That's interesting. Do they outsource their regulator manufactoring as well?Yes. The point of the 3rd photo is to show where it's made. Here it is again in more detail.
My Quattro+ are made in Bulgaria, so is my Mares Smart. I recently bought a Mares snorkel made in China. At any rate, none of their gear I got is made in Italy - while production facilities are pretty much next door...