Glory Star's Subsidiary CHEERS Awarded National Invention Patent

BEIJING, June 20, 2023 PRNewswire/ -- Glory Star New Media Group Holdings Limited, ("Glory Star" or the "Company") (Nasdaq: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced that its subsidiary, CHEERS, has been awarded an invention patent certificate by the National Intellectual Property Administration. This patent recognizes CHEERS' outstanding research and development capabilities and innovation in the field of internet infrastructure services.

The newly-awarded invention patent, titled "Big Data-Based Data Analysis Method," offers data output recommendations for various types of internet network businesses from multiple dimensions, addressing clients' demands for enhancing user experience in software application. This cutting-edge technology further strengthens the Company's leadership in data and content analysis, and showcases Glory Star's commitment to technological advancement.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented: "This achievement is a testament to our dedication to innovation and our drive to stay ahead of the curve in the ever-evolving tech industry. The successful acquisition of this patent will not only improve our intellectual property protection system, but also give us an upper hand in market competition. We believe this will have a far-reaching impact on our technological innovation, market and brand influence, and help further consolidate our core competitiveness."

About Glory Star

As a preeminent provider of next-generation mobile internet infrastructure services in China, Glory Star is dedicated to building a digital ecosystem that integrates "platforms, applications, technology, and industry" into a cohesive system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.

Glory Star's portfolio already includes a wide range of products and services, such as North Star Xingyue Intelligent Cloud, Lingxi AI Platform, CHEERS Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety show series, IP short video matrix, and more. These offerings provide diverse application scenarios that seamlessly blend "online/offline" and "virtual/reality" elements.

With "CHEERS+" at the core of Glory Star'secosystem, the Company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.

For more information, please visit http://ir.gsmg.co/.

Safe Harbor Statement

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development and launch of its metaverse experience centers; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors; other factors, risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company's latest Annual Report on Form 20-F filed with the SEC on March 22, 2023. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

For investor and media inquiries, please contact:

Wealth Financial Services LLC
Connie Kang, Partner
Email: [email protected]
Tel: +86 1381 185 7742 (CN)

SOURCE Glory Star New Media Group Holdings Limited

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