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Agreement to Have Powerful Revenue Impact and is Expected to Lead to More Lucrative Contracts
BEIJING, June 3, 2024 /PRNewswire/ -- Datasea Inc. (NASDAQ: DTSS) ("Datasea" or the "Company"), a Nevada company engaged in innovative business segments in high-tech intelligent acoustics and 5G-Artificial Intelligence ("AI") multimodal communication technology in the United States and China, today announced that on May 11, 2024, its Chinese operating entity, Shuhai Information Technology Co., Ltd. ("Shuhai Information"), has entered into a Cooperation Agreement (the "Agreement") with Beijing Haoteng Chuangxiang Technology Co., Ltd. ("Haoteng Chuangxiang") , to enhance the Company's 5G AI multimodal business in the China.
Datasea's CEO, Liu Zhixin, stated, "This Agreement will lead to greater revenue for the Company and will help us to fulfill our mission to become a leading digital technology solution provider in China. This is the third agreement that we have entered into over the last three months which reflects our sales prowess as well as Datasea's distinctive ability to promote customers' brands by providing them with sophisticated high-end 5G multimodal services."
According to the Agreement, beginning on May 11, 2024 and continuing over a period of 12 months, Shuhai Information will provide an array of enhanced 5G information services to Haoteng Chuangxiang based on its service needs. Shuhai Information entity will utilize the transmission and AI capabilities of its 5G AI multimodal platform to provide specialized interfaces which enable a more efficient delivery of targeted advertising and market promotion information to mobile phone user customers of Haoteng Chuangxiang. Shuhai Information will settle with Haoteng Chuangxiang and recognize revenue based on the actual information service provided.
In the first ten days of the Agreement, Shuhai Information has already provided approximately $2.8 million (RMB 20.0 million) worth of 5G information services to end-users based on Haoteng Chuangxiang's market demand, which is an early indication of the Agreement's potentially powerfully implications. The Company estimates that it can generate approximately $86.0 million revenue forecast for its 2024 fiscal year.
Haoteng Chuangxiang is a leading marketing service provider that offers high-quality mobile internet promotion and advertising services to tens of thousands of domestic enterprises, e-commerce platforms and individuals. The Company believes that there is a huge demand for 5G value-added services in China, and Datasea has the proven ability to provide top-tier 5G multimodal services to enterprises on a large scale. It is the Company's plan to continue to aggressively market these services and generate additional revenue streams in the periods ahead.
About Datasea Inc.
Datasea Inc. ("Datasea") is a leading provider of products, services, and solutions for enterprise and retail customers in two innovative industries, acoustic high tech and 5G-AI multimodal communications. The Company's advanced R&D technology serves as the core infrastructure and backbone for its products. Its 5G multimodal communication segment operates on a cloud platform based on AI. Datasea leverages cutting-edge technologies, precision manufacturing and ultrasonic, infrasound and directional sound technology in its acoustics business to combat viruses and prevent human infections, and it is also developing applications in medical ultrasonic cosmetology. In July 2023, Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, in Delaware, in a strategic move to enter the U.S. markets and to mark its global expansion plan. For additional information, please visit www.dataseainc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook," "objective" and similar terms. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Datasea's control, which may cause Datasea's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Datasea as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Datasea's filings with the SEC, which are available at www.sec.gov. Datasea does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
Investor and Media Contact:
Datasea Investor Relations
Email: investorrelations@shuhaixinxi.com
sunhezhi@shuhaixinxi.com
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
