Hangzhou, China, Feb. 28, 2025 (GLOBE NEWSWIRE) — WORK Medical Technology Group LTD (Nasdaq: WOK) (“WORK Medical” or the “Company”), a supplier of medical devices, through its subsidiary, Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and its subsidiaries in China, today announced a strategic partnership with Shanghai Chartwell Medical Device Co., Ltd. (“Chartwell Medical”), a high-end medical products manufacturer across diverse fields, including nuclear medicine, imaging, infection control, ophthalmology, and rehabilitation robotics, to drive industrial synergy and accelerate their growth in the healthcare sector.
The collaboration is to be carried out through Chartwell Medical’s subsidiaries, including Fuluo (Shanghai) Medical Equipment Co., Ltd., Fuying (Shanghai) Medical Equipment Co., Ltd. (“Fuying”), and Fufeng (Suzhou) Medical Treatment Technology Co., Ltd. (“Fufeng”). Fuying is a joint venture formed by Chartwell Medical and Sakura Seiki Co., Ltd. Fufeng is a company engaged in the sales of medical rehabilitation device co-developed by Chartwell Medical, Toyota Motor Corporation, and Toyota Tsusho Corporation. To drive mutual growth and unlock new opportunities, the partnership is expected to address the following initiatives:
- Establishing joint investment funds to align industrial and financial resources;
- WORK Medical investing in Chartwell Medical or merging Chartwell into WORK Medical; and
- Co-investing in key projects in the future, including healthcare infrastructure, research and development of advanced technology, and global acquisitions.
Mr. Wu Shuang, chief executive officer and chairman of the board of directors of WORK Medical, commented, “We are delighted to enter into a strategic partnership with Chartwell Medical. This collaboration reflects our shared commitment to mutual growth and innovation. By leveraging our combined strengths and resources, we aim to enhance operational efficiency, market leadership, and international competitiveness. In addition, our mutual goal is to advance high-end medical technologies, strengthen competitiveness in the global healthcare industry, and accelerate the adoption of cutting-edge solutions in domestic markets.”
He added, “As specific cooperation projects with Chartwell Medical are gradually implemented, we expect our product portfolio to be further enriched and improved, with an increase in the proportion of high-value-added products. We expect Work Medical’s revenue and profits to experience substantial growth over the next three years. Together, we look forward to fostering a robust ecosystem with industry partners across China’s healthcare value chain.”
About WORK Medical Technology Group LTD
WORK Medical Technology Group LTD is a supplier of medical devices that develops and manufactures Class I and II medical devices and sells Class I and II disposable medical devices through operating subsidiaries in China. The Company has a diverse product portfolio comprising 21 products, including customized and multifunctional masks and other medical consumables. All the products have been sold in 34 provincial-level administrative regions in China, with 15 of them sold in more than 30 countries worldwide. The Company has received a number of quality-related manufacturing designations and has registered 17 products with the U.S. Food and Drug Administration allowing their products to enter the U.S. market. For more information, please visit the Company’s website: https://www.workmedtech.com/corporate.
About Shanghai Chartwell Medical Device Co., Ltd.
Shanghai Chartwell Medical Device Co., Ltd. is a supplier, developer, manufacturer, and service provider of high-end medical devices and consumables, serving China and the broader Asia-Pacific region. It specializes in integrating and advancing high-end medical products and technologies, offering a diverse portfolio that includes hundreds of products across multiple categories, such as nuclear medicine, radiology, imaging, endoscopy, infection control, ophthalmology, and regenerative bone technologies. Chartwell Medical also holds exclusive agency rights and technical resources for several leading high-end medical brands from Japan, further strengthening its position in the market. For more information, please visit Chartwell Medical’s website: http://www.chartwell.com.cn. All information about Chartwell Medical Busana has been reviewed and approved by Chartwell Medical.
Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements.
Any forward-looking statements in this press release are based on the Company’s current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results set forth in the Company’s annual report on Form 20-F and other documents filed by the Company with the SEC. The Company explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
For more information, please contact:
WORK Medical Technology Group LTD
Investor Relations Department
Email: ir@workmedtech.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
