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Glory Star New Media Group Holdings Limited Announces P…

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BEIJING, Aug. 18, 2020 (GLOBE NEWSWIRE) — 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 a strategic cooperation agreement with Beijing Ultrapower Software Co., Ltd. (“Beijing Ultrapower Software”) (SHE: 300002) to jointly explore the development of various 5G business applications.

Beijing Ultrapower Software is one of the first companies to have been listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in China. As a high-tech enterprise focused on creating value and driving innovation, Beijing Ultrapower Software remains committed to developing cutting-edge technology as a means to better facilitate the development of the industry as well as accelerate social progress. Over the past 20 years, Beijing Ultrapower Software has gradually formed the technical product capabilities with communication and data as the core. Beijing Ultrapower Software’s five primary business segments include telecom operator services, Internet of Things and communication, artificial intelligence and big data, mobile games, and initiatives for innovation.

Both companies have agreed to utilize their respective industry resources and advanced technological capabilities to jointly develop 5G messaging applications under the partnership. Through these efforts, both companies aim to create an innovative collaboration model that fuses highly-efficient communication channels with premium content production capabilities and a tailored customer service experience. In addition, this partnership will also serve to bolster both companies’ telecommunication and 5G messaging technologies, thus laying the foundation for the ongoing exploration of new 5G application opportunities in content production and other business development scenarios with monetization potential.

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.
Jack Wang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com

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