DUARTE, Calif., Feb. 14, 2022 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq:IPW) (“iPower” or the “Company”), one of the main on-line hydroponic gear suppliers and retailers, has entered right into a three way partnership (“JV”) with sure people and a social media advertising and leisure firm to create a social commerce platform, Global Social Media LLC (“GSM”). The Company’s JV companions carry a wealth of social media advertising experience to the enterprise and iPower will present its provide chain and e-commerce experience, creating a totally end-to-end resolution for model producers trying to promote their merchandise by way of social channels. iPower additionally plans to leverage GSM for its personal profit in driving international model and product consciousness by TikTok and different media platforms. iPower will contribute $100,000 for a 60% fairness curiosity within the JV, in accordance with the phrases of the JV settlement. “Social commerce is the quickest rising class within the e-commerce trade and we’re eager to take part in that progress,” mentioned iPower CEO Lawrence Tan. “Similar to our just lately launched logistics three way partnership, we’ve recognized one other low-cost alternative to enter a brand new providers class that may additionally profit our personal hydroponics enterprise. Our companions will leverage their experience in social media advertising to construct a strategic community of international influencers that we will make the most of to extend iPower’s model consciousness and geographic publicity. We sit up for rising this enterprise and our new line of providers in 2022 and past.” About iPower Inc. iPower Inc. is one of the main on-line retailers and suppliers of hydroponics gear and equipment. iPower affords 1000’s of inventory conserving items from its in-house manufacturers in addition to tons of of different manufacturers by its web site, www.zenhydro.com, and its on-line platform companions. iPower has a various buyer base that features each business companies and people. For extra info, please go to iPower’s web site at https://ir.meetipower.com/. Forward-Looking Statements All statements apart from statements of historic truth on this announcement are forward-looking statements. These forward-looking statements contain identified and unknown dangers and uncertainties and are primarily based on present expectations and projections about future occasions and monetary tendencies that iPower believes might have an effect on its monetary situation, outcomes of operations, enterprise technique and monetary wants. Investors can determine these forward-looking statements by phrases or phrases comparable to “might,” “will,” “count on,” “anticipate,” “goal,” “estimate,” “intend,” “plan,” “consider,” “potential,” “proceed,” “is/are more likely to” or different related expressions. iPower undertakes no obligation to replace forward-looking statements to replicate subsequent occurring occasions or circumstances, or adjustments in its expectations, besides as could also be required by regulation. Although iPower believes that the expectations expressed in these forward-looking statements are affordable, it can not guarantee you that such expectations will become appropriate, and iPower cautions buyers that precise outcomes might differ materially from the anticipated outcomes and encourages buyers to assessment different elements which will have an effect on its future leads to iPower’s registration assertion and in its different filings with the SEC. Investor Relations Contact Sean Mansouri, CFAElevate IR(720) [email protected]
https://www.globenewswire.com/news-release/2022/02/14/2384420/0/en/iPower-Announces-Launch-of-New-Joint-Venture-Global-Social-Media-LLC.html
