HONG KONG and NEW YORK, Jan. 20, 2020 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm announces its unaudited financial results for the three months ended November 30, 2019. The financial results have been filed in a 10-Q with the U.S. Securities and Exchange Commission (the "SEC")
Key Financial Highlights:
- Revenues for the three months ended November 30, 2019, increased 111% to $156,405, as compared to $74,240 for the three months ended November 30, 2018.
- Gross Profit for the three months ended November 30, 2019 increased 239% to $104,358, as compared with gross profit of $30,792 for the same period ended November 30, 2018.
- Net loss for the three months ended November 30, 2019 decreasing 72% to $63,354, as compared with a net loss of $228,554 for the same period ended November 30, 2018.
- As of November 30, 2019, ABQQ had $4,474,427 in total assets, has total current liabilities as of November 30, 2019 were $264,033. Total shareholders’ equity is $4,210,394.
In November 2019, the company acquired two movie copyrights at a price of $256,000 for “Lushang” and $115,200 for “Qi Qing Kuai Che.” The estimated earliest release date of these two movies will be in the third quarter of FY2021.
Chiyuan Deng, AB International Group CEO, stated, “I am excited to execute investments in China film market, creating this business line will increase revenues in upcoming years. It’s also a beneficent result of the synergies with the WeChat official account performing matching platform.”
China's total box office increased by 5.4% to reach a record high of RMB64.266 billion (US$9.2 billion) in 2019, domestic movies took 64.1% of the market. With the box office in North America declining by 4.8% last year, according to data from Box Office Mojo, China further narrowed the gap in box office revenues with the North American market.
2019 China film market highlights:
The total box office in China reached a record high of RMB64.266 billion (US$9.2 billion) in 2019, up 5.4% over 2018.
Of the total box office in 2019, 64.1% was generated by domestic movies and 35.9% came from imported movies.
The total number of movie tickets sold last year reached 1.727 billion in China, a slight increase of 0.5% over the previous year.
Six movies grossed more than RMB2 billion in box office in 2019, accounting for 36.9% of total revenue.
The average age for movie attendees reached 29 in 2019, and the population with age 25 to 34 accounted for more than half of all moviegoers in China. According to data from Maoyan’s 2019 China Film Market Report.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We currently have a Patent License Agreement pursuant to which Guangzhou Shengshituhua Film and Television Company Limited, a company incorporated in China, granted the AB International Group a worldwide license to a video synthesis and release system for mobile communications equipment, in which the technology is the subject of a utility model patent in the People's Republic of China. We recently launched new business applications through smartphones and official social media accounts based on Tencent’s WeChat platform, utilizing Artificial Intelligence, it is a matching platform for performers, advertiser merchants, and owners for more efficient services. It generates revenues through an agency service fee from each matched performance. Currently, there are hundreds of active members, which is increasing daily as new companies and performers are registering for membership. In 2019, we are also actively exploring investments in Chinese movies copyright and release rights.
For additional information visit www.abqqs.com
Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company's management team and statements relating to the Company's transformation, financial and operational performance including the acceleration of revenue and margins, and the Company's overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Groups markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Jeff Deng
+852 2622 2891
corp@abqs.com
