NEW YORK, Sept. 13, 2021
/PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW)
(hereinafter referred to as "Color Star" or the "Company"), an
entertainment technology company with a global network that focuses
on the application of technology and artificial intelligence (AI)
in the entertainment industry, officially announces plans to
establish an international business unit in Dubai as part of its strategy to deepen
high-tech efforts in capturing metaverse opportunities. While using
virtual reality (VR) and augmented reality (AR) technologies, the
Company will continue to develop smart technologies to enhance the
Color Star virtual universe.
The word "metaverse" was originally created by science fiction
writer Neil Stephenson in the 1992
novel Avalanche, which refers to a life-like virtual world
that parallels the real world. People may reasonably spend most of
their time in such a world. The concept of metaverse is similar to
virtual reality, but surpasses virtual reality in terms of the
grandeur and special meaning. With the ever-changing rules of
global markets and impact of the pandemic, metaverse has
become the focus of capital markets; more well-known, global
technology companies are transforming into the metaverse. Renowned
companies have begun to fight for market share as many people seem
to have discovered the "New World" of metaverse.
As early as February this year, having received private equity
funding, Color Star began research and development on a metaverse
software, known as Color Star Metaverse, and continues to
acquire software companies to form professional teams for
collaboration in development and design of virtual communities and
products. The goal of Color Star is not only to build a "parallel
reality experience", but also to create customized virtual
characters and virtual scenes for Color Star Metaverse, where one
can become his or her ideal self, and have experiences
mimicking the real world. Color Star will also integrate the
resources of celebrity artists and continue to host performances,
interactions, product sales and other related content on Color Star
Metaverse. At present, the Company has completed the first phase of
Color Star Metaverse. With the establishment of the Dubai business division, the second phase of
Color Star Metaverse will include the launch of VR scenes and
complementary products that allow users to build various social,
entertainment, daily life, and other visual experience scenes for
their virtual self.
Mr. Basil Wilson, CEO of Color
Star, commented: "We have already set foot in the metaverse field.
While completing the first phase of the Color Star Metaverse, the
Company also issued a series of merger announcements which are
crucial to the establishment of a professional team and subsequent
work on the Color Star Metaverse. We believe the Color Star
Metaverse will present infinite possibilities for enterprises and
the public, and all of this will be realized on our Color Star
APP."
As Color Star continues to make efforts and investments in new
technologies, the Company has already created several technology
products, including metaverse and non-fungible token (NFT); the
R&D department is currently working to combine these two
technologies. Color Star will soon launch metaverse products
related to NFT, so that more entertainment scenes can be presented
to the public through advanced technology.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) 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 China Entertainment 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
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; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the educational and training services market
in China and other countries where
CSCW 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.
For more information, please contact:
William Tu
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: wtu@skylineccg.com
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SOURCE Color Star Technology Co., Ltd.