NANPING, China, Nov. 15,
2023 /PRNewswire/ -- Paranovus Entertainment
Technology Ltd. (Nasdaq: PAVS) (the "Company") announced today that
it has entered into a software development agreement with BlueLine
Studios Inc. ("BlueLine"), a portfolio company of Caravan Digital
L.P. ("Caravan"), a co-founder of consumer companies authentically
powered by iconic artists and athletes in partnership
with Creative Artists Agency("CAA"), to focus on developing the
AI-generated content (AIGC) game application, Hollywood
Sunshine.
Under the terms of the agreement, BlueLine will be
committed to the development of the "Hollywood Sunshine" project,
which is expected to be a unique social gaming platform that has
celebrity involvement and is driven by AIGC. The project will be an
engaging story-based role-playing game (RPG) in an open world,
available on both PC and/or mobile platforms. The game aims to
captivate users with real-time, instantaneous player-specific
content generation, offering many hours of narrative-driven
gameplay. BlueLine and Caravan will be working together to
secure an appropriate celebrity talent partner for the game, who
should demonstrate receptiveness to working with AIGC and have a
fanbase reach of at least 5 million individuals.
Paranovus will pay BlueLine a total of up to $1,900,000 development fee and subject to the
terms of the agreement, Paranovus will be the sole and exclusive
owner of all rights to the Hollywood Sunshine project, including
all intellectual property rights, excluding any background
technology used by BlueLine to complete the project.
An initial full-featured version of the game for the PC
platform is anticipated to be released in Q2 2024, followed by the
potential delivery of the iOS version in Q3 2024.
"This agreement with BlueLine represents an important next step
for Paranovus Entertainment Technology to expand into the
AI-driven gaming and entertainment industry," said
Xuezhu Wang, CEO and the Chairman of
the Board of the Company, "Over the past several months, we have
seen demand increase significantly for AIGC and we believe it is
going to revolutionize the game industry. I look forward to the
partnership with BlueLine to develop an exclusive social gaming
platform with celebrity engagement, and bringing a growth drive for
our company in 2024."
"We are thrilled to reach this agreement and officially begin
the collaboration with Paranovus on the Hollywood Sunshine
Project," said Mike Teh Wang,
CEO of BlueLine. "Our experience and expertise in the gaming
industry and unique celebrity resources will ensure we deliver an
amazing game project for Paranovus and a unique gaming experience
for consumers."
Meanwhile, the Company is still in the process of evaluating the
previously announced letter of intent to acquire BlueLine. The
Company has decided to prioritize the Hollywood Sunshine
development project with BlueLine, which aligns with the Company's
long-term vision and current objectives.
About Paranovus Entertainment Technology Ltd.
Headquartered in Nanping, China, Paranovus Entertainment Technology Ltd.
(fka Happiness Development Group Limited) is currently planning a
strategic transition. As part of this transition, the Company has
suspended its loss-incurring e-commerce and internet information
and advertising businesses in September. The Company intends to
shift its focus to the AI-powered entertainment industry.
For more information, visit http://www.pavs.ai/.
BlueLine Studios Inc.
Headquartered in Vancouver,
Canada, BlueLine Studios Inc. is a gaming studio that
specializes in creating interactive entertainment in collaboration
with world-class celebrities. Being backed by Caravan enables
BlueLine access to star talents to deliver chart-topping
interactive experiences for users.
For more information, visit https://www.BlueLinestudios.co/.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; reputation
and brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions in China and
North America, and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
Media Contact:
Michael
Chen
Paranovus
929.288.7418
michael@pavs.ai
Investor Relations Contact:
Jackson Lin
Lambert
646.717.4593
jlin@lambert.com
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SOURCE Paranovus Entertainment Technology Ltd