FingerMotion Entering into Arrangements to Facilitate Widespread Use of Charging Terminals for Subscribers of the Da Ge App

Rhea-AI Summary

FingerMotion, Inc. (NASDAQ:FNGR) is entering into arrangements with EV charging station providers in China to allow Da Ge app subscribers to locate and charge their vehicles, expanding Da Ge's usage. The agreements with Jiangsu YKC and Shanghai Anyo Charging Technology Co., will provide access to over 400,000 charging terminals for electric vehicles, tapping into the growing Chinese EV market. Da Ge, launched in January 2024, has 650,000 active subscribers and aims for significant growth in car care service stations. CEO Martin Shen sees this collaboration as a positive step towards monetizing the app and enhancing subscriber experience, with potential future offerings to further boost subscriber numbers by FY 2026.

FingerMotion Entering into Arrangements to Facilitate Widespread Use of Charging Terminals for Subscribers of the Da Ge App

SINGAPORE, SINGAPORE / ACCESSWIRE / April 17, 2024 / FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile services and data company, today announces that through its contractually controlled entity, Shanghai JiuGe Information Technology Co., Ltd. ("JiuGe Technology") it is entering into arrangements with certain electric vehicle ("EV") charging station providers in the PRC to allow EV owners who have subscribed to the Da Ge app to locate and charge their vehicles, which is expected to significantly expand Da Ge's usage.

As per the arrangements, to be formed with Jiangsu YKC and Shanghai Anyo Charging Technology Co., Ltd, a SAIC Group-owned service provider operating over 400,000 charging terminals for electric vehicles, the Da Ge app will integrate with both Jiangsu YKC and Anyo Charging's app, thus allowing electric vehicle users subscribed to Da Ge to access direct connections at these terminals.

These agreements are anticipated to provide Da Ge access to the growing Chinese EV market, including the15 million new total electric vehicles in 2023 according to the data published by the PRC Ministry of Public Security, with the subscriber figures projected to continue to ramp up in 2024 and 2025.

Da Ge, launched by FingerMotion in January 2024, connects subscribers with independent service stations providing car washing, fine car detailing, paint protective films, color changing, and maintenance. The app has thus far generated 650,000 active subscribers, with a majority of these located in first and second tier cities throughout China. Da Ge has to date onboarded 20,000 car care service stations and anticipates a strong growth in this figure by the end of this year.

"We are excited to collaborate with both Jiangsu YKC and Anyo Charging and believe this will be a very positive mutually beneficial arrangement," said FingerMotion CEO Martin Shen. "This is a big step in further monetizing our Da Ge app and giving our subscribers a product that really facilitates the use of electric charging stations in major cities across China."

"Future Da Ge product offerings may include the Company's Top Up and Recharge service, car accessories, and possibly health and auto insurance, which could double our total subscriber numbers by FY 2026," stated Mr. Shen.

About FingerMotion, Inc.

FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.

For more information on FingerMotion, visit: https://fingermotion.com/

Company Contact:
FingerMotion, Inc.
For further information e-mail: info@fingermotion.com
Phone: 718-269-3366

Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States securities laws. These statements relate to analysis and other information that are based on forecasts or future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". We have based these forward-looking statements on our current expectations about future events or performance, including expected revenues. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. The forward-looking statements included in this release are made only as of the date hereof. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Report Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of any offer to our securities.

SOURCE: FingerMotion

View the original press release on accesswire.com

FAQ

What arrangements is FingerMotion making to facilitate the use of charging terminals for Da Ge app subscribers?

FingerMotion is entering into agreements with EV charging station providers in China to allow Da Ge app subscribers to locate and charge their vehicles.

Which companies are FingerMotion partnering with for these arrangements?

FingerMotion is partnering with Jiangsu YKC and Shanghai Anyo Charging Technology Co., for these arrangements.

How many charging terminals will Da Ge app subscribers have access to through these agreements?

Da Ge app subscribers will have access to over 400,000 charging terminals for electric vehicles through these agreements.

What is the expected impact of these arrangements on Da Ge's usage?

These arrangements are expected to significantly expand Da Ge's usage by providing access to a large number of charging terminals for electric vehicles.

How many active subscribers does Da Ge currently have?

Da Ge currently has 650,000 active subscribers.