Blue Hat Interactive (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality (“AR”) interactive entertainment games, toys and educational materials in China, announced that it has closed on the acquisition of 51% of Fuzhou Csfctech Co. Ltd.; included in the acquisition is Fuzhou’s two subsidiaries. BHAT announced in December 2020 that it had signed a definitive agreement to acquire the company with a total transaction value of RMB51.2 Million ($7.7 million) paid through a combination of cash plus newly issued shares of Blue Hat’s ordinary shares. Csfctech develops and distributes mobile games with a portfolio of more than 100 games available on various platforms. In addition, BHAT noted that it has received notification from the Nasdaq Stock Market LLC that it has regained compliance with the Nasdaq Capital Market’s minimum bid price requirement. BHAT received the notification in a letter noting that, as of Jan. 25, 2021, the company evidenced a closing bid price of its ordinary shares in excess of the $1 minimum requirement for the past 10 consecutive business days. “We are thrilled to have completed this transaction and look forward to working closely with the Csfctech team on expanding their portfolio of mobile games and player following,” said Blue Hat CEO Xiaodong Chen. “The business has grown according to both companies’ projected budgets, with Csfctech exceeding the net profit performance target of $2.2 million for 2020. Over a longer period, this combination presents an incredible opportunity for Blue Hat to drive sales through an expanded interactive gaming portfolio, increased avenues for global distribution and increased brand recognition. Our goal is to bring increasingly engaging games, AR toys and AR education to our diverse audiences, and we are confident that we have found an ideal partner in Csfctech.”
About Blue Hat Interactive Entertainment Technology
Blue Hat Interactive is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games and toys with mobile game features. The company’s interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information about the company, please visit www.BlueHatGroup.com.
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