iPower launches US-based packaging JV United Package

RANCHO CUCAMONGA, Calif. - iPower Inc. (NASDAQ: IPW), an ecommerce services provider and online retailer with a market capitalization of $17.61 million and annual revenue of $74.11 million, announced today the establishment of a joint venture named United Package NV LLC. This new venture is part of the company’s initiative to increase domestic manufacturing through its "Made in USA" module within the proprietary SuperSuite Supply Chain Platform.

CEO Lawrence Tan highlighted the joint venture as a strategic move to strengthen the U.S. manufacturing sector and offer businesses sustainable and cost-effective supply chain solutions. United Package aims to produce packaging materials within the U.S., reducing dependence on overseas manufacturing and improving supply chain resilience.

The integration of United Package into the SuperSuite ecosystem is expected to yield benefits such as quicker production-to-delivery times, diminished impact from global shipping disruptions, and reduced carbon footprints due to localized production. The digital SuperSuite dashboard will also offer transparent collaboration with vendors, enhancing inventory management and demand forecasting.

iPower’s "Made in USA" module provides comprehensive support for domestic manufacturing, including legal advice, facility planning, workforce development, and access to a nationwide distribution and ecommerce network. The company, which maintains a healthy gross profit margin of 45.7% and a solid current ratio of 1.92, plans to further expand this initiative by creating more strategic ventures and supporting new domestic manufacturers across various industries. InvestingPro data shows the company’s overall Financial Health Score is FAIR, suggesting stable operational fundamentals.

iPower Inc. is known for its technology and data-driven approach to online retail, offering a wide range of ecommerce services for third-party products and brands. With a robust fulfillment infrastructure and a competitive delivery network, iPower aims to efficiently distribute a diverse product catalog from its supply chain partners to consumers.

This news is based on a press release statement, and it’s important to note that forward-looking statements involve risks and uncertainties. iPower has made it clear that it does not commit to updating these statements in light of new information or future events. Investors are advised to consider these factors when evaluating the company’s prospects. According to InvestingPro analysis, iPower is currently trading below its Fair Value, presenting a potential opportunity for value investors. For deeper insights into iPower’s valuation and growth prospects, including exclusive ProTips and comprehensive financial analysis, check out the full Pro Research Report, part of the extensive coverage available for 1,400+ US stocks on InvestingPro.

In other recent news, iPower Inc. announced significant changes to its board of directors. Kevin Liles and Kevin Vassily have resigned from their positions, and Yue Guo has been appointed as an independent director. Guo will also serve as Chair of the Nominating and Corporate Governance Committee and be a member of both the Audit Committee and Compensation Committee. With 14 years of experience in the IT and internet industry, Guo has previously held key roles at Amazon Web Services, JD Cloud Technology, and Baidu. His appointment includes an annual cash compensation of $10,000 and a restricted stock unit award of the same value, both payable quarterly. These developments were detailed in an 8-K filing with the Securities and Exchange Commission. This leadership change indicates a strategic shift in iPower’s governance as it continues its operations in the competitive retail sector.

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