GSMG NASDAQ GS 2.9601 -0.0299 ( -1.00% ) Vol: 581 Last Updated Jun 16 09:49AM EDT

Investor Relations

Glory Star Enters into Strategic Cooperation with Haier Group to Develop New "Home Life Service" Channel

BEIJING, June 8, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading digital media platform and content-driven e-commerce company in China, today announced that it has signed a strategic cooperation agreement (the "Agreement") with Qingdao Ririshun Electrical Service Co., Ltd., the largest strategic business unit of Haier Group ("Haier"). According to the Agreement, the Company will collaborate with Haier to develop a new "Home Life Service" channel (the "Channel") and a one-stop-shop for home life solutions (the "Shop") on its CHEERS e-Mall marketplace and further advance Haier's last mile customer services.

By cooperating with Haier, the Company will introduce a fully integrated online suite of smart home life products and services on its CHEERS e-Mall marketplace. Through the new Shop, for example, Haier will provide users with a broad range of "Home Life Service" products, such as its high-quality home appliance products, maintenance parts and products from its value chain partners. Moreover, users will be able to access Haier's services for the entire "Home Life Service" lifecycle through the new Channel, including traditional home appliance installation, after-sales services, and maintenance services, as well as other new services, such as home renovation, home appliance cleaning and maintenance, wall painting, sanitization and disinfection.

As part of the Agreement, the Company will also advance Haier's last mile customer services. To accomplish this, the Company's CHEERS e-Mall marketplace will help Haier to open online regional stores and distribute its online orders to the nearest offline Haier store. By working with the Company, Haier will be able to better leverage its expansive network of offline stores in 2,840 districts in China to provide timely delivery and installation services to its customers across the country, further improving its customer experiences in turn.

Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "Our cooperation with Haier will serve as our initial entry point into the home life product and services category. Going forward, we plan to further develop this segment to better support our users in their pursuits of higher quality lives. By offering scenario-based, one-stop smart life solutions, our new Channel should prove to be quite attractive to users around the world.

About Glory Star New Media Group Holdings Limited

Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company in China. Glory Star's ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people's lives. The Company's large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.

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. Such forward-looking states include, but are not limited to, the Company's ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory.  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 the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. 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.

Contacts

Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@yaoshixinghui.com

ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com