FingerMotion Enters into Cooperation Agreement Seeking to Expand into Overseas Hardware and Terminal Business with Migu Video Technology Co. Ltd.

NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (NASDAQ: FNGR) (the “Company” or “FingerMotion”), a Big Data company with revenue streams from mobile recharge, SMS, and Insuretec services, announced today that it has entered into a cooperation agreement between Migu Video Technology Co., Ltd. (“Migu Video”) and FingerMotion, Inc.’s contractually controlled subsidiary, Shanghai JiuGe Information Technology Co., Ltd., to start in-depth collaboration on overseas hardware and terminal business.

Migu Video is a wholly-owned subsidiary of China Mobile's Migu Culture Technology Co., Ltd. which is the sole streaming content producer of Migu Culture in the video field. It is regarded as the first to establish a Multi-channel network (“MCN”) in China. Overseas growth is an essential element of the MCN of Migu Video. Another key element is the research and development of international standards that highlight Chinese culture and art. The final element is the establishment of an international video sharing platform.  Through this cooperation agreement the Company seeks to collaborate with Migu Video to develop a solution to fully combine the Company’s innovative product research & development capabilities and resource integration capabilities in order to expand into the international streaming market with Migu Video.

This cooperation agreement sets the stage for FingerMotion to build synergies in the development of an international streaming content aggregator and highlight FingerMotion’s brand differentiation advantages in international markets.

This cooperation agreement will help FingerMotion implement its strategic plan of "domestic precision and overseas extension" in 2023. The initial focus will be on Migu Video, ensuring that its entire network of users, which currently exceeds 100 million (according to the TongbiCapital article published on March 23, 2023: https://tongbicapital.com/news/detail?_id=641cf65c3e0a126c88703834), can see the optionality and customizable options of Migu Video.

In a subsequent phase of the collaboration with Migu Video, the two parties plan to focus on establishing a sales organization, product optimization, and portal upgrade in expectation of bringing more innovative services to customers while continuously improving the social value of the overseas hardware and terminal business. Within the next two years, the Company and Migu Video anticipate that they will serve more than 10 million overseas users and more than 10 overseas countries, and the Company intends to gradually expand its own sub-brands with overseas hardware and terminal as a core line of business.