NEW YORK, Sept. 16, 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,
announces that its wholly-owned subsidiary, Color China, signed an
memorandum of understanding to acquire Guangzhou Elephant
Interactive Network Technology Co., Ltd. (hereinafter referred to
as "Elephant Games") to utilize their respective advantages for
jointly developing online mobile games for the international
market. The two companies will cooperate globally in the areas of
game development, copyright distribution, and peripheral product
sales. Color China will benefit
from the strategic layout and overseas listing experiences of its
parent company, Color Star, which provides a diverse interactive
game experience for hundreds of millions of players worldwide.
Elephant Games specializes in the development and operation of
online games with local characteristics. Founded in 2017, the
company's core team is equipped with management talent from
well-known game companies such as Tencent, NetEase, Boya, China Mobile Games, Entertainment
(CMGE), and 4399 Network. The team
provides reliable and experienced business strategy, product
development, operations, marketing, and other know-how to the
company. Elephant Games has developed a number of 3D chess and card
games with local characteristics, and boasts independent
intellectual property rights.
Color Star's acquisition of Elephant Games will
establish close cooperation between the platforms of both
companies, creating a win-win, sustainable strategic partnership.
In order to acquire market share in the global online mobile game
market, Color Star has also partnered strategically with other
well-known game companies. The Company believes that as network
technology continues to improve, more people will choose the
virtual leisure experience in the future, especially in
Asia, where network technology has
already penetrated into daily life. With billions of players around
the world, the mobile game market has tremendous opportunities for
growth. Color Star will utilize its own technology and
entertainment business advantages to create entertainment products
with exclusive celebrity intellectual property rights.
Mr. Basil Wilson, CEO of Color
Star, commented: "In Asia, the mobile game market is a large
market segment, which spurs the creation of world-class mobile game
companies. Our cooperation with such a company will lead not only
to the creation of the world's most sensational and best-selling
game products, but also creation of our own IP products. We will
also develop a series of business content, including e-sport
competitions, theme hotels, and digital copyrights, among other
products. We believe that when each business segment
operates independently as well as collaboratively, this will
allow for more profit generation."
Color Star's strategic cooperations and business layout
decisions are based on macro factors including the global
market for precise positioning. We believe that online mobile
games will continue to show explosive growth in the future. With a
large, global user base and increasing demand, Color Star strives
to continually innovate and develop the best gaming experience for
its users, and obtain greater profits in the mobile game
market for investors.
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.