IT Tech Packaging, Inc. Provides Updates on Its Biomass Cogeneration Project

BAODING,China,Nov. 23,2020 --IT Tech Packaging,Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"),a leading manufacturer and distributor of diversified paper products in North China,today announced that it has completed invitation for the 75 t/h biomass boiler procurement bids for its biomass cogeneration project and multiple well-known enterprises in the industry have been invited and participated the open bidding. The company is evaluating the bidding proposals and will announce the bidding result in the near future.

ITP Biomass Project

About IT Tech Packaging,Inc.

Founded in 1996,IT Tech Packaging,Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products),ITP produces and distributes three categories of paper products: corrugating medium paper,offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province,ITP is located strategically close to the Beijing and Tianjin region,home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated,including risks outlined in the Company's public filings with the Securities and Exchange Commission,including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law,the Company undertakes no obligation to update or revise its forward-looking statements.

For more information,please contact:

At the Company Email:

ir@itpackaging.cn

Tel: +86 0312 8698215

Investor Relations:

Janice Wang

+86-138-1176-8559

+1-908-510-2351

EverGreen Consulting Inc.

Email: ir@changqingconsulting.com

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