DataSea Announces 5G Multimodal Communication Technology Service Agreement

News provided by

Feb 15, 2024, 09:00 ET

New Agreement Expected to Fuel Revenue and with an Estimated Value of $30 Million

BEIJING, Feb. 15, 2024 /PRNewswire/ -- Datasea Inc., (NASDAQ: DTSS) ("Datasea" or the "Company"), a Nevada incorporated digital technology corporation engaged in innovative business segments for intelligent acoustics and 5G multimodal communication technology in China announced today that on February 2, 2024, Guozhong Times (Beijing) Technology Ltd. ("Guozhong Times"), a subsidiary of the Chinese operating company contractually controlled by the Company, has entered into a Cooperation Agreement (the "Agreement") with Hangzhou Chongda Technology Co., Ltd. ("Chongda") to increase the sales of 5G multimodal communication services in China.

Datasea CEO Zhixin Liu commented, "We are pleased to enter into this new collaboration as it will help to identify potential customers that need our 5G multimodal communication delivery services, and enable us to quickly roll out our unique platform to new customers. We believe that Datasea can capitalize on more opportunities of this nature to generate revenue and it is in line with our mission to become a leading provider of digital technology solutions as well as our unwavering commitment to the 5G multimodal communication market in China. At the same time, the company is negotiating with major potential clients of 5G multimodal communication services and expects to reach more agreements."

Under the Agreement, Chongda can purchase 5G multimodal communication delivery services over the course of the 12 months commencing on February 3, 2024, with an estimated total value of approximately US$ 30 million (approximately RMB 215 million).

Chongda, a leading provider of marketing services, offers high-quality mobile phone plans, prepaid fuel service plans, and prepaid electricity top up plans to tens of thousands of Chinese enterprises, e-commerce platforms and individuals. The Agreement between Guozhong Times and Chongda exemplifies that Guozhong Times is highly active in providing 5G multimodal communication services, data interfaces and a 5G multimodal communication platform for related services and management.

The demand for 5G multimodal communication services in China is high and such demand is expected to continue to rise. Datasea recorded US $18.3 million in revenue from 5G multimodal communication related services in the first and second quarters of 2024 in aggregate, proving its ability to provide customers with efficient and top-notch services. This achievement underscores Datasea's leading market positioning in delivering efficient and customized services to individual and enterprise users.

About Datasea Inc.

Datasea Inc. ("Datasea") is a leading provider of products, services, and solutions for enterprise and retail customers in innovative industries, Intelligent Acoustics and 5G multimodal communication, especially focusing on ultrasonic, infrasound and directional sound technology. The Company's advanced R&D technology serves as the core infrastructure and backbone for its products. Its 5G multimodal communication segment operates on a cloud platform based on AI. Datasea leverages cutting-edge technologies in intelligent acoustics, utilizing ultrasonic sterilization to combat viruses and prevent human infections, and is also developing innovations in directional sound and medical ultrasonic cosmetology. In July 2023, Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, in Delaware, in a strategic move to mark its global presence. This underlies Datasea's commitment to Intelligent Acoustics and its intent to offer leading edge acoustic solutions to the US market. For additional information, please visit: www.dataseainc.com.

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 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 law.

Investor and Media Contact:

Datasea Inc. Investor relations
Email: [email protected]
[email protected]

Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
[email protected]

SOURCE Datasea Inc.