NEW YORK, Dec. 15, 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, today announced that Mr.
Basil Wilson, the Company's former
Chairman and CEO, has resigned from both positions due to health
reasons. Sir Lucas Capetian will
become Color Star's new Chairman and CEO.
Sir Lucas Capetian graduated from
Harvard Business School with an
Executive Master of Business Administration degree and, with many
years of experience in the field of internet technology, has sharp
observations and judgement. He founded two internet technology
companies and has invested in several other technology companies,
including high-tech smart-wear, in the UK, Singapore, Hong
Kong, Dubai and other
regions. Sir Lucas Capetian will
assume the positions of Chairman and CEO and lead Color Star in
more rapid development of core technologies, such as its metaverse
and non-fungible token (NFT) products.
Sir Lucas Capetian, CEO of Color
Star, commented: "First and foremost, I want to thank Mr.
Basil Wilson for having paved the
way toward making solid technological progress during his tenure.
Color Star made tremendous efforts in the development of metaverse
and NFT products as well as other technological breakthroughs under
his leadership. During this time, the Company also saw operating
income increase exponentially, while registered users of the
metaverse entertainment platform, Color Star app, exceeded one
million. It is regrettable to see Mr. Wilson resign as CEO due to
health reasons, however I will continue to lead the Company in
making new breakthroughs and the development of metaverse and NFT
products. I will use my leadership, experience, and resources to
propel Color Star on the path to more rapid technology and business
development."
Upon his appointment, Sir Lucas
Capetian will first increase R&D efforts for the
development of metaverse products and smart-wear technologies. In
the meantime, the Color Star app metaverse entertainment interface
will be launched later this month. The platform will continuously
incorporate and integrate the Company's entertainment
technology concepts and developments to create a global celebrity
interactive metaverse world.
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, 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 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.
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SOURCE Color Star Technology Co., Ltd.