XIAMEN, China, Aug. 25, 2021 /PRNewswire/ -- Pop Culture Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a hip-pop culture company in China, announced today that, for the purpose of developing its Software-as-a-Service ("SaaS") system to accelerate digital transformation, the Company entered into a letter of intent for strategic cooperation (the "LoT") on August 17, 2021 with Shenzhen HipHopJust Information Technology Co., Ltd. ("HIT"), an innovative company engaging in third-party services for dance events and Internet information services for the dance industry.
Pursuant to the LoT, both parties agreed to jointly develop a SaaS system to serve street dance organizations and enterprises, promote the development of the street dance industry, and build bridges between governments and enterprises in the street dance industry, so as to cultivate more street dance talents for the upcoming Paris 2024 Olympics.
This cooperation aims to integrate channels, technologies, talents, and other resources accumulated by the Company and HIT in the street dance industry during the years, and leverage the advantages of such an integration. Moreover, both companies expect to further optimize and promote open management systems and event live broadcast and event information platforms for street dance chains, with the goal of building a SaaS system specifically designed for street dance chains. The companies expect the SaaS system to help dance organizations quickly and conveniently handle routine work, reduce labor costs, and monitor operation results anytime and anywhere.
Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, "We believe our cooperation will assist HIT in its street dance content operation and help us build our SaaS system for street dance chains. We expect our SaaS system to effectively help dance studios simplify operations, reduce operating costs, and speed up development. With the countdown to the Paris Olympics, the commercial value of the street dance industry is becoming more promising in the Chinese market. We look forward to tapping the huge economic potential of street dance market together with HIT and helping each grow in the future."
About Pop Culture Group Co., Ltd
Headquartered in Xiamen, China, Pop Culture Group Co., Ltd is a hip-hop culture company. The Company aims to promote hip-hop culture and its values of love, peace, unity, respect, and having fun, and to promote cultural exchange with respect to hip-hop between the United States and China. With the values of hip-hop culture at its core and the younger generation as its primary target audience, the Company hosts entertainment events, operates hip-hop related online programs, and provides event planning and execution services and marketing services to corporate clients. The Company has in recent years focused on developing and hosting its own hip-hop events. For more information, visit the Company's website at http://ir.popinter.cn/.
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact it may have on the Company's operations and the demand for the Company's services, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and its other filings with the SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations Department
Ascent Investors Relations LLC