NEW YORK, Feb. 18, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), today
announced the signing of a sponsorship agreement with Dubai-based Safa Capital Limited to officially
launch the Company's secondary listing on NASDAQ Dubai. After
completion of the listing, Color Star will become the world's first
dual-listed entertainment technology company in the United States and United Arab Emirates (UAE).
NASDAQ Dubai
(www.nasdaqdubai.com) is the most important stock exchange
in the Middle East. As a
long-established center of global energy trade, the Middle East engages in vast international
trade and has a developed financial market that gives access to the
region's enormous wealth. Dubai,
being the most prominent and economically free market in the
Middle East, boasts a stock market
that is crucial to the region.
The CEO of Color Star, Mr. Luke
Lu, commented: "CSCW has already helped to establish the
Arab offline cultural entertainment business, as well as the online
service business. As CSCW's business expands and strengthens in the
Middle East, including its offline
business, there is strong demand for such services in the local
market, such as the aforementioned LiveHouse, which brings
considerable annual revenue to the Company. As CSCW's business in
the region grows, its listing on NASDAQ Dubai was a natural next
step. Because CSCW is already a recognized name in the local
market, its listing on NASDAQ Dubai means that local institutions
can now invest directly in CSCW's business and project
developments, and become partners supporting the Company's regional
development. It is a win-win situation; as local institutions lend
and invest in CSCW to diversify the structural risk of investing
almost entirely in energy, CSCW can better access low-cost capital
for further regional business growth.
The Company's listings on US NASDAQ and NASDAQ Dubai are
expected to have a mutually beneficial, but different purpose.
Listing on the former is a capital operation based on overall
consideration of the Company, while listing on NASDAQ Dubai is
intended to support and develop its business in the Middle East by giving the Company access to
low-cost, local capital. All shareholders should benefit from this
arrangement. Having successfully completed the capital market
requirements of listing on NASDAQ Dubai, the Company should be able
to significantly raise capital reserves to support business
development and expansion in the Middle
East, which boasts a population of ~420 million people. The
impending listing on NASDAQ Dubai demonstrates how CSCW is able to
utilize the strength of its various internal businesses
(multi-level, multi-sector, and cross-regional corporate structure)
to take advantage of geographic resources and opportunities, and
will show, over time, the value and potential of its business
structure. Upon listing on NASDAQ Dubai, the Company will be the
first entertainment technology company to be dual-listed in both
the United States and UAE."
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.