Roan Holdings Group Co., Ltd. Announces Agreement to Establish Joint Venture to Develop Its Entertainment Technology Business
HANGZHOU, China and BEIJING, Nov. 18, 2021 /PRNewswire/ -- Roan Holdings Group Co., Ltd. ("Roan" or the "Company") (OTC Pink Sheets: RAHGF and RONWF), a provider of diversified solutions in financial, insurance and healthcare related products and management services, today announced that the Company's subsidiary, FINE C+ Interactive Technology (Hangzhou) Limited (the "FINE C+ Interactive"), has signed a cooperation agreement (the "Agreement") with Beijing Liuxinghuoyu Technology Co., Ltd. (the "Liuxinghuoyu"), a subsidiary of Harvest Horn (Beijing) Marketing Co., Ltd. ("Harvest Horn"), to set up an entertainment technology joint venture ("Target") focusing on expanding its theme park business.
Pursuant to the Agreement, the Target is positioned as a service provider base on the integration of entertainment, artificial intelligence, and the intellectual properties ("IP"). The Target, tentatively named FINE C+ Entertainment Technology (Hangzhou) Limited, will be registered in Hangzhou City with a registered capital of RMB 1 million. Both parties will hold the Target's equity with cash investment; FINE C+ Interactive and Roan's partners will hold 70% equity, and Harvest Horn's subsidiary, Liuxinghuo will hold the remaining 30% equity.
To support the Target's operational development, Roan will be responsible for formulating the Target's development strategies, and overseeing both the Target's resource management and system construction. FINE C+ Interactive will provide the overall solution for the theme park project including design and implementation, operational management, and interactive technical support service. Harvest Horn and its subsidiary, Liuxinghuoyu will be responsible for Target's IP operational management, technological research and development, and derivative product development according to consumer needs. All parties will share their resources and utilize their respective advantages to jointly promote the Target's business development and global market expansion.
Mr. Junfeng Wang, Chairman of the Company, commented: "I am very excited to announce the signing of a cooperation agreement with Harvest Horn which shows our determination to further expand into the personal consumption market, beginning with establishing the joint venture, FINE C+ Interactive Technology (Hangzhou) Limited last month. The objective of this cooperation is focusing on the development and the operation in the theme park market. The development advantages in the cultural and creative field from Harvest Horn, and its platform-based IP operation and driving capabilities, are a perfect combination with Roan's business layout to enhance its strategic footprint in the cultural and tourism industry. I believe that this cooperation will greatly enhance our IP production and developmental abilities in the cultural and tourism business operation, which bring us continuous IP peripheral derivatives and the commercialization capacity of customized IP products, which will particularly enrich our theme park realization ability, and to achieve the commercial value combination of the IP economic and our immersive interactive technology platform."
About Harvest Horn (Beijing) Marketing Co., Ltd.
Harvest Horn (Beijing) Marketing Co., Ltd. is an intellectual property commercialization comprehensive service provider, focusing on the fully commercialized solutions of intellectual property authorized derivatives. It services a series of in-vogue intellectual properties including Arena of Valor, Onmyoji, Royal War, Trilbal Conficts, Popmart, etc. Its advanced research and development system, experienced supply chain management and outstanding Non-Fungible Token commercialization capabilities, are suitable for multiple types of IP in the two-dimensional field, to obtain the IP customers by the multi-channels. The team members mainly come from leading companies in the internet and online video industry. Company's customers are core IP business service providers including Tencent Games and China Literature Limited.
About Roan Holdings Group Co., Ltd.
Founded in 2009, Roan Holdings Group Co., Ltd. (OTC Pink: RAHGF and RONWF) is a financial, insurance and healthcare related solutions company serving individuals and micro-, small- and medium-sized enterprises ("MSMEs") in China. Roan provides health management, assets management, and insurance, healthcare and consumer financing services to employees of large institutions. Roan has offices in Hangzhou and Beijing and subsidiaries in Hangzhou, Ningbo, Guangzhou, Shaoxing, Urumqi and Tianjin. For more information, please visit: www.roanholdingsgroup.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among others, the consummation of the proposed transaction, and can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations of the consummation of the proposed transaction, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors are included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.