HONG KONG, Aug. 3, 2022 /PRNewswire/ -- King Resources, Inc., (OTC: KRFG) and its subsidiary, Powertech Corporation Limited ("Powertech"), is one of the leading tech companies in the development of smart power conversion solutions and products.
KRFG is pleased to announce that Powertech has entered into an agreement to open the Malaysian market with Channel Partnership. The agreement allows Powertech to expand the regional development into the Southeast Asia market by bringing Powertech's latest product to the region.
About Powertech's Type-C Highspeed Charger
Powertech will make its debut in the Malaysian market by featuring the 65W (~44cc) Type-C fast charger. Special feature of this breakthrough product will include a UK plug converter (mainly for Notebook computers), and mobile users in Malaysia which will enable users to fully charge equipment. Our new proprietary Power Conversion technology will allow us to produce products to meet the market demand for smaller-sized, high-power density products.
The usage of USB Type-C is very extensive today, ranging from setting the protocol to device application. For protocol settings, Type-C is needed when using DisplayPort, Thunderbolt, and you name it. For device applications, it has been applied to Notebooks, Smartphones, tablets, Digital Cameras, DVRs, and other electronic devices. Type-C fast charger is highly in demand in healthcare, media and entertainment, and telecommunications.
Outlook of the Type C USB Market
According to Global USB Charger Markets Report 2022-2027: USB Type A, USB Type B, and USB Type C-Strategic Collaboration with Technology Companies for Product Advancements, the Global USB Charger Market size was estimated at USD 25.42 billion in 2021, USD 26.88 billion in 2022, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.93% to reach USD 35.93 billion by 2027.
Views and Vision of Our Management
With respect to how this high-speed Type-C gadget will contribute to business growth for Powertech, William Fu, CEO of Powertech, commented "Type-C gadget is a competitive product with escalating demand globally in terms of applications, markets, and geographics to avail the vendor designates an alignment and balance their capabilities and distributing opportunities for potential growth in near terms. The snowballing demand for high-speed gadgets gives an insight to vendors on how to perform in terms of revenue generation and customer base compared to others. Knowing the market need reflects the size of the market share and competitiveness among the counterparts. It is no doubt this is an important step forward to build up our regional channels which contributes to a crucial part of our business expansion plan with a sustainable goal."
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that KRFG is a holding company. A further list and description of these risks, uncertainties and other risks can be found in KRFG's regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 10-K filed on June 24, 2022. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. KRFG undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
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SOURCE King Resources, Inc.