NEW
YORK, June 9, 2023 /PRNewswire/ -- Color Star
Technology Co., Ltd. (Nasdaq: ADD) ("Color Star" or the "Company"),
an entertainment technology company with a global network that
focuses on the application of technology and artificial
intelligence in the entertainment industry, announces that its
subsidiary, Color Metaverse Pte. Ltd., recently entered into a
strategic cooperation framework agreement with Hua Yu Sheng Shi
Group ("Hua Yu Group" or the "Group") to work together on
developing new entertainment and sports IPs in the future, with
terms to be set forth in a definitive written agreement. The
partnership will involve co-organizing large-scale events, talent
cultivation programs, variety shows, agency operations and
commercial rights management.
Hua Yu Group has a registered capital of 100 million Chinese
Yuan. Its resources are diversified, covering culture and sports,
film and entertainment, artificial intelligence technology and
asset management. Both parties will aim to cooperate in creating
new IPs relating to entertainment performances, sports events and
artwork copyrights targeted at the global market. By combining
their resources, Color Star and Hua Yu Group plan to work together
to build a new platform for innovation and entrepreneurship in the
city of Nansha, China as well as
organizing film festivals and introducing more international
events, international soccer stars, and film stars to the Chinese
market.
In terms of sports and culture, the plan is to link up with
government-sanctioned sports programs with various international
sporting associations. Simultaneously, the parties plan to also
actively promote public welfare, and strengthen international
exchanges, integration, innovation and development. In the past,
Color Star had already created its own music festival IP named
"Color Music Festival", which has already held a number of
performances with sensational results. With the live events
industry booming once again, the Color Music Festival will
gradually make its comeback, and is expected to be a key focus of
cooperation for both parties.
This year, Color Star has organized multiple live performances,
actively cooperating with leading companies in the industry on
advancing stage production technologies, outputting new IPs, and
copyright partnerships in order to maximize company profits during
the ongoing industry boom. Louis
Luo, CEO of Color Star, said, "In view of our current
company operations, live performances have become our biggest
source of revenue, so we have strengthened our cooperation with
outstanding companies, while putting more focus on entertainment
IPs, copyright revenue and incubating businesses. Take our "Color
Music Festival" for example; in addition to event tickets, there
are also merchandising and copyrights that can generate additional
revenue. By bringing our festival to various regions of the world
and inviting celebrities to perform, it not only generates
publicity for our festival, but also generates a constant stream of
profit for the Company."
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: ADD) is an
entertainment and education company that provides online
entertainment performances and online music education services. Its
business operations are conducted through its wholly-owned
subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The
Company's online education is provided through its Color World
music and entertainment education platform. More information about
the Company can be found at www.colorstarinternational.com and
www.colorstar.investorroom.com.
Forward-Looking Statement
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
guarantee 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, including
the development of the metaverse project; product and service
demand and acceptance; changes in technology; economic conditions;
the growth of the educational and training services market
internationally where ADD conducts its business; reputation and
brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions 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 unless required
by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.
