Company expands presence into China market with online sales to JD.com
Fort Lauderdale, FL, March 20, 2024 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) -- the worldwide leader in consumer karaoke products – today announced a new country-wide license agreement for the exclusive marketing and distribution of the Company’s karaoke product portfolio in the People’s Republic of China. The Company entered into this agreement with Zhuhai Fullwing Electronic Co., Ltd. (“Fullwing”) a leading consumer electronics distributor operating throughout the Chinese market.
Gary Atkinson, the Company’s CEO, commented, “We are excited to launch the Singing Machine brand and our market-leading karaoke products in the China market. Chinese consumers actively seek out US brands, placing a premium on our reputation for quality and innovation. We know the China market is passionate about singing and karaoke; and this new market for us is widely considered the largest single karaoke market in the world today. We look forward to telling our brand story to an entirely new audience and sharing the joy of Singing Machine across China.”
The terms of the agreement provide Fullwing with the exclusive distribution rights and a license grant to be able to use the Singing Machine brand in the China market at a 10% royalty. Fullwing is headquartered in Zhongshan, China. Fullwing has been a strategic contract manufacturing partner for the Singing Machine for more than 10-years. Through Fullwing and Singing Machine’s joint-efforts, the Company’s products are already available for sale on popular Chinese e-commerce website, JD.com, the largest e-tailer in China.
About The Singing Machine
Singing Machine is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.
Investor Relations Contact:
investors@singingmachine.com
www.singingmachine.com
www.singingmachine.com/investors
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "may", "could", "expects", "projects," "intends", "plans", "believes", "predicts", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.
