iPower Inc. (Nasdaq:IPW) ("iPower" or the "Company"), one of the leading online hydroponic equipment suppliers and retailers, is announcing its expansion into the European market with the completion of its first order delivery to Amazon (NASDAQ:AMZN) for consumers in the UK and Germany.
In December 2021, iPower delivered several of its own branded products for customer(s) in the UK and Germany, including trimming devices, air filters, grow bags, tents and other accessories. This delivery marks iPower's official entrance into the European hydroponic market, which is in the early stages of development and presents a long-term growth opportunity for iPower.
"We continue to deepen our relationships with key partners as we enter two new hydroponic markets with very limited penetration," said iPower CEO Lawrence Tan. "The UK and Germany are two of the most populous countries in Europe and we believe each represents a significant early-mover opportunity to gain market share and drive awareness of our core iPower and Simply Deluxe brands, as well as our recently launched Nutrient line--Flourish. We look forward to partnering with Amazon to serve this new set of hydroponic consumers with high quality products at an affordable price."
The initial sale of hydroponic equipment for Europe was recognized during the Company's fiscal second quarter ended December 31, 2021.
About iPower Inc.
iPower Inc. is one of the leading online retailers and suppliers of hydroponics equipment and accessories. iPower offers thousands of stock keeping units from its in-house brands as well as hundreds of other brands through its website, www.zenhydro.com, and its online platform partners. iPower has a diverse customer base that includes both commercial businesses and individuals. For more information, please visit iPower's website at https://ir.meetipower.com/.
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in iPower's registration statement and in its other filings with the SEC.
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