Datasea Enters into a Cooperation Framework Agreement with China Africa Friendship Town Investment Group Limited
Datasea Inc. (NASDAQ: DTSS) has announced a Cooperation Framework Agreement with China Africa Friendship Town Investment Group Limited (CAFTI) to expand its operations in Africa. This partnership aims to promote Datasea's products, including automatic temperature measurement devices, infrared imagers, and facial recognition tools across various countries. The agreement provides an additional sales channel through CAFTI's established network in regions like Uganda and Ethiopia, aligning with Datasea’s international growth strategy.
- Partnership with CAFTI enhances market access in Africa.
- Opportunity to promote advanced technology products like temperature measurement devices and facial recognition tools.
- Dependence on CAFTI for market penetration may pose risks.
- Forward-looking statements indicate potential uncertainties and risks in achieving anticipated results.
Company Aims to Expand its Footprint to International Markets on the African Continent
NEW YORK, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Datasea Inc. (NASDAQ: DTSS) (“Datasea” or the “Company”), a technology company engaged in providing smart security solutions and developing education-related technologies in China, has, through one of its variable interest entities, entered into a Cooperation Framework Agreement with China Africa Friendship Town Investment Group Limited (“CAFTI”) to establish a general framework and promote Datasea’s products across several countries in Africa.
As a Ugandan-based and registered limited company, CAFTI specializes in industrial park investments and construction, IT services, as well as import and export trades across Africa, and has developed a network of contacts across the continent, including, Uganda, the Democratic Republic of Congo, and Ethiopia, among others. Under the Cooperation Framework Agreement, CAFTI will endeavor to promote the Company’s products, including its automatic temperature measurement devices, infrared imagers, and facial recognition tools, and facilitate business cooperation in the target markets.
“Our cooperation with CAFTI is an integral component of Datasea’s international expansion strategy,” said Chairman and CEO, Ms. Liu Zhixin. “CAFTI provides us with an additional sales channel through its distribution contacts across Africa, which we plan to leverage. We are encouraged by the opportunity to penetrate a new market overseas and look forward to continue growing our international footprint by executing our international expansion strategy.”
About Datasea Inc.
Datasea is a technology company in China engaged in providing smart security solutions and developing education-related technologies. Datasea leverages its proprietary technologies, intellectual property, innovative products and market intelligence to provide comprehensive and optimized security solutions and education-related technologies to its clients. For additional company information, please visit: www.dataseainc.com.
About China Africa Friendship Town Investment Group Limited
Registered in Luaya of Masaka, Uganda, CAFTI is engaged in industrial park investment and construction, information technology services, as well as import and export trade across Africa.
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" and similar statements. 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 many of which are beyond Datasea's control, which may cause Datasea's actual results, performance or achievements (including, without limitation, the performance and related results of operations arising from Datasea’s contracts and products addressed in this press release), Datasea’s ability to expand into African markets as anticipated, to generate any revenue under the Cooperation Agreement, to maintain the Beijing or similar arrangements, to receive the subject subsidy within the anticipated timeframe, to apply the subsidy to develop and enhance the Company’s current systems, 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 the law.
Investor Relations Contact:
Gateway Investor Relations
Matt Glover and John Yi
DTSS@gatewayir.com
949-574-3860
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