Huadi International Group Co., Ltd. announces a strategic plan to enter the new energy industry and begins discussions with a local government in Sichuan to invest and build a new battery and energy storage project

BEIJING, Nov. 03, 2022 (GLOBE NEWSWIRE) — Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer of seamless industrial stainless steel pipe and tubing produced in China, today announced its strategic plan to enter the clean energy industry. The Company has entered into discussions with a local government in Sichuan Province, China, and plans to invest and build a local production base for anode materials, which are essential for the development of clean energy batteries and storage technologies.

HUDI management and local officials discussed at several virtual conferences on the development of clean energy. Among the discussions were the potential investment, product line, technology application, planned operational scale and performance of HUDI’s proposed clean energy initiative. Field visits were scheduled by local officials to conduct due diligence after reviewing and confirming the company’s strategic planning for the new energy business. The company’s strategic plan aims to mobilize local economic development in Sichuan and improve environmental sustainability.

Mr. Di Wang, Chairman of Huadi International Group Co., Ltd., said, “We are proud to have the opportunity to negotiate our new energy strategic plan with the local government of Sichuan. Local officials recognized our ability to accelerate the national battery supply chain and meet growing demand from the electric vehicle and fixed-grid storage markets. The company has extensive experience in the manufacturing industry and has established strong upstream business partnerships for the supply of raw materials. Our management has extensive experience working in new energy-related fields. HUDI sees substantial market opportunities with the support of local governments to develop new energies in several ways: financing, land concessions, tax reductions. So we announced the new strategic plan that stems from our mission – to improve our profitability through innovation, and we also aim to dedicate ourselves to leading the way in clean energy transformation. We are excited to engage in discussion to further our mission of creating long-term sustainable value for our stakeholders and local communities.

About Huadi International Group Co., Ltd.

Huadi International Group Co., Ltd. is one of the leading manufacturers of industrial stainless steel seamless tube and pipe products with extensive distribution facilities and a network covering more than twenty provinces in China and international steel tube industry. It has a wide range of products exported to twenty countries and regions such as the United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, the United Arab Emirates and Canada. . Its products are widely used in oil and gas transmission, chemical engineering, food processing, medical devices, aeronautics and astronautics, boilermaking, irrigation construction, electrical, automotive, naval architecture, stationery and mechanical industries. For more information about the company, please visit: http://www.huadi.cc.

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 regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intends”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates” or similar expressions that do not relate solely to material, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s objectives and strategies; the future business development of the Company; financial condition and results of operations; requesting and accepting products and services; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or relating to any of the foregoing and other risks contained in the Company’s filings with the SEC. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the SEC, which may be viewed at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

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