NEW YORK, April 15, 2021 (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 February 28, 2021. 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 February 28, 2021, increased 460% to $774,509, as compared to $138,338 for the three months ended February 29, 2020. The increase in revenue for the three months ended February 28, 2021 over the three months ended February 29, 2020 is attributable to the movie box-office revenue of $697,709 from the movie “Love Over the World ( Ai Bian Quan Qiu)”.
Gross Profit for the three months ended February 28, 2021 increased 399% to $475,668, as compared with gross profit of $95,359 for the same period ended February 29, 2020. The increase in gross profit margin is due to the movie box-office revenue from the movie “Love Over the World”.
As of February 28, 2021, ABQQ had total shareholders’ equity is $5,189,995, as compared of August 31, 2020 had total shareholders’ equity were $3,956,097.
We launched the video streaming service at the end of 2020 and the service now feature Chinese movies, television shows and drama series with unique content and exclusive to the company. As of February 28, 2021, the Company acquired 45 movie broadcast rights. We will continue marketing and promoting the ABQQ.tv website through GoogleAds and acquire additional broadcast rights for movies and TV series. The Company plans to charge subscription fees to generate revenue once ABQQ.tv has at least 200 broadcast rights for movies and TV series. At that time, it will have a channel on YouTube and apply broadcast on Netflix as well.
Starting in January 2021, the Company started generating movie box-office revenue from the movie “Ai Bian Quan Qiu”, that continuing screening on cinemas in China now. We had 3 more completed Chinese films currently proceeding on procedure of screening license to be screened on cinemas in China.
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 are engaged to acquisition and distribution of movies. The Company has a Patent 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. The Company engages highly anticipated video streaming service targeting global multi-billion dollar and growing video streaming industry. The online service will be marketed and distributed in the world under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new and profitable revenue stream immediately following its launch derived from its hybrid subscription and advertising business model.
For additional information visit www.abqqs.com and www.ABQQ.tv
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
(212) 918-4519
corp@abqqs.com