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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Wins Finance Holdings, Inc. of Class Action Lawsuit and Upcoming Deadline – WINS

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NEW YORK, Sept. 16, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Wins Finance Holdings, Inc. (“Wins” or the “Company”) (NASDAQ: WINS) and certain of its officers. The class action, filed in United States District Court for the Central District of California, and docketed under 20-cv-06656, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Wins securities between October 31, 2018, and July 6, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Wins securities during the class period, you have until September 23, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Wins, through its subsidiaries, purports to provide financing solutions for small and medium enterprises in the People’s Republic of China. The Company purports to offer financial guarantees, as well as financial leasing, advisory, consultancy, and agency services in Jinzhong City, Shanxi Province, and Beijing.

In September 2017, Wins engaged Centurion ZD CPA & Co. (“CZD”) as its independent registered public accounting firm after dismissing its previous accounting firm.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the ultimate repayment of the RMB 580 million Guohong Loan was highly uncertain; (ii) nonpayment of the Guohong Loan would have a significant impact on the Company’s financial and operating condition; (iii) weaknesses in Wins’s internal control over its financial reporting persisted despite the Company’s repeated assurances to investors that it was taking steps to remediate these weaknesses; (iv) the foregoing issues, among others, made the resignation of Wins’s independent auditor foreseeably likely; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On October 31, 2019, Wins filed a notification of inability to timely file Form 20-F on Form NT 20-F with the Securities and Exchange Commission(“SEC”) (the “2019 NT 20-F”).

The following trading day, the Company’s stock price declined from $11.90 to $11.20, or 5.8%, on unusually high trading volume.

On November 19, 2019, Wins issued a press release announcing its receipt of a notification letter from the NASDAQ Listing Qualifications and its intent to submit a plan of compliance. 

On May 26, 2020, Wins issued a press release announcing that the Company received a delisting determination letter from Nasdaq. The press release stated, in relevant part, “[a]s disclosed previously, the Company is working assiduously to complete its delinquent filing with SEC and to regain compliance with the Nasdaq listing rule as soon as possible.”

In reaction to this news, Wins stock closed at $7.81 that day, in contrast to its previous close of $10.06, a decline of 22.3%, on unusually high trading volume.

The Company’s undisclosed ongoing financial difficulties—including non-repayment of the Guohong Loan—and material control weaknesses came to a head-on June 30, 2020, when CZD resigned as the Company’s independent auditor after less than three years in that role. On July 6, 2020, Wins issued a press release announcing CZD’s resignation.

On this news, Wins’s stock price fell $2.06 per share, or 6.1%, to close at $31.70 per share on July 7, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]

 

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IT Tech Packaging, Inc. Advances Additional Orders Negotiation with One of Its Top 5 Customers

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BAODING, China, Sept. 24, 2020 /PRNewswire/ — IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that the Company is advancing negotiation with one of its top 5 customers, based in Shandong Province for orders of the paper products. The customer is currently ranked among the top 5 customers of the Company during the past couple of years.

Based on the negotiation, the Company and the customer will further cooperate on products supply and purchase in the next quarters and definitive new contracts are expected to be signed by the end of the year. Based on its increasing clients’ demand, the customer will continue to increase its purchase orders from the Company.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging commented, "We are pleased with the negotiation with the customer for further partnership. As Chinese economy recovers from the COVID-19 epidemic with an amazing pace, our top clients such as companies focusing on printing and packaging are also receiving amount of orders and some even have backlog of orders, so they push forward the negotiations for raw materials and increase purchase volume of our products. We appreciate their confidence in our products as well as efficiency of delivery. We hope the stable partnership between us will continue contributing considerable revenue stream in the upcoming quarters."

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China’s Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:

At the Company Email:
[email protected]
Tel: +86 0312 8698215

Investor Relations:
Janice Wang
+86-138-1176-8559
+1-908-510-2351
EverGreen Consulting Inc.
Email: [email protected]

Related Links :

http://www.itpackaging.cn/

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Locomation & Wilson Logistics Announce World’s First Large-Scale Autonomous Truck Purchase Order

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Locomation, the leading provider of safe and reliable autonomous trucking technology, today announced the worlds first autonomous truck purchase order from Wilson Logistics, an industry-leading transportation logistics company based in Springfield, MO. Under the terms of the deal, a minimum of 1,120 Wilson Logistics tractors are to be equipped with Locomations groundbreaking Autonomous Relay Convoy (ARCTM) technology, with the first units delivered in early 2022. Additionally, the deal amends the commercial agreement between the two companies to extend through 2028.

We understand the importance of autonomous vehicle technology to the future of Wilson Logistics, and choosing our AV partner has been a deliberate process, explained Darrel Wilson, Founder and CEO of Wilson Logistics. In Locomation we see the most viable path to safe, rapid, and broad commercialization and were proud to make this purchase commitment. Wilson added Locomation delivers both the technology and the implementation methods required to enable Wilson Logistics to realize our strategic plans for profitable growth through technology.

Wilson Logistics is a leader in the industry with significant focus on driver quality of life, overall fleet safety and operational excellence. This purchase order is just the beginning of a significant leap toward autonomous technology for the entire trucking sector, said Dr. ‡etin Meri§li, CEO and Co-Founder of Locomation. Wilson Logistics has been an excellent partner and their multi-year commitment to Locomation demonstrates the strong industry validation of our autonomous technology in freight transportation.

The agreement follows a successful pilot program with Wilson Logistics this summer that included two Locomation trucks hauling Wilson Logistics trailers and freight deployed as an Autonomous Relay Convoy (ARCTM) on a 420 mile-long route from Portland, OR to Nampa, ID. ARCTM allows one driver to pilot a lead truck equipped with technology augmentation while a follower truck operates in tandem through Locomations fully autonomous system. Each ARCTM segment is engineered for maximum yield and utilization by Locomations business operations team.

Working with the Wilson Logistics team, we defined road segments to maximize asset utilization by capitalizing on freight density in each lane which enables shippers and carriers to substantially increase their use of available capacity, explained Tom Kroswek, head of business development at Locomation. We then used our proprietary analysis methods to identify opportunities to optimize pricing to maximize yield per mile. Locomations unique ability to help our clients improve both yield and utilization is truly the holy grail in trucking. Of the 68 original high-value ARCTM segments we identified, Wilsons choice to now fill 37 of those lanes is a ringing endorsement of our capabilities.

At full commercialization, Locomations ARCTM technology is expected to produce an estimated 30% reduction in operating cost per mile, including 8% reduction in fuel consumption, and remove over 40 metric tons of carbon dioxide from the air per convoy annually.

About Locomation

Locomation is the leading provider of safe and reliable autonomous trucking technology. Locomations first product in an upcoming series is the Autonomous Relay Convoy (ARCTM), which enables one driver to pilot a lead truck while a follower truck works in tandem made possible by a fully autonomous driving system. Launched in 2018 by autonomy experts at Carnegie Mellons National Robotics Engineering Center and trucking industry veterans, the Locomation team includes some of the worlds foremost specialists in robotics technology, safety, and artificial intelligence along with highly experienced trucking industry executives. Learn more at https://locomation.ai

About Wilson Logistics

Wilson Logistics is a family-owned and operated organization with a diverse portfolio of solutions to solve client’s logistical needs. We tailor our solutions for our clients and pride ourselves on our ability to be fast, effective, and flexible. Wilson Logistics began as Wil-Trans in 1990, a trucking company based in Springfield, MO. Through the acquisitions of Jim Palmer Trucking in 2014, O&S Trucking in 2016, RJs Transportation in early-2017, Haney Truck Line in late-2017, and Market Transport in 2019, Wilson Logistics was formed. Our service offerings touch many different points within the supply chain to serve our client’s logistical needs. Learn more at https://www.wilsonlogistics.com/

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John Cook

Rally Point Media Strategies

[email protected] | 585.737.7546

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The Automotive Edge Computing Consortium Joins 3GPP as a Market Representation Partner

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The Automotive Edge Computing Consortium (AECC), the organization working to explore the data and communications needs of the rapidly evolving connected car ecosystem, announced that it has joined the 3rd Generation Partnership Project (3GPP) as a Market Representation Partner (MRP). 3GPP produces technical specifications, which are translated by relevant standards bodies into appropriate deliverables, such as standards. MRPs offer market advice to 3GPP about their specific sectors for consideration in the 3GPPs specification planning and development.

Specifically, AECC plans to bring into 3GPP a consensus view of market requirements such as services, features and functionality that fall within the 3GPPs scope of work. The AECC Liaison Committee worked with 3GPP to establish the AECCs MRP.

We look forward to collaborating with 3GPP, confirming the importance of engaging with other industry organizations that can benefit from the AECCs ecosystem approach, said AECC President and Chairperson and Toyota Motor Corporations General Manager for Connected Strategy Ken-ichi Murata. We are confident that our technical knowledge and expertise will prove valuable to 3GPP efforts.

Connected vehicle areas in which the AECC will collaborate with 3GPP include high-speed mobile networks, edge computing; wireless technology; distributed computing; management of high data volumes; and artificial intelligence.

We are pleased to have the Automotive Edge Computing Consortium join 3GPP as a Market Representation Partner. There is a great need in the project for expertise on specialist areas such as intelligent driving, high-definition maps, driver assistance systems and mobility services. These use cases bring requirements that will feed proposals for solutions to help 3GPP networks support automotive needs for data at the mobile edge, said Luis Jorge Romero, Chair of the 3GPP Project Coordination Group (PCG).

About the AECC Liaison Committee

The AECC Liaison Committee focuses on advancing cooperation with technology associations and SDOs to share connected vehicle ecosystem insights and collaborate on best practices. To learn more, visit https://aecc.org/.

About the AECC

The Automotive Edge Computing Consortium (AECC) is an association of cross-industry, global leaders working to explore the rapidly evolving and significant data and communications needs involved in instrumenting billions of vehicles worldwide. The AECCs goal is to find more efficient ways to support the high-volume data and intelligent services needed for distributed computing and network architecture and infrastructure. The AECCs members are key players in the automotive, high-speed mobile network, edge computing, wireless technology, distributed computing, and artificial intelligence markets. For more information about the AECC and its membership benefits, please visit https://aecc.org/.

Jessie Hennion

AECC Public Relations

+1 781-876-6280

[email protected]

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