New joint venture will accelerate the development of dance
organizations in China
XIAMEN, China, Feb. 7, 2022 /PRNewswire/ – Pop Culture Group
Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a hip-pop
culture company in China,
announced today that a strategic partnership with an investor and
Shenzhen HipHopJust Information Technology Co., Ltd. ("HIT"), an
innovative company engaging in third-party services for dance
events and Internet information services for the dance industry, to
establish a joint venture known as Shenzhen Jam Box Technology Co.,
Ltd ("JBT"). JBT will be a first-ever software-as-a-service("SaaS")
platform provider that focuses on street dance chain in
China, and it will enable the
Company to scale its business and to support the growing number of
dance organizations.
Upon finalization of JBT, the Company will own a 60% controlling
interest and HIT will own a 20% interest and the investor will own
a 20% interest. JBT is expected to provide comprehensive services
on SaaS platform, covering event IP services, educational services,
teaching and research services, sales services, and management
services.
As previously disclosed through a press release on August 2021, the Company entered a letter of
intent for strategic cooperation with HIT to develop SaaS system to
accelerate digital transformation. The SaaS system is designed to
provide dance organizations with efficient and convenient solutions
in routine work, labor costs, and operation results. The
establishment of joint venture is the second cooperation between
the Company and HIT, emphasizing on bringing SaaS platform to
street dance industry and achieving significant business value.
Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop
Culture, commented, "The street dance training has developed
rapidly in China, and the market
of street dance is looking more promising than ever. Drawing on
resources and expertise from both the Company and HIT, JBT markets
directly to a tremendous customer base in dance
organizations. JBT's SaaS system will be compatible with the
WeChat ecosystem, and the total number of dance organization
customers is estimated to increase by 300 to 500 in the first
year."
About Pop Culture Group Co., Ltd
Headquartered in Xiamen, China,
Pop Culture Group Co., Ltd is a hip-hop culture company. The
Company aims to promote hip-hop culture and its values of love,
peace, unity, respect, and having fun, and to promote cultural
exchange with respect to hip-hop between the United States and China. With the values of hip-hop culture at
its core and the younger generation as its primary target audience,
the Company hosts entertainment events, operates hip-hop related
online programs, and provides event planning and execution services
and marketing services to corporate clients. The Company has in
recent years focused on developing and hosting its own hip-hop
events. For more information, visit the Company's website at
http://ir.cpop.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties, including the further spread of
the COVID-19 virus or new variants thereof, or the occurrence of
another wave of cases and the impact it may have on the Company's
operations and the demand for the Company's services, and are based
on current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to," or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and its other filings with the
SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations
Department
Email: ir@cpop.cn
Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Pop Culture Group Co., Ltd
