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Universal Power Industry Completes Deal for Facial Recognition Technology

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Universal Power Industry Completes Deal for Facial Recognition Technology

PR Newswire

NEW YORK, Aug. 28, 2018 /PRNewswire/ -- Advanced Technology Group a division of Universal Power Industry Corporation (OTC:UPIN) today announced that they have completed an agreement with Shanghai Weibridge Network Corp. of China for their facial recognition technology.

UPIN has agreed with Weibridge to be the exclusive North American licensed distributor and representative of their facial recognition technology. The company will have accessibility to all Weibridge's existing and new products, technical support and proprietary data. 

The company will market the technology to city, state and federal agencies as well as the private sector, with an emphasis toward the financial (banks) industry and transportation sector. 

Recent research estimates that China will become the biggest player in facial recognition technology both as a consumer and a provider. By 2023, the country will have 44.59% of the global facial recognition market share, up from 29.39% in 2017.

The forecast for the next few years is that the market itself is set to grow significantly, as more industries and companies embrace facial recognition technology's potential. While the market was valued at $1.07 bn in 2017, by 2025 it will be worth $7.11 bn, representing a compound annual growth rate of 26.8%.

"The company is extremely pleased that we were able to reach an agreement with Weibridge regarding their products and technology. The company envisions facial recognition technology will become a security standard," said Mr. Chiu Excutive V.P. of Universal Power Industry Corporation.

Updates will be provided throughout the company's social media pages Twitter and Facebook, OTCMarkets news and mainstream media services.

Further information regarding the company's business and objectives going forward can be obtained at http://www.upinholdings.com or by email at admin@upinholdings.com.

About Universal Power Industry Corporation:

Universal Power Industry Corporation (UPIN) is a diversified holding company that own(s), invests and or manages select businesses and real estate, and on special opportunities will provide financing solutions to companies at various developmental stages. Our business objectives cover a wide range of sectors from consumer/industrial products, technology research and development/startups. We combine capital, innovation and the right management to deliver top of the line products and services to our customers globally.

Statements contained in this release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results, and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

Contact Information:
Universal Power Industry Corporation
Media Relations
+1-800-837-5641

 

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SOURCE Universal Power Industry Corporation

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