Form 20-F for 2019 Annual Results Expected to be Filed On or Before June 12, 2020 Within the Timeline as Permitted by the SEC
ZHUHAI, CHINA / ACCESSWIRE / April 28, 2020 / Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) ("Powerbridge" or the "Company"), a global trade software applications and technology services provider, today announced that the Company is relying on the Securities and Exchange Commission ("SEC") Order issued on March 4, 2020 granting exemptions to registrants subject to the reporting requirements of the Exchange Act Section 13(a) or 15(d) due to circumstances related to the coronavirus disease 2019 (COVID-19).
Powerbridge is relying on the Order with respect to the Company's Form 20-F ("20-F") for the fiscal year ended December 31, 2019. Absent the Order, the 20-F is due on April 30, 2020. The Company is unable to file the 20-F on a timely basis due to travel restriction, quarantines and staffing issues as a result of COVID-19.
Stewart Lor, President and Chief Financial Officer of Powerbridge Technologies, commented, "The safety and well-being of our employees, partners and customers always come first. With that said, we take our U.S. public reporting obligations very seriously, and intend to file the 20-F for our annual results for the year ended December 31, 2019 on or before June 12, 2020, as permitted with the additional 45 day relief granted by the SEC. In regards to our business operations, it is important to note that no contracts have been cancelled, rather some of our partners and customers deferred existing and new business with contracts being pushed out months."
Powerbridge's headquarter is located in Zhuhai, China with operation offices located in Beijing, Wuhan, Changsha, Nanning, and Hangzhou. In each operation location, the Company has been following the measures implemented by the local governments. During the outbreak of COVID-19, the Company has been taking pro-active measures to help protect its employees by implementing body-temperature tests and enforcing face mask requirements. The Company has also implemented self-quarantine measures of at least 14 days for its staff that have traveled from other regions within or outside China before they are allowed to report to the office. This restriction also applies to non-Company personnel, including its outside auditors, who may have travelled from other regions before they are permitted onsite to the Company's facilities. In China, the Company suspended all business since late January, 2020 and resumed its operation on March 2, 2020. However, after reopening of the offices, we are still unable to resume our full operation due to travel restrictions from other provinces, including Hubei Province, which has led to a delay in a number of our employees returning to work in our offices.
The global outbreak of COVID-19 has impacted our business operations and caused delays for a few project completions. In late January 2020, the Zhuhai government released a stop order on all activities that involved public gatherings and movement restrictions. As a result, we were forced to postpone most of our in-person business meetings. Although we are still able to communicate with customers from home to provide software and cloud services, we have failed to stick to the original timelines of certain on premise projects due to strict movement restrictions. We have also experienced a slowdown in our regular business activities, as a result of current remote working requirements and travel restrictions. Given that the outbreak has been gradually controlled in China, all of the Company's offices have resumed their business since early March 2020, except our Wuhan branch which will gradually resume their office operation by April. However, our business was and has continued being adversely impacted by the outbreak of COVID-19 and our movement will remain partially restricted to prevent the second outbreak of COVID-19.
Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) is a provider of software applications and technology solutions and services to corporate and government customers primarily located in China. Founded in 1997, Powerbridge pioneered global trade software applications with a vision to make global trade operations easier for customers. Since inception, Powerbridge has continued to innovate and deliver solutions and services to address the changing needs of thousands of customers. Powerbridge's mission is to make global trade easier by empowering all players in the ecosystem. For more information, visit www.powerbridge.com/en
Safe Harbor 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; specifically, the Company's statements regarding listing on the NASDAQ Capital Market and the IPO are 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. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company 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.
For more information, please contact:
Powerbridge Technologies Co., Ltd.
President and Chief Financial Officer
SOURCE: Powerbridge Technologies Co., Ltd.
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