HONG
KONG, July 27, 2023 /PRNewswire/ -- Highway
Holdings Limited (Nasdaq: HIHO, "the Company" or "Highway
Holdings") today announced that it will resume manufacturing for
Playmaji, Inc., the Los
Angeles-based company behind the modular multi-system game
console Polymega®.
Highway Holdings previously announced a significant, multi-year
order on October 15, 2020 to
manufacture Playmaji's Polymega game consoles and accessories.
Subsequent to the announcement, complications from the COVID-19
pandemic created micro-chip and component shortages and logistics
and shipping delays, which in turn resulted in lower-than-expected
manufacturing volume and production yields for FY2020-2022. With
pandemic-era related production issues resolved and fresh momentum
behind the project following Playmaji's recent announcement of a
partnership and minority investment from Atari, Playmaji and
Highway Holdings anticipate returning to full production in Q2 /Q3
2023 and delivering to customers and distributors Polymega gaming
hardware consistently going forward into the future.
Roland Kohl, chairman, president
and chief executive officer of Highway Holdings, commented, "We are
very excited to resume full production manufacturing for Playmaji.
Playmaji's Polymega is one of the most innovative retro hardware
consoles on the market and we look forward to supporting the
expected growth given its unique market position and expanding
audience of enthusiast gamers. We are targeting to achieve or
exceed the prior reported business value anticipated under the
original multi-year manufacturing order announced on October 15, 2020, and think this can still be
achieved and possibly exceeded without the restraints of COVID-19.
The full-scale resumption of game console manufacturing comes at an
ideal time for us, as production at our facilities has not yet
returned to full utilization levels following COVID-19."
About Playmaji
Playmaji is obsessed with delivering authentic gaming
experiences to the masses and moving games forward into the future.
We achieve this through timeless design, careful focus on authentic
gameplay and user experiences, and by creating a platform that
aspires to provide a high quality, legal alternative to game
piracy.
About Highway Holdings Limited
Highway Holdings is an international manufacturer of a wide
variety of quality parts and products for blue chip equipment
manufacturers based primarily in Germany. Highway Holdings'
administrative offices are located in Hong Kong and
its manufacturing facilities are located in Yangon,
Myanmar and Shenzhen, China. For more information, visit
the Company's website at www.highwayholdings.com.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements which involve risks and uncertainties, including but not
limited to economic, competitive, governmental, political and
technological factors affecting the company's revenues, operations,
markets, products and prices, and other factors discussed in the
company's various filings with the Securities and Exchange
Commission, including without limitation, the company's annual
reports on Form 20-F.
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SOURCE Highway Holdings Limited