Glory Star Launches Its Digital Collection NFT App CheerReal

BEIJING, Sept. 14, 2022 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star", the "Company" or "we"), a leading digital media platform and content-driven e-commerce company in China, today announced that on September 9, 2022, it has officially launched CheerReal, a self-developed brand-new digital collection non-fungible tokens ("NFT") application, in both iOS and Android. Users can download CheerReal either from iOS or Android App Stores to get access to the digital arts on their mobile devices.

As a pioneer in cultural and entertainment industries, Glory Star constantly innovates the blockchain-based application scenario technology, explores the commercial potential in the digital world, enriches cultural products, and develops new business sectors such as media consumption. These initiatives of CheerReal are in line with the Company's Metaverse strategy to improve industrial digitization, digital disruption in the entertainment industry.

CheerReal allows different cultural elements to coincide beyond imagination and brings a new immersive experience of digital arts that derived from the traditional field.

As the technical support of CheerReal, BSN-Decentralized Digital Certificate ("BSN-DDC") provides the underlying technical support of the blockchain for the issuance and transactions of digital collections. BSN-DDC was jointly initiated by the State Information Center, China Mobile, China UnionPay and other companies to offer digital collection certificate technology services and trusted certificate storage services. CheerReal's engineering team comprises top-tier industry talents, focusing on research and development ("R&D") of blockchain ecology, security, and other related technologies. In addition, the engineering team is actively involved in R&D of copyright confirmation, hash certificate, InterPlanetary File System ("IPFS") technology, and decentralized exchange ("DEX") and IDEX exchange. The engineering team is committed to provide innovative content and technology and strong technical support for CheerReal.

CheerReal is committed to deploying global digital assets and creating a leading-edge virtual digital business ecosystem, along with efficient and close connections between artists, collectors, and the marketplace. CheerReal aims to accelerate the digitization of cultural and artworks, promote and maximize the value of digital assets, and create a new ecosystem of the digital asset economy. The Company expects to establish a new ecosystem of digital assets to materialize CHEERS Metaverse economy.

Relying on Glory Star's powerful content ecological matrix, CheerReal can develop its own intellectual property and artworks efficiently, while utilizing Glory Star's extensive experience in internet operating to further establish an ecological cycle to ensure the competitiveness of the CHEERS family is continually reinforced.

About Glory Star

Since its establishment in 2016, Glory Star has been laser focused on developing an ecosystem for its users that incorporates quality content, e-commerce, social networking, and gaming. The Company continues to integrate its cutting edge blockchain technologies, massive user base from its CHEERS ecosystem, quality content offerings, and its well-established e-commerce platform, and through the right application of 5G, AR, VR and NFT technologies to develop a metaverse boasting a wide range of "online + offline" and "virtual + reality" scenarios. Glory Star's CHEERS Video and e-Mall platforms provide a solid foundation for it to rapidly develop different entertainment and shopping applications for the metaverse. Glory Star also provides a suite of tools for its users to facilitate the development of new content by creators. The Company is remaining at the forefront of disrupting the way new media and e-commerce is operated. 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 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 occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development and launch of its metaverse; 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 (the "SEC") from time to time, including the Company's Annual Report on Form 20-F filed with the SEC on March 8, 2022. 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.

SOURCE Glory Star New Media Group Holdings Limited