NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the"Company"), today
announced a private placement of $26
million at price of $1.30 per
share. The proceeds from this placement will be used toward the
development of Artificial Intelligence (AI), Augmented Reality
(AR), and Mixed Reality (MR) technologies to create virtual
communities for the Company's software application (hereinafter
referred to as the "Color Star APP").
Since its launch in September
2020, the Color Star APP has already acquired a
registered user base exceeding 1 million and growing, and is also
the first online software that focuses on interactions with
celebrities. The Company is currently collaborating with Silicon
Valley software engineers and a Chinese technology R&D company
to create AI with blockchain technology. Specifically, the
collaboration will focus on the development and application of 3D
virtual reality (VR) technology to online concerts, in the hope of
recreating these concerts as "live" concerts, and resolving the
solitary and non-interactive nature of online concerts. The
Company's goal is to transform the experience of an online concert
to that comparable to watching it in-person. Towards this end, the
company has also invested heavily in MR, which is an extension of
VR and AR. The creation of MR scenes gives the audience, who are
sitting in front of their screens at home, a similar experience to
being at a live concert, where they are immersed in 3D
scenes with their senses activated. At the same time, they can
communicate with other participants from around the world through
virtual communications, and interact with celebrities in real time.
MR technology also allows other benefits, such as allowing for
real-time on-site seat selection, so that there will no longer be a
single ticket price for online concerts, but different seats
reflecting different viewing angles and price levels, which creates
an overall more customized and realistic experience.
Because the Company's existing 2D products are unable to resolve
the issue of dizziness for the audience, it will launch a more
futuristic naked-eye 3D vision technology, allowing audiences
to nearly replicate the experiences of live scenes. The
Company also plans to develop a wireless Bluetooth headset
technology that allows for real-time, high-quality, surround-sound
to complement and enhance the virtual experience.
The CEO of Color Star, Mr. Luke
Lu, commented: "The upgrade and development of AI and AR
technology will be a revolution for the Company. We are
collaborating with many top research institutions and technical
professionals to create an AI that is unique to Color Star
which combines AR and MR technologies. This integration of AR and
MR will create a realistic virtual world, and demonstrates that
Color Star is not only an internet company but also a
high-technology company. The Company has plans to establish a
center in Silicon Valley that focuses on the research and
development of VR, which will be integrated into the Company's
various businesses, including offline and online concerts,
celebrity education, and peripheral product sales, so that users
are not only 'viewing' a web page on 2D, but actually merging
parts of VR with reality."
"Color Star's upgrade and development in AI and AR is expected
to be a breakthrough in the field of technological development. The
application of VR is expected to be inevitable for many industries,
including the future of online video, communication, and
entertainment. We hope this time the VR we develop and create will
bring our users an unprecedented experience. I believe with the
development and application of more advanced AI and AR
technologies, there will be more reasons for users to experience
the Color Star APP, and our user base will grow rapidly. In the
meantime, the application of multiple scenes will soon be reflected
in the Company's upcoming online concerts. With the
entertainment revolution driven by the development and upgrade of
new technology, the Company expects to attract more audiences
worldwide. In addition, blockchain technology can be used in
various applications in the near future, such as helping the
Company in the development of its copyright platform, celebrity
interaction platform, peripheral product sales, and concert ticket
sales businesses," concluded Mr. Lu.
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.