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Glory Star Signs API Platform Service Agreement with Ofpay

Glory Star New Media Group Holdings Limited
·3 mins read

BEIJING, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading mobile and online digital media and entertainment company in China, today announced that it has signed an API platform service agreement with Jiangsu Xiaoqi Oufei Technology Co., Ltd (“Ofpay”). Ofpay is a subsidiary of Qitian Technology Group Co., Ltd. (SHE: 300061), a leading public company in China’s technical services space.

As part of this agreement, CHEERS users will be able to interface with Ofpay’s telecommunications payment business and vehicle owner services through CHEERS e-Mall platform. Consequently, CHEERS users will be able to pay for their phone bills, mobile data, broadband and landline services, and other telecommunications services while also obtaining access to vehicle owner services such as prepaid gas and other energy product services, traffic ticket search, and more.

Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “We are pleased to announce our cooperation with Ofpay and excited to provide our users with a broader array of services. We are confident that this cooperation will enable us to complete the construction of our traffic portal for lifestyle consumption scenarios. As such, this cooperation thus signals our entrance into China’s market for digital commodity services, which is growing rapidly with great development potential. In light of our expanded scenarios for lifestyle consumption, we believe that CHEERS e-Mall platform will achieve strong top-line performance growth and significantly improve in terms of both market share and competitive positioning going forward.”

About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading mobile entertainment operator in China. Glory Star’s ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.

Safe Harbor Statement
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions ) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; and other factors listed in the Company’s Annual Report on Form 10-K for the year ending December 31, 2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@yaoshixinghui.com

ICR Inc.
Jack Wang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com