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XIAMEN, China, Dec. 16, 2020 /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 that Fuzhou Csfctech Co., Ltd. ("Csfctech") is actively exploring overseas markets and is currently testing five new gaming products for overseas distribution. The Company recently announced the signing of a definitive agreement to acquire 51% of Csfctech and two subsidiaries (Link to Previous Release).
The acquisition of Csfctech is an important step in the development of Blue Hat's mobile games unit, which along with AR gaming and interactive education make up the three pillars of the Company's strategy.
Development of Five New Games
The five new gaming products under development are:
Qule King of Fishing War, a competitive fish catching game with multiple players to win prizes
Qule Battle The Landlord, a music selection puzzle game
MOMO Remove, a brain teaser game
MOMO Link, a game of casual puzzle elimination
MOMO Hexagon, a block matching game
The Company's development program also includes Fish King War and Fun Two Dozen One, which are two popular chess-themed games that have been tested online on the Google Play platform.
At present, the Qule King of Fishing War has been licensed by more than 200 countries on Google Play, and will be ready to launch outside of China with an initial focus on Asian markets via the App Store. After launching, the Company also plans to release regional updates for games such as Qule Battle The Landlord. These two games are expected to enter a stable operation phase in 2021 with the average monthly revenue of USD 0.3 million.
In the future, Csfctech's will launch a series of casual games in the markets outside of China, with constant improvements and new updates to the platformer, hack and slash and other RPG (role-playing game) games once released to improve the market share of each game.
Mr. Jinlin Zhan, founder of Csfctech said, "We have a robust gaming pipeline for 2021. Csfctech has astrong industry competitiveness in terms of research and development, operational experience, channel resources and IP reserves. With the combination of Blue Hat, we can focus on gaining a global footprint for our games as part of a unified strategy going forward. Csfctech has accumulated a wealth of promotional resources in Southeast Asian countries and regions, as well as North America, leveraging the power of such online platforms as Facebook, Admob, Twitter and other platforms."
Mr. Xiaodong Chen, CEO of Blue Hat, stated, "We are confident that we can drive the rapid growth of the gaming business segment. Looking at the moment, the boom in the gaming market is evident, even after the industry shock in the first half of 2020. We saw a rapid increase in the timing of individuals entering the gaming space, which we intend to capitalize on in the coming months. With the continuous upgrading of the game business and the launch of new products, Csfctech will provide more adequate promotional resources and new gaming content for players. For the already launched online games, we will also invest more energy and capital to provide regular updates that will be both regional and seasonal in nature, and ultimately drive user growth. We believe the totality of all of our efforts will help drive revenue growth, margin expansion, and net profits in our mobile game development segment."
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.
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.
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
The Equity Group Inc.
Adam Prior, Senior Vice President
Lucy Ma, Associate
+86 10 5661 7012
SOURCE Blue Hat Interactive Entertainment Technology