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The Agreement with an Estimated Value of $30 Million Supports its Revenue Guidance of $86 Million, a 1,128% Year-Over-Year Increase for its Full Fiscal Year
BEIJING, March 26, 2024 /PRNewswire/ -- Datasea Inc. (NASDAQ: DTSS) ("Datasea" or the "Company"), a Nevada corporation engaged in innovative businesses in high-tech intelligent acoustics and 5G-Artificial Intelligence ("AI") multimodal communication technology in the United States and China, today announced that on March 26, 2024, its wholly-owned subsidiary Heilongjiang Xunrui Technology Co., Ltd. ("Xunrui Technology") signed a 5G AI Multimodal Communication Cooperation Agreement (the "Agreement") with Xiamen Star Miracle Information Technology Co., Ltd. ("Star Miracle"), a marketing services and application service provider.
According to the Agreement, Star Miracle can purchase 5G multimodal communication delivery services from Xunrui Technology over the course of 12 months, which commenced on March 15, 2024, that have an estimated total value of $30 million (approximately RMB 210 million).
Ms. Liu Zhixin, CEO of Datasea, commented: "We are pleased to enter into this Agreement as it is expected to increase new customer orders affirming Datasea's advanced capabilities in the AI-5G multimodal communication services sector. The Agreement aligns with our mission to become a leading provider of digital technology solutions and our commitment to increase our market share in China's 5G multimodal communication services market. We believe that Datasea can leverage more opportunities of this nature as we enter into new agreements with key customers in this sector to generate additional revenue."
Star Miracle is a leading marketing services and application service provider (ASP) that offers high-quality mobile phone packages, prepaid fuel service plans, and prepaid recharge plans to tens of thousands of Chinese enterprises, e-commerce platforms, and individuals. The Agreement between the Company's subsidiary and Star Miracle reflects the highly-recognized value of Datasea's 5G multimodal communication platform, which provides AI-enhanced 5G multimodal communication services, data interfaces and related services and management.
The Company believes that the demand for 5G multimodal communication services in China will continue to be characterized by strong demand. Datasea recorded $18.2 million in revenue from 5G multimodal communication related services for the first half of its 2024 fiscal year, a 1,037.5% year-over-year increase, resulting from its ability to provide customers with efficient and top-notch services. The Agreement supports the Company's previously announced forecasted revenue of approximately $86 million for its full fiscal year ended June 30, 2024, a year-over-year increase of approximately 1,128%.
About Datasea Inc.
Datasea Inc. ("Datasea") is a leading provider of products, services, and solutions for enterprise and retail customers in innovative industries, Intelligent Acoustics and 5G multimodal communication, especially focusing on ultrasonic, infrasound and directional sound technology. 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 in intelligent acoustics, utilizing ultrasonic sterilization to combat viruses and prevent human infections, and is also developing innovations in directional sound and medical ultrasonic cosmetology. In July 2023, Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, in Delaware, in a strategic move to mark its global presence. This underlies Datasea's commitment to Intelligent Acoustics and its intent to offer leading edge acoustic solutions to the US market. 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 U.S. Securities and Exchange Commission, 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 Inc. Investor relations
Email: investorrelations@shuhaixinxi.com
sunhezhi@shuhaixinxi.com
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
