The Agreement
with an Estimated Value of $30
Million Supports its Revenue Guidance of $86 Million, a 1,128% Year-Over-Year Increase for
its Full Fiscal Year
BEIJING, March 26,
2024 /PRNewswire/ -- Datasea Inc. (NASDAQ: DTSS)
("Datasea" or the "Company"), a Nevada corporation engaged in innovative
businesses in high-tech intelligent acoustics and 5G-Artificial
Intelligence ("AI") multimodal communication technology in
the United States and China, today announced that on March 26, 2024, its wholly-owned subsidiary
Heilongjiang Xunrui Technology Co., Ltd. ("Xunrui Technology")
signed a 5G AI Multimodal Communication Cooperation Agreement (the
"Agreement") with Xiamen Star Miracle Information Technology Co.,
Ltd. ("Star Miracle"), a marketing
services and application service provider.
According to the Agreement, Star
Miracle can purchase 5G multimodal communication delivery
services from Xunrui Technology over the course of 12 months, which
commenced on March 15, 2024, that
have an estimated total value of $30
million (approximately RMB 210
million).
Ms. Liu Zhixin, CEO of Datasea, commented: "We are pleased to
enter into this Agreement as it is expected to increase new
customer orders affirming Datasea's advanced capabilities in the
AI-5G multimodal communication services sector. The Agreement
aligns with our mission to become a leading provider of digital
technology solutions and our commitment to increase our market
share in China's 5G multimodal
communication services market. We believe that Datasea can leverage
more opportunities of this nature as we enter into new agreements
with key customers in this sector to generate additional
revenue."
Star Miracle is a leading
marketing services and application service provider (ASP) that
offers high-quality mobile phone packages, prepaid fuel service
plans, and prepaid recharge plans to tens of thousands of Chinese
enterprises, e-commerce platforms, and individuals. The Agreement
between the Company's subsidiary and Star
Miracle reflects the highly-recognized value of Datasea's 5G
multimodal communication platform, which provides AI-enhanced 5G
multimodal communication services, data interfaces and related
services and management.
The Company believes that the demand for 5G multimodal
communication services in China
will continue to be characterized by strong demand. Datasea
recorded $18.2 million in revenue
from 5G multimodal communication related services for the first
half of its 2024 fiscal year, a 1,037.5% year-over-year increase,
resulting from its ability to provide customers with efficient and
top-notch services. The Agreement supports the Company's previously
announced forecasted revenue of approximately $86 million for its full fiscal year ended
June 30, 2024, a year-over-year
increase of approximately 1,128%.
About Datasea Inc.
Datasea Inc. ("Datasea") is a leading provider of products,
services, and solutions for enterprise and retail customers in
innovative industries, Intelligent Acoustics and 5G multimodal
communication, especially focusing on ultrasonic, infrasound and
directional sound technology. The Company's advanced R&D
technology serves as the core infrastructure and backbone for its
products. Its 5G multimodal communication segment operates on a
cloud platform based on AI. Datasea leverages cutting-edge
technologies in intelligent acoustics, utilizing ultrasonic
sterilization to combat viruses and prevent human infections, and
is also developing innovations in directional sound and medical
ultrasonic cosmetology. In July 2023,
Datasea established a wholly-owned subsidiary, Datasea Acoustics
LLC, in Delaware, in a strategic
move to mark its global presence. This underlies Datasea's
commitment to Intelligent Acoustics and its intent to offer leading
edge acoustic solutions to the US market. For additional
information, please visit: www.dataseainc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates", "target", "going
forward", "outlook," "objective" and similar terms. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and which are beyond Datasea's control, which
may cause Datasea's actual results, performance or
achievements (including the RMB/USD value of its anticipated
benefit to Datasea as described herein) to differ materially and in
an adverse manner from anticipated results contained or implied in
the forward-looking statements. Further information regarding these
and other risks, uncertainties or factors is included in Datasea's
filings with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov. Datasea does not undertake any obligation
to update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
law.
Investor and Media Contact:
Datasea Inc. Investor relations
Email: investorrelations@shuhaixinxi.com
sunhezhi@shuhaixinxi.com
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
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SOURCE Datasea Inc.