NEW
YORK, June 28, 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, announces today that
its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), has
entered into a strategic cooperation framework agreement with
Beijing Zhong Guang Shi Xun International Cultural Development Co.,
Ltd. ("Zhong Guan") in order to
further develop its business in the Asia live events market in the future.
In response to the rapid recovery of the live events industry
worldwide, Color Star has organized various live performances
around the world. To date, a number of these performances have
already taken place in Europe, the
U.S., the Middle East, and
Asia. In order to better present
the most exciting shows to people worldwide and to create a
strategically positioned events production matrix, Color Star has
entered into strategic cooperation framework agreements with event
production teams in the U.S., U.K., Dubai, Japan, Thailand, Korea, and China. Upon finalizing the partnerships with
these event production teams by entering into certain definitive
cooperation agreements, Color Star will always have an experienced
local event production team on the ready, irrespective of which
country a planned event is to take place in. A local team would be
able to help Color Star gain an intimate understanding of the local
market and audience, and grants the Company the advantage of access
to local connections, which will assist in the development of Color
Star's live events projects.
Founded in China and having
branched out to more than 30 major cities, Zhong Guang has vast resources and experience
within the industry. It has set up its own brand center, creative
center, audiovisual center, film and TV center, media center and
strategic platform alliances. The planned partnership between Color
Star and Zhong Guang is intended to
focus primarily on events production activities in the Chinese and
Asia markets.
Color Star Technology CEO, Louis
Luo, said: "Color Star has planned a large amount of live
events this year. We plan on cooperating with many excellent local
production companies and ticketing companies to bolster our box
office performance. Once our events production matrix that we are
working hard to put in place is finalized, we will be able to
quickly organize all kinds of performances and events around the
world with ease."
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.