Blue Hat Announced the Completion of the Acquisition of Shengruihao Technology
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the acquisition of Xiamen Shengruihao Technology Co., Ltd. by its subsidiary, Fujian Blue Hat. This acquisition, completed recently, involves 100% equity interests in Shengruihao, a company specializing in supply chain services. Shengruihao reported turnover of 45 million USD over six months, with Blue Hat expecting revenue contributions of 45-70 million USD annually. CEO Chen Xiaodong emphasized this deal's potential to enhance profitability and support future growth strategies.
- Acquisition of Shengruihao may generate an estimated annual revenue of 45-70 million USD.
- Shengruihao's expertise in commodity supply chain services can enhance Blue Hat's profitability.
- Strategic acquisition aligns with Blue Hat's expansion goals and market competitiveness.
- None.
XIAMEN, China, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or "the Company") (NASDAQ: BHAT) announced that Fujian Blue Hat Group Co. Ltd (“Fujian Blue Hat”), a wholly owned subsidiary of the Company, has acquired
Management Commentary
Mr. Chen Xiaodong, CEO of Blue Hat, said: "I am glad to announce that the Company has completed the acquisition of Shengruihao through Fujian Blue Hat. The turnover of Shengruihao is 45 million USD over six months. With the addition of Shengruihao, we estimate that it will create 45-70 million USD of annual revenue for the Company in the future. I believe that Shengruihao's outstanding achievements in commodity supply chain services can become a catalyst for Blue Hat’s future growth. With the acquisition of Shengruihao, the Company will have stronger profitability and sustainable power. Our goal is to actively explore the market, and improve the corporate image as well as the service quality. We will continue to look for acquisition opportunities to execute our expansion strategy and enhance our competitiveness in the market."
About Blue Hat
Blue Hat is a producer, developer and operator of AR interactive entertainment games, toys and educational materials in China. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, please visit the Company’s investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings, including its Annual Report on Form 20-F. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
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