NEW YORK, March 11, 2021 /PRNewswire/-- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), today
announced that its wholly-owned subsidiary, Color China
Entertainment Co., Ltd. (hereinafter referred to as
"Color China"), has
signed a partnership agreement with Meadow Films LA Inc.
(hereinafter referred to as "Meadow Films"), an
American film company. The two parties plan to begin cooperating in
the production and distribution of large-screen movies in the
international market.
Meadow Films is a Hollywood-based film company, whose founder
and Chairman Fan Xin is an
internationally renowned producer, and whose team are all
Hollywood industry professionals
with strong business capabilities. Currently, the company's
large-scale commercial film "Seven Sages" is already in progress.
This is a series that tells the story of the seven mythological
characters of Chinese legends, comparable to a Chinese version of
The Avengers. The protagonist of the first movie is Monkey
King, played by top Asian actor Mr. Andy
Lau. Although it is a Chinese film series, the special
effects and production teams are all top American teams, and Mr.
John P. Hughes, a leading
Hollywood icon who won seven
Oscars, serves as the director for special effects.
The partnership between Color China and Meadow Films will focus
on promoting investments in big-screen movies, and the copyright,
online sales, related mobile games, and exclusive behind-the-scenes
for these movies. The online celebrity interaction platform created
by Color Star, known as Color World, will also be involved in the
partnership through participation in obtaining film copyrights for
the internet platform. Recently, Color Star acquired several film
copyrights and will continue its business involvement in the film
industry. The Company intends to use the internet as a way to
integrate the platforms of global film copyrights, thereby allowing
more audiences to understand the film production process. It also
plans to cooperate with international film companies to start a
"New Film" support program, which is expected to provide celebrity
coaching to aspiring directors, actors and screenwriters, assisting
them with the creation and production of their own films.
The CEO of Color Star, Mr. Luke
Lu, commented: "Having worked in the film industry for many
years, I would very much like to see internet technology give more
people access to the movie industry, where they can systematically
learn the process of film production from start to finish, and make
a movie blueprint through the technology provided by our platform.
This is what we look forward to, and I hope more movie fans can
realize their film-making dreams through our Color World platform,
creating more and better films for everyone's enjoyment."
The use of internet technology for movie production is the trend
of the future. At present, more technology-oriented techniques are
already being applied to movie making, and Color Star hopes to
incorporate more use of technology in the conception and simulation
of movies through construction of artificial reality ("AR") scenes.
This should enable both film professionals and enthusiasts to
create and complete preliminary ideas on the Color World platform
through their own computers, and then publish these ideas on the
platform to receive reviews and ratings from movie fans around the
world, giving everyone more sense of participation. Color Star may
then actively invest in and provide more technology support to
movies with high ratings or positive reviews. Color World also
plans to cooperate with film production teams in the early stage to
launch movie-related mobile games and create a 1:1 scene so that
players feel "immersed" in the films. Such cooperation should
expand the capabilities of the Color World platform and attract
more users and game enthusiasts to join this global platform.
At the same time, Color World also plans to launch complete
courses on film production and mobile game production, giving
people access to learn from senior professionals via the computer
or mobile phone without having to test into a professional program.
With the launch of these services, the registered user base of
Color World should continue to grow. As an internet technology
company, Color Star values both customer quantity and customer
experience and hopes to attract different users to join the
platform through different content and service offerings. The
Company encourages users to give suggestions for improvement, and
may even purchase a user's software if it brings value to the Color
World platform. As Color Star continues its effort in technology
development, it plans to provide more technology services in the
future. The Company believes that as its business develops and user
base expands, this should be appreciated by the marketplace. As
Color Star continues R&D efforts in artificial reality and
blockchain technologies, it hopes to complete various product
developments as soon as possible, and strongly believes that
technology will continue to change our lives for the better.
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.