NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (NASDAQ: FNGR) (the “Company” or “FingerMotion”), a Big Data company with revenue streams from mobile recharge, SMS, and Insuretec services, announced today that it has entered into a cooperation agreement between Migu Video Technology Co., Ltd. (“Migu Video”) and FingerMotion, Inc.’s contractually controlled subsidiary, Shanghai JiuGe Information Technology Co., Ltd., to start in-depth collaboration on overseas hardware and terminal business.
Migu Video is a wholly-owned subsidiary of China Mobile's Migu Culture Technology Co., Ltd. which is the sole streaming content producer of Migu Culture in the video field. It is regarded as the first to establish a Multi-channel network (“MCN”) in China. Overseas growth is an essential element of the MCN of Migu Video. Another key element is the research and development of international standards that highlight Chinese culture and art. The final element is the establishment of an international video sharing platform. Through this cooperation agreement the Company seeks to collaborate with Migu Video to develop a solution to fully combine the Company’s innovative product research & development capabilities and resource integration capabilities in order to expand into the international streaming market with Migu Video.
This cooperation agreement sets the stage for FingerMotion to build synergies in the development of an international streaming content aggregator and highlight FingerMotion’s brand differentiation advantages in international markets.
This cooperation agreement will help FingerMotion implement its strategic plan of "domestic precision and overseas extension" in 2023. The initial focus will be on Migu Video, ensuring that its entire network of users, which currently exceeds 100 million (according to the TongbiCapital article published on March 23, 2023: https://tongbicapital.com/news/detail?_id=641cf65c3e0a126c88703834), can see the optionality and customizable options of Migu Video.
In a subsequent phase of the collaboration with Migu Video, the two parties plan to focus on establishing a sales organization, product optimization, and portal upgrade in expectation of bringing more innovative services to customers while continuously improving the social value of the overseas hardware and terminal business. Within the next two years, the Company and Migu Video anticipate that they will serve more than 10 million overseas users and more than 10 overseas countries, and the Company intends to gradually expand its own sub-brands with overseas hardware and terminal as a core line of business.
About Migu Video
Migu Video is a subsidiary of Migu Culture Technology Co., Ltd. (referred to as "Migu Company") is an integrated professional subsidiary established by China Mobile for the mobile Internet field and is responsible for product provision, operation and service in the field of digital content. It is China Mobile's music, video, reading, games, and animation digital business segments, with five subsidiaries including Migu Music, Migu Video, Migu Digital Media, Migu Interactive Entertainment, and Migu Animation. At present, Migu Company has become a leading full-scene brand immersion platform in China, bringing together more than 35 million+ songs, 4.6 million videos, 600,000+ books, 1,100+ games, and 750,000 episodes of animation and comics. Facing the future, Migu plans to vigorously explore the operation innovation of "Internet + digital content", combine content incubation with channel cooperation, focus on cross-field IP operations, and actively create four new media integration, digital content aggregation, copyright transactions, and content entrepreneurship and innovation. A large platform dedicated to bringing changes in entertainment lifestyles to users.
About FingerMotion, Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China's largest mobile phone providers to service their consumers. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
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Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States securities laws. These statements relate to analysis and other information that are based on forecasts or future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". We have based these forward-looking statements on our current expectations about future events or performance, including expected revenues. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. The forward-looking statements included in this release are made only as of the date hereof. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Report Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of any offer to our securities.
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