Investor Relation

NEW YORK, NY, Oct. 19, 2022 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (“FingerMotion” or the “Company”)(Nasdaq: FNGR), a mobile data and services company, is pleased to announce a cooperation agreement between Suning.com and FingerMotion’s subsidiary, Shanghai JiuGe Information Technology Co., Ltd (“JiuGe”). The cooperation agreement makes JiuGe the provider of top-up service on Suning.com’s e-commerce portal. The agreement calls for JiuGe to provide operational support in the form of platform development, marketing and testing.

“Our Top-up business continues to expand,” said Martin Shen, CEO of FingerMotion, Inc. “We have now on-boarded 5 of the top 10 Chinese e-commerce portal sites. We believe this major achievement is related to our open-source technology that allows e-commerce portals to quickly integrate with our system. We have our sights set on future expansion and plan to continue pursuing the remaining e-commerce portals. We have found that the pandemic has accelerated the consumers online shopping preferences.”

October 2020 Warrant Extension

The Company’s board of directors has authorized a six month extension to the expiry date of the common stock purchase warrants that the Company issued on October 19, 2020 which have an expiry date of October 19, 2022 and an exercise price of $2.00 per share (the “October 2020 Warrants”). The new expiry date of the October 2020 Warrants is April 19, 2023.

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FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile services and data company, is pleased to report its financial results for the second quarter ended August 31, 2022. To review the full financial results, please view the Company's recent Form 10-Q filing on the SEC's website at www.sec.gov/edgar/search, which should be read in connection with this news release.
Q2 2023 Financial Summary (results expressed in US$ unless otherwise indicated):

• Reported record quarterly revenue of $4.98 million (includes SMS & MMS, Telecommunications Products & Services businesses, and Big Data);
• Reported quarterly increase in Telecommunications Products & Services business revenue of $1.10 million or 64% compared to Q2 2022;
• Reported quarterly increase in Big Data revenue of $.03 million or 91% compared to Q2 2022 due to a new contract with Pacific Life Re in Asia;
• Reported quarterly decline in SMS & MMS business revenue of $1.53 million or 42% compared to Q2 2022;
• Reported quarterly cost of revenue of $4.57 million which was a decrease of $.12 million or 3% compared to Q2 2022;
• Reported quarterly loss of $1.54 million which was an increase of $.08 million or 6% compared to Q2 2022;
• Basic and Diluted loss per share of $0.04 versus a loss per share of $0.04 for Q2 2022;
• On August 31, 2022, FingerMotion had $1,984,562 in cash, a working capital surplus of $6,728,711 and positive shareholders' equity of $2,168,824;
• Total Assets were $10.46 million, Total Current Liabilities were $3.40 million and Total Liabilities were $8.29 million;
• 42,857,260 common shares were issued and outstanding as of August 31, 2022.

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FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile data, services, and big data analytics company is pleased to report several key milestones in relation to its subsidiary, Finger Motion Financial Company Limited's big data analytics arm branded "Sapientus".

Over the past year, we have deepened the Company's determined commitment toward working with partners in elucidating consumer insights via big data algorithm and applying behavioral analytics to the fintech sector in sparking new innovations & commercial applications. The following updates capture the most recent accomplishments and milestones:

• Strengthening partnership network - The Company has signed a new agreement to advance to the next phase of collaboration with Pacific Life Re in Asia.
• Upgrade of analytic engine - As part of its ongoing model development effort, the Company has enriched its algorithms with more elaborative auxiliary data, which, in conjunction with its existing information system and records, will lend transformational support and capabilities to its analytics, empowering more precise and robust results that are suited for commercial applications. The collaborative research studies with leading industry partners have enhanced and validated the Company's analytic framework and insurance risk rating services platform, which is now ready for deployment to the wide insurance and financial services industry.
• API rollout for market adoption - The Company's risk rating services platform is built on an application programming interface (API) structure that is integrated with its partners' core systems, linked to an underlying data repertoire and analytic framework that facilitates real-time rating feedback to insurance companies. Regular API upgrades and enhancements enable greater flexibility in tightening service integration and broadening commercial opportunities with the Company's partners.
• Official patent recognition - Over the past two years, Sapientus has been granted seven patents by the National Copyright Administration of China (NCAC) for the abovementioned model algorithms and technological infrastructure as well as insurance-oriented applications, for example, Risk Rating API Design, Insurance Risk Assessment Platform and Insurance Fraud Detection System (two other applications are still pending approval). NCAC is the governing body for patent and copyright verification and approval in China. The Company's successful applications for these patents validates Sapientus' continuing innovation in data science and its application in the field of insurance, finance and beyond, demonstrating the Company's active participation and contributions to the industry.

"Our risk rating API platform is the foundational end product built upon collaborative research conducted with our core partners over the course of the past year," said Martin Shen, CEO of FingerMotion. "We look forward to leveraging this significant achievement and look to realize many more innovation possibilities across the commercialization spectrum."

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