Singing Machine Announces Distribution & License Agreement for Singing Machine Product Sales in the People’s Republic of China
20 March 2024 - 10:00PM
The Singing Machine Company, Inc. (“Singing Machine” or the
“Company”) (NASDAQ:
MICS) -- the worldwide leader
in consumer karaoke products – today announced a new country-wide
license agreement for the exclusive marketing and distribution of
the Company’s karaoke product portfolio in the People’s Republic of
China. The Company entered into this agreement with Zhuhai Fullwing
Electronic Co., Ltd. (“Fullwing”) a leading consumer electronics
distributor operating throughout the Chinese market.
Gary Atkinson, the Company’s CEO, commented, “We
are excited to launch the Singing Machine brand and our
market-leading karaoke products in the China market. Chinese
consumers actively seek out US brands, placing a premium on our
reputation for quality and innovation. We know the China market is
passionate about singing and karaoke; and this new market for us is
widely considered the largest single karaoke market in the world
today. We look forward to telling our brand story to an entirely
new audience and sharing the joy of Singing Machine across
China.”
The terms of the agreement provide Fullwing with
the exclusive distribution rights and a license grant to be able to
use the Singing Machine brand in the China market at a 10% royalty.
Fullwing is headquartered in Zhongshan, China. Fullwing has been a
strategic contract manufacturing partner for the Singing Machine
for more than 10-years. Through Fullwing and Singing Machine’s
joint-efforts, the Company’s products are already available for
sale on popular Chinese e-commerce website, JD.com, the largest
e-tailer in China.
About The Singing Machine
Singing Machine is the worldwide leader in
consumer karaoke products. Based in Fort Lauderdale, Florida, and
founded over forty years ago, the Company designs and distributes
the industry's widest assortment of at-home and in-car karaoke
entertainment products. Their portfolio is marketed under both
proprietary brands and popular licenses, including Carpool Karaoke
and Sesame Street. Singing Machine products incorporate the latest
technology and provide access to over 100,000 songs for streaming
through its mobile app and select WiFi-capable products and is also
developing the world’s first globally available, fully integrated
in-car karaoke system. The Company also has a new philanthropic
initiative, CARE-eoke by Singing Machine, to focus on the social
impact of karaoke for children and adults of all ages who would
benefit from singing. Their products are sold in over 25,000
locations worldwide, including Amazon, Costco, Sam’s Club, Target,
and Walmart. To learn more, go to www.singingmachine.com.
Investor Relations
Contact:investors@singingmachine.com
www.singingmachine.comwww.singingmachine.com/investors
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Words such
as "may", "could", "expects", "projects," "intends", "plans",
"believes", "predicts", "anticipates", "hopes", "estimates" and
variations of such words and similar expressions are intended to
identify forward-looking statements. These statements involve known
and unknown risks and are based upon several assumptions and
estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the
Company's control. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but
are not limited to, the risk factors described in the Company's
filings with the Securities and Exchange Commission. The
forward-looking statements are applicable only as of the date on
which they are made, and the Company does not assume any obligation
to update any forward-looking statements.
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