NEW
YORK, June 15, 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. ("Color Metaverse"),
and TimeLimited Dream ("TimeLimited") have entered into a strategic
partnership agreement. In view of the ongoing revival of the live
entertainment industry, the two parties plan to carry out in-depth
regional cooperation in the future, with the terms to be set forth
in a definitive agreement.
Since the beginning of 2023, Color Star has increased its scope
of global cooperation, focusing on cooperating with businesses and
organizations that have certain strengths and capabilities.
TimeLimited has been operating within the entertainment industry
for over a decade, providing a comprehensive range of services
including talent management, stage production, copyright &
royalties management, music production, music publishing,
event ticketing, ceremonies and sport competition presenting, and
more. It has been involved in over a thousand large-scale cultural
and sports events over its history, including organizing the SPACE
CLUB Kepler Music Festival, ISY International Electronic Music
Festival, Strawberry Music Festival, as well as concerts by Asian
superstars such as Jay Chou, Jacky Cheung, Aaron Kwok and Fish
Leong. With TimeLimited Dream's influence and resources in the
Asian region, Color Star will continue to organize more music
festivals and concerts following the establishment of the
partnership. As a NASDAQ-listed technology and entertainment
company, Color Star's live entertainment segment has found itself
at an advantageous position within the industry. At a time when the
live entertainment industry is experiencing a boom, Color Star is
laying out a multi-faceted plan to actively expand into global
markets, conducting research to effectively cater to various
countries and cultures. At the same time, Color Metaverse's
software, ColorWorld Metaverse ("Color World"), is planned to be
the venue for many online performances. Color Star will also be
constantly exploring new possible revenue sources such as online
celebrity merchandising, e-tickets and other commercial
products.
Louis Luo, CEO of Color Star
said, "the current state of the live entertainment industry is
optimal for our company. In order to welcome the dividends brought
in by the booming industry, Color Star is working together with top
class production companies around the world to organize
international music events such as the Color Music Festival. Our
planned cooperation with top production companies will help both
sides to achieve mutual benefits and increase each other's
influence."
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.