Seeks Authorization for Pioneering
Point-of-Use Identity and Age Verification Technology to Reduce
Youth Access and Expand the Adult Market for Reduced-Risk Vapor
Products
LOS
ANGELES, Nov. 18, 2024 /PRNewswire/
-- Ispire Technology Inc. ("Ispire" or the "Company")
(NASDAQ: ISPR), a trailblazer in vaping technology and precision
dosing, and IKE Tech LLC ("IKE Tech"), a joint venture among
three leading technology and research companies Ispire, Touch Point
Worldwide d/b/a Berify and Chemular Inc., announced a successful in
person pre-PMTA (Pre-Market Tobacco Product Application) submission
meeting with FDA's Center for Tobacco Products (CTP) for their Age
Verification technology, designed to allow adult access to
electronic nicotine delivery systems (ENDS) while preventing youth
access to such products at point-of-use.
This critical regulatory milestone marks an important step in
the journey to provide an innovative, secure universal solution
aimed at preventing youth access to ENDS and expanding the market
for adults who choose to use flavored PMTA-authorized products. The
IKE Tech Identity and Age Verification technology unlocks
opportunities for adults who choose to use flavored vapor products
while introducing a pioneering approach to reducing youth access
and usage.
IKE Tech's age-gating technology seeks to provide and support a
platform for the introduction of additional PMTA approved
characterizing flavors for ENDS products; assisting adult smokers
seeking a transition from combustible cigarettes to reduced-risk
flavored vapor alternatives. Due to its innovative design,
reliance on blockchain technology, and partnership with leading
Identify and Age Verification providers, the IKE Tech system is an
advanced component that could be used -- in any ENDS device -- to
ensure only authorized adult users can access vaping products.
FDA Alignment on Key Points:
- Component PMTA: IKE Tech will submit a PMTA for a
component, as opposed to a finished tobacco product to be sold to
consumers, and the FDA indicated it will accept such a component
PMTA if all statutory requirements are met. Additionally, due to
the fact this component employs novel point-of-use technology, the
FDA indicated it will consider a request to grant the IKE Tech
system priority review. If authorized, the component PMTA would
allow ENDS manufacturers to use the IKE Tech system in their
finished tobacco product PMTAs, as a plug-and-play age-gating
solution, which may allow for the approval of a variety of flavored
ENDS products.
- Creation of Tobacco Product Master File (TPMF): IKE will
create and file a TPMF for the IKE component. Once authorized, the
component and TPMF can, subject to agreement, be available to ENDS
device manufacturers for incorporation into products.
IKE Tech anticipates completing the required studies for the
component PMTA for the IKE Tech system, including the Identity and
Age Verification component in Q1 2025.
"Our commitment to harm reduction through innovation and our
collaborative efforts with regulators are central to Ispire's
mission," said Michael Wang, Co-CEO
of Ispire. "We are proud to introduce technologies that are
designed to responsibly support adult consumer choice while
significantly reducing youth access. This technology represents our
dedication to aligning with regulatory guidance and setting new
standards for safer vaping products."
About IKE Tech LLC
IKE Tech LLC is a joint venture comprised of three leading
technology and research companies -- Ispire Technology Inc, Touch
Point Worldwide Inc. d/b/a Berify, and Chemular Inc. -- dedicated
to revolutionizing Identity and Age Verification (IAV) technology
solutions. Recognizing the absence of a universal point of sale IAV
solution and recognition of the need for one, these companies
joined forces to create a unique IAV technology component. IKE's
mission is to set the gold standard for IAV by (i) permitting
access to electronic nicotine delivery systems by authorized adult
users while (ii) preventing underage access through a "plug and
play" component compatible across different devices and
platforms.
About Ispire Technology Inc.
Ispire is engaged in the research and development, design,
commercialization, sales, marketing and distribution of branded
e-cigarettes and cannabis vaping products. The Company's operating
subsidiaries own or license more than 400 patents worldwide.
Ispire's branded e-cigarette products are marketed under the Aspire
name and are sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global
distribution network. The Company also engages in original design
manufacture (ODM) relationships with e-cigarette brands and
retailers worldwide. The Company's cannabis products are marketed
under the Ispire brand name primarily on an ODM basis to other
cannabis vapor companies. Ispire sells its cannabis vaping hardware
in the US, Europe and South Africa and it recently commenced
marketing activities and customer engagement in Canada and Latin
America. For more information,
visit www.ispiretechnology.com or follow Ispire on
Instagram, LinkedIn, Twitter and YouTube.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
("Securities Act") as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, as amended, that are intended to be
covered by the safe harbor created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "would," "could," "seek," "intend," "plan," "goal,"
"project," "estimate," "anticipate," "strategy," "future," "likely"
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the Company's strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Important factors that could cause the Company's actual
results and financial condition to differ materially from those
indicated in the forward-looking statements. Such forward-looking
statements include, but are not limited to, risks and uncertainties
including those regarding: the Company's ability to collect its
accounts receivable in a timely manner, the Company's business
strategies, the ability of the Company to market to the Ispire
ONE™, Ispire ONE's success if meeting its goals, the ability of its
customers to derive the anticipated benefits of the Ispire ONE™ and
the success of their products on the markets; the Ispire ONE™
proving to be safe, and the risk and uncertainties described in
"Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Cautionary Note on
Forward-Looking Statements" and the additional risk described in
Ispire's Annual Report on Form 10-K for the year ended June
30, 2023 and any subsequent filings which Ispire makes with the
U.S. Securities and Exchange Commission. You should not rely upon
forward-looking statements as predictions of future events. The
forward-looking statements made in the press release relate only to
events or information as of the date on which the statements are
made in the press release. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events except as required by law. You should read
this press release with the understanding that our actual future
results may be materially different from what we expect.
IR Contacts:
For more information, kindly contact:
Investor Relations
Sherry Zheng
718.213.7386
ir@ispiretechnology.com
KCSA Strategic Communications
Phil Carlson
212.896.1233
ispire@kcsa.com
PR Contact:
Ellen Mellody
570.209.2947
EMellody@kcsa.com
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SOURCE Ispire Technology Inc.