Xspand Products Lab Provides Operational Update on Asia-Pacific Theme Park Initiatives
Asia-Pacific Region Represents Xspand’s Fastest Growing Market for Theme Park Vertical
PHILLIPSBURG, N.J., Aug. 08, 2018 (GLOBE NEWSWIRE) -- Xspand Products Lab, Inc. (“Xspand”) (the “Company”), a full-service product development company, has provided an operational update on its sales initiatives in the Asia-Pacific theme park industry.
In the six months ended June 30, 2018, the Asia-Pacific region represented the fastest growing market for Xspand’s theme park vertical, which grew approximately 20% to $1.2 million when compared to $1.0 million in the same year-ago period. Notable Xspand theme park customers include Hong Kong Disneyland Resort, Tokyo Disney Resort, Universal Studios Singapore and Universal Studios Japan. Xspand services its Asia-Pacific theme park clients through its wholly owned subsidiary in Hong Kong.
According to EuroMonitor, the Chinese theme park industry is forecast to grow from $4.6 billion in 2015 to $12 billion by 2020, overtaking the U.S. and Japan as the world’s largest market. A 2018 report by the Themed Entertainment Associated found that attendance at Chinese theme parks increased nearly 20% YoY, with 134 million total theme park visits across the greater Asia-Pacific region in 2017.
“Our Asia-Pacific theme park vertical growth has continued unabated, growing approximately 20% in the first 6 months of 2018, compared to the same period in 2017,” said Chris Ferguson, Chief Executive Officer of Xspand Products Lab. “We have seen rapidly growing demand within the theme park market for custom manufacturing of innovative, licensed products, featuring leading brands such as Marvel, Monsters Inc. and Star Wars. We continue to work closely with our Asia-Pacific theme park customers to develop innovative new products to support their aggressive future expansion plans.
“Our ability to service our Asia-Pacific theme park clients through our wholly owned Hong Kong subsidiary enables us to continue serving Asia-Pacific customers in spite of the current trade uncertainty between the United States and China, providing us with a distinct competitive advantage.”
About Xspand Products Lab, Inc.
Xspand Products Lab, Inc. is a vertically integrated and full-service product development and manufacturing company, including design, sales, fulfillment and shipping. Xspand's model is to provide a risk mitigated platform that connects innovators with companies to bring new products to market. For more information, please visit www.xspandproductslab.com.
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing Xspand’s views as of any subsequent date. Such forward-looking statements are based on information available to Xspand as of the date of this release and involve a number of risks and uncertainties, some beyond Xspand’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for Xspand’s products, any difficulty in marketing Xspand’s products in global markets, competition in the market for consumer products, any inability to raise capital to fund operations and service Xspand’s debt. Additional information that could lead to material changes in Xspand’s performance is contained in its filings with the SEC. Xspand is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
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Released August 8, 2018