Datasea Enters into a $7.88 Million Procurement Agreement to Provide 5G Messaging Smart City Solutions
BEIJING, April 05, 2022 (GLOBE NEWSWIRE) -- Datasea Inc., (NASDAQ: DTSS) ("Datasea" or the "Company"), incorporated in Nevada in September 2014, is a digital technology corporation engaged in three converging and innovative business segments: 5G messaging, acoustic intelligence, and smart city technology in China. Today, the Company announced that Heilongjiang Xunrui Technology Co., Ltd. ("Xunrui"), a subsidiary of the Chinese operating company contractually controlled by the Company, has executed a purchase agreement with Jiangsu Xinrong Network Technology Research Institute Co., Ltd. ("Xinrong”), a company providing software development, artificial intelligence, and big data solutions.
In conjunction with the agreement, Xinrong will establish and operate information systems for 100 residential communities and has agreed to purchase 5G messaging smart city solutions directly from Xunrui at a budget of RMB 500,000 (approximately USD 78,800) per residential community. Xinrong estimates that the total value of this engagement would be RMB 50 million (approximately USD 7.88million) over the course of the two-year agreement. The 5G messaging smart city solutions include the offerings of hardware equipment which adopts artificial intelligence-based face recognition technology to assist in identifying the potential public security risks, and software which leverages cloud computing and 5G messaging technology to facilitate intelligent management of the community safety. The 5G messaging smart city solutions will not only offer visibility but also help the property management teams identify behavioral pattern, generate objective, real-time qualitative measurement, and analysis, and eventually prevent safety risks and support proactively safety management.
"We formed a strategic alliance with Xinrong last year and are very pleased to take this relationship to fruition, which we believe to be in the best interest of both companies. Datasea is highly committed to fundamentally reshaping the products and solutions of our partners and customers while driving growth,” said Zhixin Liu, CEO of Datasea, “Moreover, this agreement also demonstrates great synergies among our different business lines, for example, how 5G messaging and smart city solutions can be integrated to reinforce each other. With the adoption of 5G messaging, the smart city solutions respond and process information more efficiently. We’ll keep leveraging our market acumen and technology advantages in different business lines and review opportunities to unlock greater value and drive continued transformation. Datasea looks to enhance market advantages in structurally critical enablers of our business and develop long-term competitiveness.”
About Datasea Inc.
Datasea Inc., through its variable interest entity, Shuhai Information Technology Co., Ltd., a digital technology company in China, engages in three converging and innovative industries: smart city, acoustic intelligence and 5G messaging. Datasea leverages facial recognition technology and other visual intelligence algorithms, combined with cutting-edge acoustic and non-visual intelligence algorithms, to provide smart city solutions that meet the security needs of residential communities, schools and commercial enterprises. Most recently, in response to the growing utilization of 5G technologies and the overall initiative to utilize Datasea’s technology capabilities to expand business coverage and revenue resources, Datasea has also strategically expanded business coverage to 5G messaging and smart payment solutions. Datasea has been certified as one of the High-Tech Enterprises (jointly issued by the Beijing Science and Technology Commission, Beijing Finance Bureau, Beijing State Taxation Bureau and Beijing Local Taxation Bureau) and one of the Zhongguancun High Tech Enterprises (issued by the Zhongguancun Science Park Administrative Committee) in recognition of the company’s achievement in high technology products. For additional company information, please visit: Datasea routinely posts important information on its website.
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," “objective” and similar terms. 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 which are beyond Datasea's control, which may cause Datasea's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Datasea as described herein) 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 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 law.
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