Hanryu Holdings’ FANTOO Application to Host Real-Life Adaptation of Squid Play (Ojingeo Nori) for Prize Pool of Up to USD$1 Million

First-of-its-Kind Squid Play Competition on FANTOO App will Allow Participants from Across the Globe to Compete for Prizes Worth $1 Million, Growing FANTOO User Base and Increasing FANTOO's Brand Reach

SEOUL, SOUTH KOREA / September 15, 2023 -- InvestorsHub NewsWire -- Hanryu Holdings, Inc. (NASDAQ:HRYU) (the "Company" or "Hanryu"), a media-tech company and creator of FANTOO, an all-in-one social media experience connecting K-culture fans globally, today announced it will host a real-life adaptation of Squid Play (Ojingeo Nori) on its FANTOO application, with a prize pool of up to USD$1 million.

The Korean traditional game called 'Squid Play' ('Ojingeo Nori,' pronounced in Korean) has been enjoyed by children since the 1970s and is a game where participants play on a squid-shaped field, divided into attack and defense teams, and won by reaching the target location. While the game has gained global recognition through the Netflix original series 'Squid Game', it is not as brutal as depicted in the series and remains one of the hottest trends in recent Korean culture, reflecting the values and behaviors of Korean society. ‘Squid Game' Season 2 is scheduled to be released in 2024 and began filming in July, receiving great interest from fans around the world.

Hanryu Holdings is set to host a live-action version of the traditional Korean "Squid Play" in its homeland of South Korea. The event is going to be held in few selected sites in Seoul, Gyeonggi, Busan and Gangwon Province. The Squid Play-like-games have been broadcast live in many countries overseas, but this "Squid Play" hosted by Hanryu will be of great significance, as the first-of-its-kind promotional event in its originator South Korea. More than 100 countries around the world will be invited to participate, similar to a Olympic style competition for 9 nights and 10 days. Through this, Hanryu Holdings intends to show the world the originality of squid play.

The promotional event will be a first-of-its-kind, large-scale, live-action play event in Korea in collaboration with the Korean government, which has already been played live in other countries overseas.

FANTOO's Squid Play will take place in the fourth quarter of 2023, with nearly an estimated 500 participants from 100 nations. FANTOO's Squid Play is expected to draw an audience of close to 500 million viewers worldwide, significantly increasing FANTOO's user base and international brand reach.

The virtual preliminary rounds will be held on the FANTOO app, with the final competition round to be held live in-person. The locations for the finale being considered are Seoul, Gyeonggi, Busan and Gangwon Province in Korea. FANTOO is also considering the possibility of hosting in United States cities, Los Angeles and New York City. As part of FANTOO's exclusive original content, the App will host video broadcasts of the events that users can watch from all over the world.

"FANTOO is hosting the first live-action Squid Play competition in Korea, the play's home country, and we are proud that our brand is hosting this exciting event to participants from all over the world," said Chang Hyuk Kang, Chief Executive Officer of Hanryu Holdings. "FANTOO has successfully expanded its market presence internationally through notable past events including LA K-CON last year in Los Angeles, and Squid Play is expected to increase our international audience further. Leveraging the global popularity from the Nexflix show, we anticipate this real-life promotional contest will grow our brand reach overseas and domestically, as well as increasing FANTOO's user base."

About Hanryu Holdings

Hanryu Holdings, Inc., is the creator of the engaging and innovative social media platform, "FANTOO". FANTOO connects users around the world that share similar interests by providing distinctive service offerings, technologies, applications, and websites. Through FANTOO, we provide a global multi-media platform for our users to interact with other like-minded users, to share their appreciation of various types of entertainment and cultures, create their own content, enjoy other users' content, engage in commerce, and experience a "fandom" community we believe is unlike any other. For more information please visit www.hanryuholdings.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and include, without limitation, statements concerning the Company's business strategy, future revenues, market growth, capital requirements, product introductions, expansion plans and the adequacy of its funding, the proposed offering, and the plan to list on the The Nasdaq Capital Market. Other statements contained in this press release that are not historical facts are forward-looking statements. The Company has tried, wherever possible, to identify forward-looking statements by terminology such as "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and other comparable terminology.

The Company cautions you that any forward-looking statements presented in this press release are based on the beliefs of, assumptions made by, and information currently available to us. Such statements are based on assumptions, and the actual outcome will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond the Company's control or ability to predict. Although the Company believes that its assumptions are reasonable, it is not guaranteeing of future performance, and some will inevitably prove to be incorrect. As a result, the Company's actual future results can be expected to differ from its expectations, and those differences may be material. Accordingly, you should use caution in relying on forward-looking statements, which are based only on known results and trends at the time they are made, to anticipate future results or trends. Certain risks are discussed from time to time in the Company's filings with the SEC.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Company Contact:

Hanryu Holdings, Inc.
SunYoung Jang
jsy@fns.ai
contact@hanryuholdings.com

Investor Contact:

KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
Hanryu@KCSA.com

SOURCE: Hanryu Holdings, Inc.

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