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Cheer Holding’s Subsidiary Obtained Recognition as Specialized and Innovative Enterprise in Beijing

BEIJING, May 07, 2024 (GLOBE NEWSWIRE) -- Cheer Holding, Inc. (NASDAQ: CHR) ("Cheer Holding," or the "Company"), a technology-driven leading provider of advanced mobile Internet infrastructure and platform services, today announced that its subsidiary Glory Star (Beijing) Media Co., Ltd. (“Glory Star”) has been recognized as a Specialized and Innovative Enterprise published by Beijing Municipal Bureau of Economy and Information Technology. Such acknowledgment is the result of a comprehensive evaluation of the Company’s competitive edge in terms of specialization, sophistication, innovation capability, as well as technical strength, economic benefits, operation and management etc., signifying that the Company has been industry-leading at all levels.

According to the “Notice regarding Supporting the High-quality Development of SMEs that Use Specialized and Sophisticated Technologies to Produce Novel and Unique Products” from the Ministry of Finance and the Ministry of Industry and Information Technology, emphasis was placed on promoting the high-quality development of SMEs and contributing to the building of a new development pattern featuring dual circulations. Enterprises that use specialized and sophisticated technologies to produce novel and unique products are enterprises that are characterized by “specialization, sophistication, characterization and novelty”, have profound innovative strength, possess high market shares, master core technologies, and act as key players in the industrial chain and supply chain. Therefore, acknowledged enterprises that use specialized and sophisticated technologies to produce novel and unique products are all industry leaders that focus on market segments, have strong innovation capabilities, possess high market shares, and master core technologies in key fields, with high growth rates.

The recognition of Glory Star from a national high-tech and innovative enterprise to an enterprise that uses specialized and sophisticated technologies to produce novel and unique products demonstrates the Company’s excellent technological innovation and strong market competitiveness in the field of media technology, as well as its leading position in the media technology industry. Driven by this acknowledgment, Cheer Holding will further fortify its new productive capabilities, continuously aggregate premium lifestyle ecosystem and drive innovative platform-based entertainment cluster development, leveraging its formidable content dissemination prowess, traffic generation effects, and multi-platform resource advantages. Poised to achieve higher-quality growth, the Company will also continue to grow more specialized, more sophisticated, bigger and stronger.

About Cheer Holding, Inc.

As a preeminent provider of next-generation mobile internet infrastructure and platform services in China, Cheer Holding is dedicated to building a digital ecosystem that integrates “platforms, applications, technology, and industry” into a cohesive system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.

Cheer Holding’s portfolio includes a wide range of products and services, such as Polaris Intelligent Cloud, CHEERS Telepathy, CHEERS Open Data Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety show series, IP short video matrix, and more. These offerings provide diverse application scenarios that seamlessly blend “online/offline” and “virtual/reality” elements.

With “CHEERS+” at the core of Cheer Holding’s ecosystem, the Company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.

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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 our 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 experience centers; 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 and technological developments, competition, changes in regulation, or other economic and policy factors; disruptions or other business interruptions that may affect the operations of our products and services, 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 from time to time, including the Company’s latest Annual Report on Form 20-F filed with the SEC on March 22, 2023, as amended. 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.

For investor and media inquiries, please contact:

Wealth Financial Services LLC
Connie Kang, Partner
Tel: +86 1381 185 7742 (CN)

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