ChineseNewsBreaks – Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) Announces Strong Performance Across All Business Segments for Q1 2021

May 5, 2021

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality (“AR”) interactive entertainment games, toys and educational materials in China, today announced its unaudited financial results for the quarter ended March 31, 2021. “We were pleased with the strong performance across all of our business segments, which resulted in phenomenal top line growth driven by US$5.3 million in contributions from our new IDC business and by a US$2.4 million increase in contributions from mobile games following our acquisition of 51% of Csfctech and its two subsidiaries in January 2021,” said Xiaodong Chen, CEO of Blue Hat. “We achieved 62.0% growth on the bottom line to US$1.2 million during the period and anticipate margins will improve over the course of 2021 as our businesses continue to grow and the expenses normalize from initial highs. We recently announced the official launch of our new AR+ series curriculum, which is an upgrade from our original Augmented Reality Immersive Classes (‘ARIC’) and has been developed and tested over the past six months. We expect the five urban partnerships that we have signed for the AR+ series curriculum will accelerate the future growth of our AR education business. We are beginning to see tangible results from this development that has strengthened the foundation of our business over the course of the past year, and we anticipate it will provide us with significant long-term growth potential for our product and service offerings.”

To view the full press release, visit https://ibn.fm/iUvrS

About Blue Hat

Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games and toys with mobile-game features. The company’s entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, please visit the company’s investor relations website at https://IR.BlueHatGroup.com.

NOTE TO INVESTORS: The latest news and updates relating to BHAT are available in the company’s newsroom at http://ibn.fm/BHAT

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Formula 1 announces return to Africa with Grand Prix in Rwanda in early 2030s

KIGALI, Rwanda — Formula 1 will return to Africa with a grand prix in Rwanda starting early next decade once a new track has been built southeast of the capital, F1 and the country’s president said Tuesday. The announcement of a 10-year-deal to hold an African Grand Prix in Rwanda comes after a campaign by President Paul Kagame to bring F1 to the continent for the first time since 1993. “This partnership is long overdue,” Kagame said at a launch event in Kigali, Rwanda’s capital. “But it is a success and a milestone for the entire continent, especially for the African fans. Ultimately, what we want is for the African Grand Prix to pave the way for other races to be hosted on the continent.” Racing in Africa will fulfil a long-held ambition for seven-time world champion Lewis Hamilton, the only Black driver in F1. The 41-year-old British driver has said he has been “fighting in the background” for years to have a race in Africa. Exactly when the first race will be held in Rwanda remains unclear. F1 said a purpose-built circuit was expected to be completed “early in the next decade” in Bugesera, about 40 kilometers (25 miles) from Kigali. The track will be built near an under-construction airport serving the capital and will “work in harmony with the natural landscape,” using hills and dips in the landscape to challenge drivers, F1 said. “Today is a landmark moment for Formula 1," F1 President and chief executive Stefano Domenicali said. “With Rwanda joining the calendar from the next decade our sport will race in every inhabited continent, bringing the world championship closer than ever to fans around the globe.” The last time F1 raced in Africa was the South African Grand Prix in 1993. Rwanda aims for challenging circuit and economic gains Rwanda becomes the first confirmed new host nation for F1 since Qatar and Saudi Arabia joined the schedule in 2021. With a GDP per capita of just over $1,100, Rwanda will stand out on a race calendar that features glitzy destinations like Las Vegas, Miami, Monaco and Abu Dhabi. Kagame said the country aims to use the race to develop sports infrastructure and tourism and to diversify revenue. Under Kagame, Rwanda has sponsored major European soccer teams and developed a basketball partnership with the NBA, as well as hosting the world cycling championships. It’s all aimed at promoting a positive image of a country still often known internationally because of the 1994 genocide. Hosting F1 would take that strategy to a new level. “Look, our country will be watched on the global stage. And this comes with investments and creations of jobs, especially for the youth,” Betty Mukamurenzi, a university IT student in Kigali, told The Associated Press. Businessman James Ruzindana said that “for businesses, it is a challenge for us to up our game in terms of having the right products that can be consumed by those who are visiting.” The F1 spotlight could also bring renewed scrutiny of Rwanda's human rights record and accusations of “sportswashing.” Human rights groups have accused Kagame of repressive methods keep his grip on power. The U.N. has accused Rwanda of backing rebels in neighboring Congo, and Congolese officials have condemned its soccer sponsorships. Rwanda set to outpace South Africa There have been rival projects to bring F1 back to Africa, with plans in recent years regarding three different potential venues in South Africa and one in Morocco. South Africa Minister of Sports, Arts and Culture Gayton McKenzie issued a statement last week congratulating Rwanda, even before the decision was official, but still insisted his country “will get F1,” too. “We are happy for Rwanda’s 2030 F1. They have worked on it longer than SA and deserve it,” McKenzie wrote on X. “Remember though that one country, Italy, has had two F1s a year, and some react like a continent of 55 countries can only get one. SA will get F1, even before 2030.” There was no mention of South Africa in F1’s statement on Tuesday. F1 racing in Africa was linked to apartheid Many of F1’s previous races in Africa were overshadowed by the policy of apartheid in South Africa. F1 and its teams faced increasing criticism through the 1970s and 1980s, culminating in some teams boycotting the 1985 race in South Africa, which was facing various international sanctions and boycott campaigns at the time. As South Africa began to dismantle the system of racial segregation and oppression, F1 returned for two more races at the Kyalami circuit in 1992 and 1993, the last of those less than a year before the country’s first democratic elections where millions of Black South Africans were able to vote. F1 also held a Moroccan Grand Prix in 1958, the only time Morocco was part of the world championship. A project was announced last year to build a track to bring F1 back to the North African nation but there have been few updates since.