{"id":390534,"date":"2020-12-01T08:04:17","date_gmt":"2020-12-01T13:04:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=390534"},"modified":"2020-12-01T08:04:17","modified_gmt":"2020-12-01T13:04:17","slug":"blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\/","title":{"rendered":"Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd."},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Net Income Performance Guarantees in Place of Up to a Total of RMB80 Million (USD11.75 Million) Over Three Years<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">XIAMEN, China<\/span>, <span class=\"xn-chron\">Dec. 1, 2020<\/span> \/PRNewswire\/ &#8212;<b>\u00a0Blue Hat Interactive Entertainment Technology (&#8220;Blue Hat&#8221; or the &#8220;Company&#8221;) (NASDAQ: BHAT)<\/b>, a leading producer, developer and operator of augmented reality (&#8220;AR&#8221;) interactive entertainment games, toys and educational materials in <span class=\"xn-location\">China<\/span>, today announced the <span id=\"spanHghltf0c3\">entry of a definitive agreement in connection with<\/span> the acquisition of 51% of Fuzhou Csfctech Co., Ltd. (&#8220;Csfctech&#8221;) and its two subsidiaries. \u00a0The Company had previously announced a signing of a letter of intent (<a target=\"_blank\" href=\"https:\/\/ir.bluehatgroup.com\/news-releases\/news-release-details\/blue-hat-interactive-entertainment-technology-announces-signing\" rel=\"nofollow noopener noreferrer\">Letter of Intent &#8211; <span class=\"xn-chron\">December 2019<\/span><\/a>) and provided an update on its progress (<a target=\"_blank\" href=\"https:\/\/ir.bluehatgroup.com\/news-releases\/news-release-details\/blue-hat-announces-progress-acquisition-mobile-game-developer\" rel=\"nofollow noopener noreferrer\">Update on Acquisition Progress &#8211; <span class=\"xn-chron\">September 2020<\/span><\/a>).\u00a0 The closing of the acquisition is expected to be on or around <span class=\"xn-chron\">December 31, 2020<\/span>.<\/p>\n<p>Csfctech is a developer and distributor of mobile games in <span class=\"xn-location\">China<\/span>, including operation center in mainland <span class=\"xn-location\">China<\/span>, anchor studio, overseas business sector and extensive entertainment sector. Csfctech has an international user base across Mainland China, <span class=\"xn-location\">Japan<\/span>, <span class=\"xn-location\">Taiwan<\/span>, the <span class=\"xn-location\">United Arab Emirates<\/span> and <span class=\"xn-location\">Africa<\/span>. Its business covers more than 100 games on a number of available platforms.<\/p>\n<p>\n        <b>Transaction Terms<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>The total transaction value is <span class=\"xn-money\">RMB51.2 Million<\/span> (equivalent to <span class=\"xn-money\">USD7.7736 million<\/span> based on current exchange ratios. <\/li>\n<li>The transaction is to be paid through a combination of cash plus newly issued shares of Blue Hat&#8217;s ordinary shares, calculated on the weighted average volume price of 20 trading days prior to closing, with the share component not to be priced lower than the Company&#8217;s Initial Public Offering price of <span class=\"xn-money\">$4.00<\/span>. <\/li>\n<li>There is a performance guarantee where the terms of the agreement will be amended if Csfctech does not achieve certain audited net profit for the calendar year ending <span class=\"xn-chron\">December 31<\/span> based upon the following criteria:<\/li>\n<\/ul>\n<p id=\"indentid\" class=\"prnml40\">o\u00a0 2020: <span class=\"xn-money\">RMB 15 Million<\/span> (equivalent to <span class=\"xn-money\">USD 2.2 million<\/span>);<\/p>\n<p id=\"indentid\" class=\"prnml40\">o\u00a0 2021: <span class=\"xn-money\">RMB 25 million<\/span> (equivalent to <span class=\"xn-money\">USD 3.67 million<\/span>); and<\/p>\n<p id=\"indentid\" class=\"prnml40\">o\u00a0 2022: <span class=\"xn-money\">RMB 40 million<\/span> (equivalent to <span class=\"xn-money\">USD 5.88 million<\/span>).\u00a0\u00a0 <\/p>\n<ul type=\"disc\">\n<li>The transaction has been valued at 4X the average of the three performance guarantee targets of Csfctech as referenced above. <\/li>\n<li>The original shareholders of Csfctech shall bear joint liability for performance and debt obligations.<\/li>\n<\/ul>\n<p>\n        <b>Management Commentary<br \/><\/b>Mr. <span class=\"xn-person\">Xiaodong Chen<\/span>, CEO of the Company, stated, &#8220;This is a milestone agreement for Blue Hat and we are pleased to move forward with the official signing of the definitive agreement.\u00a0 This will broaden our interactive gaming portfolio and allow our Company to increase sales even further through the expansion of available distribution platforms. We were extremely diligent in working to move forward on this acquisition throughout a challenging 2020, and\u00a0by the end of the year expect to close and acquire a company that will greatly strengthen our mobile games business under favorable terms in both valuation and performance incentives. We feel that the benefits of our combined companies will help to drive greater brand awareness for Blue Hat and each of our lines of business in mobile games, AR toys and AR education.&#8221;<\/p>\n<p>Mr.\u00a0Jinlin Zhan, the founder of Csfctech stated, &#8220;This is an excellent combination. Csfctech Competition, our subsidiary, has a self-developed game platform supporting multi-terminal online and mobile games. We have a strong background of R&amp;D and game development to go along with a rich variety of games with\u00a0independent\u00a0intellectual properties.&#8221;<\/p>\n<p>Mr. Zhan continued, &#8220;We believe the synergies created by our combination will be accelerated by integrating our R&amp;D and strong game operation and distribution platforms, and ultimately optimize our product mix and increase\u00a0our profitability. This transaction will have\u00a0long-term market value for both companies.&#8221;<\/p>\n<p>\n        <b>About Blue Hat<br \/><\/b>Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in <span class=\"xn-location\">China<\/span>, including interactive educational materials, mobile games, and toys with mobile game features. The Company&#8217;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, please visit the Company&#8217;s investor relations website at\u00a0<a target=\"_blank\" href=\"https:\/\/ir.bluehatgroup.com\/investor-relations\" rel=\"nofollow noopener noreferrer\">https:\/\/ir.bluehatgroup.com\/investor-relations<\/a>. The Company routinely provides important information on its website.<\/p>\n<p>\n        <b>Forward-Looking Statements\u00a0<br \/><\/b>This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company&#8217;s SEC filings. These risks and uncertainties could cause the Company&#8217;s actual results to differ materially from those indicated in the forward-looking statements.<\/p>\n<p>\n        <b>Contacts<\/b>:<br \/>Blue Hat Interactive Entertainment Technology<br \/>Phone: +86 (592) 228-0010<br \/>Email:\u00a0<a target=\"_blank\" href=\"mailto:ir@bluehatgroup.net\" rel=\"nofollow noopener noreferrer\">ir@bluehatgroup.net<\/a><\/p>\n<p>Investor Relations:<br \/>The Equity Group Inc.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In <span class=\"xn-location\">China<\/span><br \/><span class=\"xn-person\">Adam Prior<\/span>, Senior Vice President\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <span class=\"xn-person\">Lucy Ma<\/span>, Associate<br \/>(212) 836-9606\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +86 10 5661 7012<br \/><a target=\"_blank\" href=\"mailto:aprior@equityny.com\" rel=\"nofollow noopener noreferrer\">aprior@equityny.com<\/a>\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a target=\"_blank\" href=\"mailto:lma@equityny.com\" rel=\"nofollow noopener noreferrer\">lma@equityny.com<\/a><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN06812&amp;sd=2020-12-01\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd-301182004.html\">http:\/\/www.prnewswire.com\/news-releases\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd-301182004.html<\/a><\/p>\n<p>SOURCE  Blue Hat Interactive Entertainment Technology<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN06812&amp;Transmission_Id=202012010800PR_NEWS_USPR_____CN06812&amp;DateId=20201201\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Net Income Performance Guarantees in Place of Up to a Total of RMB80 Million (USD11.75 Million) Over Three Years PR Newswire XIAMEN, China, Dec. 1, 2020 \/PRNewswire\/ &#8212;\u00a0Blue Hat Interactive Entertainment Technology (&#8220;Blue Hat&#8221; or the &#8220;Company&#8221;) (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality (&#8220;AR&#8221;) interactive entertainment games, toys and educational materials in China, today announced the entry of a definitive agreement in connection with the acquisition of 51% of Fuzhou Csfctech Co., Ltd. (&#8220;Csfctech&#8221;) and its two subsidiaries. \u00a0The Company had previously announced a signing of a letter of intent (Letter of Intent &#8211; December 2019) and provided an update on its progress (Update on Acquisition Progress &#8211; September 2020).\u00a0 The closing of the acquisition &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-390534","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Net Income Performance Guarantees in Place of Up to a Total of RMB80 Million (USD11.75 Million) Over Three Years PR Newswire XIAMEN, China, Dec. 1, 2020 \/PRNewswire\/ &#8212;\u00a0Blue Hat Interactive Entertainment Technology (&#8220;Blue Hat&#8221; or the &#8220;Company&#8221;) (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality (&#8220;AR&#8221;) interactive entertainment games, toys and educational materials in China, today announced the entry of a definitive agreement in connection with the acquisition of 51% of Fuzhou Csfctech Co., Ltd. (&#8220;Csfctech&#8221;) and its two subsidiaries. \u00a0The Company had previously announced a signing of a letter of intent (Letter of Intent &#8211; December 2019) and provided an update on its progress (Update on Acquisition Progress &#8211; September 2020).\u00a0 The closing of the acquisition &hellip; Continue reading &quot;Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-01T13:04:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN06812&amp;sd=2020-12-01\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd.\",\"datePublished\":\"2020-12-01T13:04:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\\\/\"},\"wordCount\":879,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CN06812&amp;sd=2020-12-01\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/blue-hat-signs-definitive-agreement-for-the-acquisition-of-the-mobile-game-developer-fuzhou-csfctech-co-ltd\\\/\",\"name\":\"Blue Hat Signs Definitive Agreement for the Acquisition of the Mobile Game Developer Fuzhou Csfctech CO., Ltd. - 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