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/.
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
Ascent Investors Relations LLC