Benzinga | Jan 19, 2021 09:04AM EST

Blue Hat Signs Three-Year Licensing Agreement With Cup Of Cosmo Studio For Use Of WUHUANGWANSHUI Intellectual Property

XIAMEN, China, Jan. 19, 2021 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ:BHAT), a leading producer, developer and operator of augmented reality ("AR") interactive entertainment games, toys and educational materials in China, today announced that the Company signed a three-year licensing agreement with Cup of Cosmo Studio (Beijing) Culture Co., Ltd. ("Cup of Cosmo Studio") for the use of its WUHUANGWANSHUI intellectual property ("IP") on social media, toys and marketing materials, effective January 1, 2021.

According to the terms of the agreement, Blue Hat can use the IP images on toys and on its e-commerce website to drive sales. Cup of Cosmo Studio is responsible for providing the photo gallery to Blue Hat. The Company is also authorized to use the IP images in its online and offline marketing campaigns, subject to the advance approval by Cup of Cosmo Studio. Blue Hat may also use the WUHUANGWANSHUI IP images for product displays for three years. In the event Blue Hat creates custom comics, videos or self-made content utilizing the IP, Cup of Cosmo Studio will receive additional payment.

WUHUANGWANSHUI is an original Chinese cartoon image brand set of a cat (Wu Huang) and a dog (Ba Zahey) owned by Cup of Cosmo Studio, which has become an influential brand easily recognized in the Chinese pop culture. Primarily seen in cartoon image, comics, animation and an emoticon package, WUHUANGWANSHUI has over 30 million online fans and followers and its promotion has led to over RMB2 billion in licensed product sales.

Mr. Xiaodong Chen, CEO of Blue Hat, stated, "We are pleased to be partnering with Cup of Cosmo Studio with this licensing agreement for their famed WUHUANGWANSHUI brand, which we are confident will increase Blue Hat's exposure and attract the attention of more potential customers. We expect this collaboration to serve as a catalyst for our business development efforts and strengthen our brand recognition."