Glory Star Establishes Digital Economy Headquarters in Wuxi and Partners with Wuxi Municipal Government to Build New Economic...
19 10월 2020 - 8:00PM
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory
Star” or the “Company”), a leading mobile and online digital media
and entertainment company in China, today announced that it has
established its CHEERS e-Mall headquarters in Wuxi, a city located
in the southern portion of Jiangsu province, and plans to partner
with the Wuxi Municipal Government and Binhu District Government to
build a new economic and cultural industrial park (the “Park”) in
Wuxi. The Company held a signing ceremony on October 15,
2020, to commemorate the start of the Park project and
development.
According to the cooperative agreement with Wuxi
Municipal Government and Binhu District Government, the Wuxi
Municipal Government and Binhu District Government will provide
Glory Star with various forms of support for the development of the
Park, such as land support which includes no less than 50 acres of
commercial land for building the Park and 1000 square meters of
office space, relocation assistance, and tax incentives, as well as
other forms of financial incentives and policy support. Glory Star
plans to focus on four areas during the development of the park,
including new media, new retail, technology, and the Company’s
internal vocational program “Cheers Academy”. The Company’s
development plan and areas of focus will help to cultivate the
surrounding location in a distinctive manner and will also create
an environment capable of supporting multiple businesses including
a new zone for retail-themed experiences.
Xin Huang, Secretary of the Wuxi Municipal
Committee, commented on behalf of the Wuxi Municipal Government,
“The successful cooperation between the Wuxi Municipal Government
and Glory Star has ushered in a new and important driver for
China’s digital content industry. We believe that this development
will not only serve to better satisfy the desire of citizens for a
more enjoyable life, but will also help to further promote the
exploration and development of China’s new economy. Looking ahead,
we plan to maintain our focus on creating an entrepreneurial
environment that is both convenient and harmonious for Glory Star
and thus work together hand in hand to create a better future for
all.”
Mr. Bing Zhang, Founder and Chief Executive
Officer of Glory Star, commented, “With the support and assistance
of the Wuxi Municipal Government, Binhu District Government, and
other relevant government departments, we have established
our digital economy headquarters, which we consider to be our most
important business headquarters, in Wuxi. We are confident that our
competitive advantages in online and offline innovation as well as
our seamless integration of multiple businesses will enable us to
further spur on the momentum of new economic development in both
Wuxi and the greater Yangtze River Delta area. Such efforts are in
line with our long-term goal of building a base capable of
supporting innovation and China’s new entertainment empowered
consumption model, which we believe will help to generate an
increasing amount of social and economic benefits for society going
forward.”
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a
leading mobile entertainment operator in China. Glory Star’s
ability to integrate premium lifestyle content, including short
videos, online variety shows, online dramas, live streaming, its
Cheers lifestyle video series, e-Mall, and mobile app, along with
innovative e-commerce offerings on its platform enables it to
pursue its mission of enriching people’s lives. The company’s large
and active user base creates valuable engagement opportunities with
consumers and enhances platform stickiness with thousands of
domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such
words or expressions ) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the Company’s control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting our
profitability; litigation involving patents, intellectual property,
and other matters; potential changes in the legislative and
regulatory environment; a pandemic or epidemic; and other factors
listed in the Company’s Annual Report on Form 10-K for the year
ending December 31, 2019 and in other filings made by the Company
with the Securities and Exchange Commission from time to time. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Such information speaks only as of the date of this release.
Contacts Glory Star New Media Group Holdings Limited Yida
Ye Email: yeyida@yaoshixinghui.com
ICR Inc. Sharon Zhou Tel: +1 (646) 308-0546 Email:
gsnm@icrinc.com
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