the Company has started delivering the display module orders of an aggregate value of RMB20.64 million to Sichuan AI-Chance Tec Co., Ltd. (“AI-Chance”), a Tier 1 auto electronic components and technology supplier in China. The display modules ordered by AI-Chance will be used to manufacture its in-car screens customized for Chinese electric vehicle manufacturer WM Motor Holdings Ltd. The Company expects to complete delivery of all the AI-Chance orders by the end of this year.

Mr. Tao Ling, Chairman and CEO of the Company commented: “We are delighted to start the delivery of orders to AI-Chance, which are a testament to our products. We are focused on ramping up production to catch up with the increasing demand for display modules due to the expansion of the automotive display market in China.”

About Ostin Technology Group Co., Ltd.

Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.

For more information, please visit http://www.austinelec.com/.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our businesses, including disruptions to our supply chain, our ability to deliver customer orders timely,  our ability to raise capital, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to attract and retain skilled professionals, client concentration, and general economic conditions affecting our industry and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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Investor Relations

EverGreen Consulting Inc.

Ms. Janice Wang, Managing Partner
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from China)