Datasea Signs Five Service Agreements to Implement its Smart Information Service System in the Retail Industry
November 19 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 entered into service agreements
involving its Smart Information Service System (the “Smart System”)
with the following companies: Guangdong Dingxin Hongtu Technology,
a research & development firm for water treatment equipment,
Shenzhen Odomco Wine, a wholesaler and retailer of wine, Fujian
Casenow Technology, a marketing service company, Ice World Carnival
Sports Culture Development, China's leading modern and modular real
ice construction and project operator, and Dongguan Juyang
Industrial Investment, a life service-based comprehensive
enterprise.
As a part of Datasea’s recent initiative to
leverage its big data smart information software platform and
facial recognition technology, the Company developed the Smart
System to service the needs of retail industry vendors. The Smart
System employs code scanning and facial recognition technology in
online and “brick and mortar” shops to complete point of sale
(“POS”) transactions without physically interacting with
customers.
Under the terms of these agreements, Datasea
will install hardware equipment and software for the five new
customers, perform regular maintenance, and host software
operations training sessions, in exchange for 0.38% of the
transaction value of each transaction utilizing the Company’s
technology. Additionally, the average annual transaction values for
the five customers are estimated by such retail vendors as follows:
RMB 50 million (approximately USD$7.6 million) for Guangdong
Dingxin Hongtu Technology, RMB 30 million (approximately USD$4.6
million) for Shenzhen Odomco Wine, RMB 95 million (approximately
USD$14.5 million) for Fujian Casenow Technology, RMB 32 million
(approximately USD$4.9 million) for Ice World Carnival (Beijing)
Sports Culture Development, and RMB 50 million (approximately
USD$7.6 million) for Dongguan Juyang Industrial Investment. As a
result, based on and assuming the foregoing estimates, the Company
estimates its earning potential to be approximately RMB 0.976
million (approximately USD$148,742) on an annual basis. The term of
each of the service agreements is five years.
“We continue to be encouraged by the interest
for our Service System from consumers looking for a safe and
innovative way to execute POS transactions,” said Chairman and CEO,
Ms. Liu Zhixin. “As the retail ecosystem constantly evolves and
transforms over time, we intend to capitalize on the market
opportunity at hand with our flexible technology platform and
world-class R&D team. Datasea remains dedicated to developing
state-of-the-art products and solutions that increase the
efficiency for our customers and the safety of their end
users.”
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.
Cautionary Note Regarding
Forward-Looking StatementsThis 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 expected results of operations
arising from Datasea’s contracts and products addressed in this
press release), Datasea’s ability to maintain and generate any
revenue from the agreements subject of this press release, 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.com949-574-3860
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