NEW
YORK and SHANGHAI,
Jan. 12,
2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited
("MMV" or the "Company"), an animation and entertainment company
for young consumers in China,
today announced that it has entered into a non-binding letter of
intent (the "Letter of Intent") with Orient TM Ruibo Limited (the
"TM Ruibo"). In accordance with the Letter of Intent, the Company
and/or its affiliates intends to acquire a 72.81% equity stake in
Orient TM Parent Limited ("Orient TM," collectively with the
entities directly or indirectly controlled by Orient TM, "Taomee").
Taomee is a leading family interactive entertainment group in
China, held directly or indirectly
by TM Ruibo and/or its affiliates (the "Seller") (the "Proposed
Transaction").
The Proposed Transaction, if consummated, would significantly
expand MMV's IP portfolio with the addition of Taomee's three
signature IP brands, "Mole's World," "Seer" and "Flower Angel."
Furthermore, Taomee's product portfolio would enhance MMV's income
base. Additional synergies are expected as MMV and Taomee currently
operate according to similar business models, with complementary
strengths and advantages.
Yiran Xu, Chairman and CEO of
MMV, stated "We are extremely excited to work with Taomee, a
standout company in China's
entertainment industry. Taomee has been creating and developing
original, compelling IP brands for over 16 years and has
accumulated a large and loyal following across China, particularly among the younger
generations. As we explored this transaction, we discovered that
MMV and Taomee have much in common in terms of both their business
models and company culture, making the two companies a natural fit
for collaboration. We look forward to creating engaging new content
and products with Taomee while also realizing the underlying
business synergies between us."
Founded in 2007, Taomee is one of China's leading entertainment and media
companies for younger generations, with well-received original
brands including "Mole's World," "Seer" and "Flower Angel." Taomee
provides a variety of content and entertainment experiences through
the internet via web games, mobile games and online broadcasted
animations, as well as through traditional channels, including
animated box office films, TV series, books, and consumer products,
most notably toys and trading cards. Taomee has released over
ten films and over 800 animation episodes, including "Mole's
World," "Seer" and "Flower Angel," covering hundreds of TV channels
in China as well as the main
streaming video media platforms. In addition, Taomee has launched
eight online games based on its popular "Mole's World," "Seer" and
"Flower Angel" brands and has a track record in the development and
operation of these games.
Taomee Holdings Limited, a wholly-owned subsidiary of Orient TM,
was listed on the New York Stock Exchange in 2011 as a leading
entertainment and media company for younger generations in
China. In 2016, it was taken
private by Orient TM and certain management of Taomee via a merger
with Orient TM Merger Limited, at which point it became a
wholly-owned subsidiary of Orient TM.
About MultiMetaVerse Holdings Limited
MultiMetaVerse Holdings Limited (NASDAQ: MMV) is an
animation and entertainment company dedicated to providing a
high-quality, immersive entertainment experience through original,
user-generated, and professional user-generated content. MMV
commenced animation production in 2015 under its signature Aotu
World brand, which has attracted a broad following with its
inspiring storyline and unique graphic style, particularly among
younger audiences in China. By leveraging the company's
established user base, MMV has built a diverse product portfolio,
including animated content, comic books, short videos,
collectibles, stationery, consumer products, and mobile
games across the Aotu World brand. It has also developed and
augmented new brands, stories, and characters, such as Neko
Album.
For more information, please visit https://www.multi-metaverse.com/.
For investor and media inquiries, please contact:
In China:
MultiMetaVerse Inc.
Investor Relations
E-mail: ir@multi-metaverse.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: MultiMetaVerse@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: MultiMetaVerse@thepiacentegroup.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Without limiting the generality of the
foregoing, the forward-looking statements in this press release
include descriptions of the Company's future commercial operations.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company's inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company's registration statement on
Form F-4, as amended, which was declared effective by the U.S.
Securities and Exchange Commission (the "SEC") on July 20, 2022 and other documents to be filed by
the Company with the SEC from time to time, which could cause
actual events and results to differ materially from those contained
in the forward-looking statements. All information provided herein
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE MultiMetaVerse Holdings Limited