Datasea Enters into a Cooperation Framework Agreement with China Africa Friendship Town Investment Group Limited
August 17 2020 - 8:30AM
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 RelationsMatt Glover and John
YiDTSS@gatewayir.com 949-574-3860
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