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Beijing, China, Dec. 27, 2021 -- Infobird Co., Ltd (Nasdaq: IFBD) ("Infobird" or the "Company"), a software-as-a-service provider of AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced it had entered into an equity transfer agreement to acquire a 51% equity interest in Shanghai Qishuo Network Technology Co., Ltd. ("Qishuo"). Qishuo is a provider of consumer product and retail store digitalization solutions in the retail footwear industry and clothing brands. Qishuo's main product "Retail Rubik's Cube" empowers clients with the digital capability to better understand and improve operational and store performances. 

With the Qishuo transaction, Infobird expects to provide more comprehensive and industry-specific SaaS solutions that focus on the digitalization of customer engagement and retail stores' operation optimization.

Yimin Wu, Chief Executive Officer and Chairman of Infobird, commented: "We believe that China's consumer products and retail industry continues to have significant growth potential. Even though online purchasing has experienced a fast growth period due to changing consumer purchasing habits as a result of the COVID-19 pandemic, physical stores are still considered a very important channel for companies to engage with customers and to increase brand influences. Qishuo's product, Retail Rubik's Cube, provides an ideal solution for retailers that want to optimize the customer experience at their physical stores. By having a deep understanding of client store operations in China's consumer products and retail industry, Qishuo aims to empower companies with easy-to-use SaaS products that can provide deep insights of how to improve store performance and operations. With the integration of Qishuo, Infobird will also have the capability to offer a more complete and industry-specific solution for clients, that will address both omnichannel customer engagement and digitalized store operation solutions. We strongly believe that the era for the digital transformation of China's consumer products and retail industry is now arriving and whoever can provide true value to the market, can win market share and build lasting barriers to entry. We are very excited about Qishuo's expertise in the field, and we believe that together we can accelerate our presence in the fast-growing retail and consumer marketplace."

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Gu Qi, founder and Chief Executive Officer of Qishuo, stated: "The focus of a business may change from time to time; however, the trend of data-driven value realization for businesses will not change. Data is the energy and power of the new economic era, and it's a sound business practice to use big data to empower the new retail industry. Based on our past experiences, many of the stores' management care mostly about the results of its operations rather than the factors that could lead to the result. This is why our Retail Rubik's Cube becomes very valuable to our clients. Instead of simply knowing what the result is, we want to help our clients to understand why and how. By conducting multi-dimensional data analysis for store operation, our retail Rubik's Cube is able to inform the store management team what could have been improved based on the operational data. We are very excited to join Infobird as we both share the same vision of providing creative value-driven SaaS solutions to the consumer product and retail industry. We believe that Infobird's international vision, strong technical capability, and deep product portfolio will provide strong support to us in both the short and long run. We look forward to quickly scaling up our business together with Infobird and by leveraging Infobird's technology, products and platforms, we believe more companies will enjoy the benefits of our value-driven solutions."

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Posted by Veronica Silva Cusi, news correspondent
Source: https://www.prnewswire.com