NEW
YORK, June 23, 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, recently announced that
its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), and
Royal Sea Entertainment ("Royal
Sea") have entered into a strategic cooperation agreement.
The two companies plan to work closely together on the creation of
live performances, films, and entertainment in the future.
Hailing from Dubai, Royal
Sea specializes in film, television production, and
entertainment projects. Serving a global clientele, it has access
to a very large pool of celebrity artists from all over the world.
Royal Sea is able to connect with
the best international stars for all kinds of entertainment and
film shows. In the future, Royal Sea
plans to cooperate with Color Star through introducing popular
international celebrities for Color Star's live performance events
and online celebrity masterclasses. Utilizing Royal Sea's vast celebrity network and expertise
in performance production, Color Star plans to expand its
performance business in the Middle
East, Europe and
the United States. Meanwhile, the
Company plans to also use its metaverse platform, ColorWorld
Metaverse ("Color World"), to host online celebrity masterclasses
and other content. As a NASDAQ-listed technology and entertainment
company, Color Star is at an advantageous position within its
industry. At a time when the live events industry is booming, Color
Star is taking a multi-faceted approach. On the one hand, it is
actively expanding into overseas markets, precisely targeting and
catering to the entertainment needs of different cultures and
countries; on the other hand, it is combining its software, Color
World, for online and offline events, gaining revenue from event
tickets and commercial sponsorships, while constantly searching for
new revenue streams such as online celebrity merchandising and
electronic tickets.
Louis Luo, CEO of Color Star,
said: "The current boom in the global live events industry has
prompted the Company to focus this year's plan on it. In order to
capitalize on the booming market and hopefully increase dividends,
Color Star has set up a team to carry out performance production
globally and at the same time work on the Company's strategic
development, with plans to constantly cooperate with notable
companies in the industry, laying the foundation for more precise
development and business planning. The Company plans to carry out
celebrity concerts, music festivals and major international
sporting events around the world, and I believe that as our
business projects are noticed by more people, it will certainly
drive the Company's development further, as well as boost our brand
image."
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.