Richtech (RR) Expands Business with New China Agreement

Richtech Robotics Inc. (NASDAQ:RR) is one of the 11 Best New Penny Stocks to Buy Right Now. On June 30, Richtech Robotics Inc. (NASDAQ:RR) announced that it has entered into a new sales deal with Beijing Tongchuang Technology Development Co., Ltd. through its Chinese joint venture, Boyu Artificial Intelligence Technology Co., Ltd.

The sales agreement, which has been valued at more than $4 million, includes the sale, service, and software licensing of three of Richtech Robotics Inc.’s (NASDAQ:RR) main products. These are ADAM, Scorpion, and Titan.

Richtech (RR) Expands Business with New China Agreement

Robotic arms performing diagnostic tests in a healthcare technology lab.

This deal helps Richtech Robotics Inc. (NASDAQ:RR) expand its footprint in China. The deal is also expected to potentially bring additional opportunities for the company across the Asian market.

Richtech Robotics Inc. (NASDAQ:RR) expects this agreement to increase its fourth quarter revenue and also drive recurring revenue in the future. This partnership supports the company’s plan to expand worldwide.

Richtech Robotics Inc. (NASDAQ:RR) is an automated solutions company that provides collaborative robotic solutions specializing in the service industry, such as the hospitality and healthcare sectors.

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Disclosure: None. This article is originally published at Insider Monkey.