Benzinga | Dec 16, 2020 09:11AM EST

Blue Hat Announces New Gaming Products Under Development With Planned Global Launches Throughout 2021

XIAMEN, China, Dec. 16, 2020 /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 Fuzhou Csfctech Co., Ltd. ("Csfctech") is actively exploring overseas markets and is currently testing five new gaming products for overseas distribution. The Company recently announced the signing of a definitive agreement to acquire 51% of Csfctech and two subsidiaries (Link to Previous Release).

The acquisition of Csfctech is an important step in the development of Blue Hat's mobile games unit, which along with AR gaming and interactive education make up the three pillars of the Company's strategy.

Development of Five New Games

The five new gaming products under development are:

* Qule King of Fishing War, a competitive fish catching game with multiple players to win prizes

* Qule Battle The Landlord, a music selection puzzle game

* MOMO Remove, a brain teaser game

* MOMO Link, a game of casual puzzle elimination

* MOMO Hexagon, a block matching game

The Company's development program also includes Fish King War and Fun Two Dozen One, which are two popular chess-themed games that have been tested online on the Google Play platform.

At present, the Qule King of Fishing War has been licensed by more than 200 countries on Google Play, and will be ready to launch outside of China with an initial focus on Asian markets via the App Store. After launching, the Company also plans to release regional updates for games such as Qule Battle The Landlord. These two games are expected to enter a stable operation phase in 2021 with the average monthly revenue of USD 0.3 million.

In the future, Csfctech's will launch a series of casual games in the markets outside of China, with constant improvements and new updates to the platformer, hack and slash and other RPG (role-playing game) games once released to improve the market share of each game.

Mr. Jinlin Zhan, founder of Csfctech said, "We have a robust gaming pipeline for 2021. Csfctech has astrong industry competitiveness in terms of research and development, operational experience, channel resources and IP reserves. With the combination of Blue Hat, we can focus on gaining a global footprint for our games as part of a unified strategy going forward. Csfctech has accumulated a wealth of promotional resources in Southeast Asian countries and regions, as well as North America, leveraging the power of such online platforms as Facebook, Admob, Twitter and other platforms."

Mr. Xiaodong Chen, CEO of Blue Hat, stated, "We are confident that we can drive the rapid growth of the gaming business segment. Looking at the moment, the boom in the gaming market is evident, even after the industry shock in the first half of 2020. We saw a rapid increase in the timing of individuals entering the gaming space, which we intend to capitalize on in the coming months. With the continuous upgrading of the game business and the launch of new products, Csfctech will provide more adequate promotional resources and new gaming content for players. For the already launched online games, we will also invest more energy and capital to provide regular updates that will be both regional and seasonal in nature, and ultimately drive user growth. We believe the totality of all of our efforts will help drive revenue growth, margin expansion, and net profits in our mobile game development segment."