Blue Hat Announces Accelerated Growth from Csfctech Since Acquisition; Mobile Games Business Has Generated Over RMB23.0 Million in Revenue Year-to-Date

XIAMEN, China, April 28, 2021 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality ("AR") interactive entertainment games, toys and educational materials in China, today announced preliminary revenue contributed by its subsidiary, Fuzhou Csfctech Co., Ltd. ("Csfctech") of RMB23.0 million (approximately US$3.53 million) year-to-date, which has grown steadily since the acquisition closed.

Csfctech's revenue is primarily derived from self-developed games and jointly operated games, contributing approximately 71% and 19% of total revenue, respectively. War of Fishing Kings, Csfctech's core self-developed game, has over 3.0 million total users and boasts payment penetration of 11% and average revenue per paying user ("ARPPU") of over RMB160. Csfctech's intermodal games, including Jun Cheng Tian Xia, Fairy Story, Goddess Meng Jiang Zhuan and Four Magical Gods, have also reported positive performance, with payment penetration of 13% and ARPPU of over RMB160.

Given the performance of Csfctech's products in early 2021, the Company remains confident in the growth potential of its mobile games business and will continue to work closely with the Csfctech team to enhance its operations and investment in new content, which will help drive revenue and profit growth. Csfctech expects to launch several self-developed RPG games in the coming months.

Mr. Xiaodong Chen, CEO of Blue Hat, stated, "We are pleased to see the excellent performance of Csfctech's core products since the acquisition in late 2020, with solid growth in customer base and revenue that has been supported by increased demand in the overall gaming sector. Csfctech's portfolio includes more than 100 games on a number of available platforms. We believe that Csfctech's plans to continuously upgrade existing games and introduce new games to the marketplace will position us to engage a wider player audience. We will continue to put resources into promoting these games to attract more domestic and overseas customers. We believe doing so will help drive future growth of our mobile games business and subsequently the profitability of the Company."

About Blue Hat

Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games, and toys with mobile game features. The Company's interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.

Forward-Looking Statements 

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

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