ATIF Holdings Limited Gains Revenue Boom from Box Office and Pre-movie Advertising as Blockbuster "The Eight Hundred" Rakes in RMB 800 Million Box Office Nationwide
SHENZHEN, China, Aug. 24, 2020 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, the "Company"), a company providing business consulting and multimedia services in Asia, today announced that its majority-owned subsidiary, Leaping Group Co., Ltd. ("LGC"), a leading multimedia, advertising and theatre operating firm in Northeast China, is gaining revenue boom from its box office and pre-movie advertising business, thanks to the wildly anticipated release of blockbuster The Eight Hundred and its strong box office performance recently.
The Eight Hundred is technically the first domestically produced blockbuster that was released post-pandemic. The film was screened at a less frequent interval by cinemas nationwide but with its box office climbing at a record rate by second due to strong film viewer interests. Its box office reached RMB 12 million on the first day of the film release on 14 August and the box office hit RMB 45 million on the next day.
During its last run day on the 20th, The Eight Hundred yielded RMB 200 million box office, and in total the number of people who have seen the film has reached over 4.52 million. The Eight Hundred is now officially on and up to the time of this press release, the film has achieved a box office of over RMB 800 million.
Mr. Bo Jiang, Chairman of LGC, commented, "As China allows cinemas to sell more tickets to increase its attendance ran from current 30% to 50%, we could also expect more films to be released on screen. As such, our revenues from advertisement and box office will be boomed. We are also expecting a series of high-quality blockbusters to make debuts during China's National Day golden holiday week, including "Leap (China Women's Volleyball)", "Master Jiang and The Six Kingdoms", and "My People My Homeland."
Mr. Pishan Chi, CEO of the ATIF said, "We can anticipate that China's film industry will soon regain its past glory and we are confident that the Company will also boost shareholder values as LGC is yielding strong revenue gains from its film-related businesses."
About ATIF Holdings Limited
Headquartered in Shenzhen, China, ATIF Holdings Limited ("ATIF") is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.
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 guarantee 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: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.
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