Blue Hat Interactive (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality (“AR”) interactive entertainment games, toys and educational materials in China, announced that it has closed on the acquisition of 51% of Fuzhou Csfctech Co. Ltd.; included in the acquisition is Fuzhou’s two subsidiaries. BHAT announced in December 2020 that it had signed a definitive agreement to acquire the company with a total transaction value of RMB51.2 Million ($7.7 million) paid through a combination of cash plus newly issued shares of Blue Hat’s ordinary shares. Csfctech develops and distributes mobile games with a portfolio of more than 100 games available on various platforms. In addition, BHAT noted that it has received notification from the Nasdaq Stock Market LLC that it has regained compliance with the Nasdaq Capital Market’s minimum bid price requirement. BHAT received the notification in a letter noting that, as of Jan. 25, 2021, the company evidenced a closing bid price of its ordinary shares in excess of the $1 minimum requirement for the past 10 consecutive business days. “We are thrilled to have completed this transaction and look forward to working closely with the Csfctech team on expanding their portfolio of mobile games and player following,” said Blue Hat CEO Xiaodong Chen. “The business has grown according to both companies’ projected budgets, with Csfctech exceeding the net profit performance target of $2.2 million for 2020. Over a longer period, this combination presents an incredible opportunity for Blue Hat to drive sales through an expanded interactive gaming portfolio, increased avenues for global distribution and increased brand recognition. Our goal is to bring increasingly engaging games, AR toys and AR education to our diverse audiences, and we are confident that we have found an ideal partner in Csfctech.”
To view the full press releases, visit https://ibn.fm/z8zm1 and https://ibn.fm/DsPZE
About Blue Hat Interactive Entertainment Technology
Blue Hat Interactive is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games and toys with mobile game features. The company’s interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information about the company, please visit www.BlueHatGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to BHAT are available in the company’s newsroom at http://ibn.fm/BHAT
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.investorwire.com
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
InvestorWire is part of the InvestorBrandNetwork.