Jerash Holdings (US), Inc.

Greetings. Welcome to the Jerash Holdings Fiscal 2024 First Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Roger Pondell, Investor Relations for Jurasch Holdings. You may begin.

Thank you, Holly, and good morning, everyone. Welcome to Jurasch Holdings Fiscal 2024 First Quarter Conference Call. I'm Roger Pondell with Pondell Wilkinson, Jurasch Holdings Investor Relations firm, and it will be my pleasure momentarily to introduce the company's Chairman and Chief Executive Officer, Sam Choi. its chief financial officer, Gilbert Lee, and Eric Tang, who leads the company's operations in Jordan. Before I turn the call over to Sam, I want to remind our listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control. including those set forth in the risk factor section of the company's most recent form, 10-K, as filed with the Securities and Exchange Commission, copies of which are available on the SEC's website at www.sec.gov, along with other company filings made with the SEC from time to time. Actual results could differ materially from these forward-looking statements, And Juresh Holdings undertakes no obligation to update any forward-looking statements except as required by law. And with that, it is my pleasure to turn the call over to Sam Choi. Sam?

Thank you, Roger, and hello, everyone. Our first quarter demonstrated Juresh's resiliency in a challenging retail environment. Revenue was up slightly, Although, as expected, profitability was impacted principally by a product makeshift to lower margin items. Although inflationary pressures and rising interest rates are still having an impact on consumer spending, retail market trends are showing signs of improvement. We are starting to receive new inquiries from global brands, including test runs and sample orders. On the new customer front, Timberland has grown to be a significant global brand for Gerrash. Besides Timberland, we are now working on confirming the first batch of orders for Vans branded apparel, also a part of VF Corporation's brands. Initial orders are scheduled to be received in mid-August with finished garments to be shipped in the third quarter. Our newly added European-based high-end apparel brand continues to progress well. Orders received thus far this fiscal year have significantly increased. We are optimistic that over time, these new global brands will grow in importance for direct. Also, on the positive front, initial marketing by our joint venture partner, Busena Apparel Group, to its global brand customers is being well received. Joresh has begun working on pricing and sample development for more than 10 additional brands. We anticipate meaningful orders for the joint venture to begin during the fourth quarter of the current fiscal year. One of our corporate initiatives has been to explore vertical integration and I'm happy to report some good news on this front. We have been in discussion with NTX, one of the global leaders in sustainable textile dyeing solutions, to form a joint venture that will provide Jerez with vertical integration manufacturing capability. Our plan is to bring about a new era sustainable and innovative textile dyeing process in Jordan with our proprietary technology that, according to the presentation and information from NTX, could result in more than 80% water usage reduction and 50% carbon footprint reduction from traditional textile dyeing process. The proposed joint venture is expected to benefit our customers through softened fabric sourcing times and to further reduce our dependency on suppliers in Southeast and Eastern Asia. The joint venture further demonstrates Juresh's commitment to sustainability and social responsibility. I'm now turn the call over to Eric Tang to talk about our operations and also to Gilbert will then discuss financial results.