Joining me on today’s call is the company’s chief executive officer, Mr. Alexander Lee, and the company’s chief financial officer, Mr. Steven Wong.
I’d now like to turn the call over to the chief executive officer, Mr. Alexander Lee. Alex?
Thank you. Good morning everyone and welcome to the call.
I would like to take this opportunity to give you a quick update on our various initiatives. As many of you know, Albert and I have both joined the company at the beginning of the second quarter. Albert serves as the president of the company and I’m now serving as the CEO.
Upon taking our respective positions, we quickly turned our focus to three key areas which I’d like to discuss today; namely our activities in China, our focus on revenue generation and some of our product activities.
With respect to China, Albert and I quickly understood the importance of the China market to our business plan. So we focus on the company’s negotiations with the cities of Wu’an and Handan, which are both located in Hebei province in China.
By April 19th, we successfully concluded our negotiations and signed our agreements in an economic development confine in Hong Kong, which is hosted by Handan City. These agreements shall provide many perspective benefits of the company including the planned establishment and production facility within the newly formed technology firm in Wu’an City.
In addition, these agreements include various orders for EV buses, taxis, and energy storage systems over the next few years. Since we signed those agreements, we’ve made some excellent progress. We’ve established an office in July at China and started to hire some initial staff there.
We retained video in China to manager accounts. We started the planning process and submitted our preliminary plan designs and send everyone for their review. The land transfers will occur in phases and the process is moving along according to the plan.