SEOUL, REPUBLIC OF SOUTH KOREA / ACCESSWIRE / September 11, 2023 / Hanryu Holdings, Inc. (NASDAQ:HRYU) (the "Company" or "Hanryu"), a media-tech company and creator of FANTOO, an all-in-one social media experience connecting k-culture fans globally, today announced the signing of a strategic Memorandum of Understanding (‘MOU') partnership agreement with Ameridge Corp. (KOSDAQ: 900100), owner of the popular women's clothing line, Papaya, to distribute its FANTOO-branded merchandise throughout at least 45 Papaya stores in the United States.
This strategic partnership is mutually beneficial and synergistic for Hanryu's FANTOO application and Papaya. Papaya's main customer demographic are women, ages 15 to 29, and approximately 81% of FANTOO's over 26 million users are men and women ages 20 to 39. By supplying Papaya with the FANTOO-branded clothing to its loyal customers, Papaya will receive new merchandise SKUs for distribution through their brick and mortar network and FANTOO will be able to market directly to their target audience in the U.S., while also generating revenue.
"Our k-culture application, FANTOO, has quickly gained popularity globally among women under 40 years old. Our partnership with popular brand, Papaya, provides us with an opportunity to market directly to our fans in the U.S., while also presenting yet another revenue stream for the Company. We expect to launch our FANTOO-branded clothing line through Papaya this year and begin generating revenue. Our internal projections are that this agreement alone could generate over $10 million in revenue in 2024."
About Hanryu Holdings
Hanryu Holdings, Inc., is the creator of the engaging and innovative social media platform, "FANTOO". FANTOO connects users around the world that share similar interests by providing distinctive service offerings, technologies, applications, and websites. Through FANTOO, we provide a global multi-media platform for our users to interact with other like-minded users, to share their appreciation of various types of entertainment and cultures, create their own content, enjoy other users' content, engage in commerce, and experience a "fandom" community we believe is unlike any other. For more information please visit www.hanryuholdings.com.
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Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and include, without limitation, statements concerning the Company's business strategy, future revenues, market growth, capital requirements, product introductions, expansion plans and the adequacy of its funding, the proposed offering, and the plan to list on the The Nasdaq Capital Market. Other statements contained in this press release that are not historical facts are forward-looking statements. The Company has tried, wherever possible, to identify forward-looking statements by terminology such as "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and other comparable terminology.
The Company cautions you that any forward-looking statements presented in this press release are based on the beliefs of, assumptions made by, and information currently available to us. Such statements are based on assumptions, and the actual outcome will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond the Company's control or ability to predict. Although the Company believes that its assumptions are reasonable, it is not guaranteeing of future performance, and some will inevitably prove to be incorrect. As a result, the Company's actual future results can be expected to differ from its expectations, and those differences may be material. Accordingly, you should use caution in relying on forward-looking statements, which are based only on known results and trends at the time they are made, to anticipate future results or trends. Certain risks are discussed from time to time in the Company's filings with the SEC.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Company Contact:
Hanryu Holdings, Inc.
SunYoung Jang
[email protected]
[email protected]
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
[email protected]
SOURCE: Hanryu Holdings Inc.