SAN DIEGO, Dec. 11, 2020 /PRNewswire/ -- Dalrada Financial Corp. (OTC Pink: DFCO) is pleased to announce that the Company has executed a term sheet for exclusive North America manufacturing of its Likido® products with Tongrun International ("Tongrun") located in Bonham, Texas. Tongrun will exclusively manufacture, order all materials and parts, and maintain adequate inventory to meet forecasted demands of all Likido's products including LikidoCRYO, LikidoDRY, LikidoONE, and Likido's power generator. Tongrun in Bonham, Texas is the U.S. arm of the international organization, independently owned and operated leveraging its 34 acres of land and 70,000 square foot facility for contract manufacturing services.
Brian Bonar, CEO of Dalrada states, "Aligning exclusively with Tongrun purposefully allocates resources where they are most effective for expanding and accelerating Dalrada and Likido's global market presence. While Tongrun implements Engineering expertise, procurement, manufacturing, and inventory management in North America, Dalrada Precision – in addition to its daily operations – will intensify its focus on sales and marketing of Likido's product suite. Likido's revolutionary green energy products address the immediate global need for safe, low-temperature transport and storage of biomaterials as well as address climate change policy by reducing heating and cooling Global Warming Potential resulting in a significant cost savings."
Dalrada's agreement with Tongrun is a two-year exclusive term for North America. Likido®, headquartered in Edinburgh, Scotland, will to continue to manufacturer its products for the European and Asia markets.
About Tongrun International
From mechanical components to complex assemblies, Tongrun International located in Bonham, Texas, provides simple, straight-forward solutions for manufacturing requirements. Tongrun's cost structure and in-depth knowledge of the U.S. market provides the Company the foundation to be one of the most progressive and comprehensive contract manufacturers in the industry. Tongrun's North American headquarters is centrally located and is independently owned and managed. For more information, visit https://tongruninternational.com/
About Likido Limited
Likido is an international technology company, developing advanced solutions for the harvesting and recycling of energy. Using its novel heat pump systems (patent pending), Likido is revolutionizing the renewable energy sector with the provision of innovative modular process technologies to maximize the capture and reuse of thermal energy for integrated heating and cooling applications. With uses across industrial, commercial, and residential sectors Likido seeks to provide cost savings and to minimize carbon emissions across supply chains. Likido's novel technologies enable the effective recovery and recycling of process energy, mitigating against climate change and enhancing quality of life through the provision of low-carbon heating and cooling systems. For more information, please visit https://www.likido.net/.
About Dalrada Precision
A subsidiary of Dalrada Financial Corp., Dalrada Precision has been focused on solution-based engineering and the customer experience from day one. By continually delivering on its promises, the Company has created trust while building mutually successful long-term relationships.
Dalrada Precision is a team of highly trained and committed individuals. The company takes pride in solving the unique challenges of its customers and constantly improves and enhances its machining and manufacturing capabilities, ultimately becoming a key strategic partner of many businesses. For more information, please visit https://www.dalradaprecision.com.
About Dalrada (DFCO)
Dalrada Financial Corp. (OTC Pink: DFCO) solves real-world problems by producing innovation-focused and technologically centered solutions on a global level. Delivering next-generation manufacturing, engineering, and healthcare products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of financial capital. The Company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure. For more information, visit www.dalrada.com or call 1-858-283-1253.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
SOURCE Dalrada Financial Corp.