V1 Group received majority approval at AGM to be renamed as "Crazy Sports Group Limited"

V1 Group Limited
2021-05-07 20:33 3970

HONG KONG, May 7, 2021 /PRNewswire/ -- V1 Group Limited, ("V1 Group" or the "Company", together with its subsidiaries, the "Group"; stock code: 82) announces today that a special resolution was passed by majority vote at its Annual General Meeting 2021 to rename the Company as Crazy Sports Group Limited ("Crazy Sports"). The name change is still subject to approval by the Registrar of Companies in Bermuda before coming into effect.

The Board of Directors of the Company considers that the name change will better reflect the future business plans and development of the Group. The new name can provide the Company with a more relevant and distinctive corporate identity and is in the best interests of the Company and the shareholders as a whole.

The name change seeks to reflect that building on Crazy Sports as its principal business, the Group is positioning itself as China's leading sports lottery and entertainment operator that combines sports lottery online information services, live broadcasts and interactions, sports quizzes, sports mobile games and offline sports lottery retail services, endeavoring to provide a multi-dimension sports tournament entertainment platform for real time participation by users.

Dr. ZHANG Lijun, Chairman of V1 Group, said: "Crazy Sports has become the core profit engine of the listed company and has started a new chapter of development with sports entertainment as the theme. The support by the majority of our shareholders today to change of the name of the listed company to Crazy Sports Group marks the end of an age and our welcome to a new beginning with sports entertainment as the racetrack.

Coupled with announcements of favorable policies and increasingly accommodating developments in market infrastructure and capitalizing on the restarting of big years for sports events, Crazy Sports has accomplished milestone breakthroughs in its history of development and achieved rapid growth in revenue and profits. During the 14th Five-Year development plan in China, Crazy Sports will continue to reinforce our core competences to usher into a period of explosive growth, realizing exponential expansion in market share and profits! Leveraging our edges accumulated over the years and opportunities afforded by the sports quiz business in Hainan and adhering to our corporate mission of "Let Sports Create Happiness", we are determined to tap this trillion-yuan sports industry, aspire to evolve into the largest sports cultural entertainment group in China and make our shareholders proud of and confident in themselves!"

CEO Mr. PENG Xitao said: "Crazy Sports is integrating resources, leveraging support from the Hainan sports quiz qualification, advanced blockchain technologies, comprehensive application of core competitive capabilities including enormous lottery user resources, tremendous database and top football IPs, to become an operator that provides sports lottery paid information services, sports social interactive platform, sports game quiz, sports-themed games, as well as offline sports lottery sales services. Through a comprehensive online and offline sports community ecosystem structure, it facilitates exponential user growth, establishing a user redirection and synchronized consumption business model."

"Crazy Sports has secured an approval to launch a sports quiz platform and a prize redemption reward points system in Hainan, a showcase for the sports industry in China conferring more opportunities. The development positioning and an array of favorable policies the Chinese Government has in place for Hainan will strengthen our competitiveness, creativity and operation efficiency. This is the key strategic planning of the Group in the sports industry, representing a major development opportunity in history for us."

About the Group

The Group is a leading sports lottery and sports entertainment company in China. The Group operates: (i) Crazy Red Insights APP, a sports lottery paid-knowledge platform; (ii) Crazy Sports APP, a match information, livestreaming and social interactive platform and a China Soccer Lottery website; (iii) mobile network interactive game applications; (iv) provision of retail sales services of lottery tickets through nationwide retail channels in China; and (v) the development of a sports quiz platform and prize redemption reward points system in Hainan; endeavoring to provide a multi-dimension sports tournament entertainment platform for real time participation by users.

As an internet sports entertainment community and lottery information platform in China. guided by sports marketisation, connectivity and digitalisation, we are dedicated to forge a comprehensive culture and sports ecosystem to provide reliable sports products and services for the vast Chinese sports enthusiasts.

Source: V1 Group Limited
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