NEW YORK,
June 11, 2021
/PRNewswire/ -- Color Star Technology Co., Ltd.
(NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the
"Company") announced on April 23,
U.S. Eastern Time, the signing of a Memorandum of Understanding
regarding the strategic cooperative development among Color China
(a wholly-owned subsidiary of Color Star), a U.S.-based company,
Movie Planet LLC (hereinafter referred to as "Movie Planet"), and a
South Korea-based company, Youa
Group (hereinafter referred to as "Youa Group"). The three parties
expressed interest in jointly developing NFT application for the
Hollywood Film Festival and
International Film Festival databases.
This tripartite cooperation will apply the NFT concept to future
Hollywood films, actors, short
celebrity videos, and celebrity products, while leveraging NFT to
develop technologies for the entertainment industry. As an
entertainment technology company, Color Star has always been
committed to the integration of technology and entertainment. After
the launch of NFT, the Company will accelerate its use of
blockchain technology and continue to develop new technologies in
the areas of film videos, music copyrights, and concert videos. The
Company has always believed that the entertainment industry is the
most suitable field for NFT application. In the future, this
technology can help solve many issues arising from copyright sales
and new song releases. The cooperation with Movie Planet and Youa
Group will enable more people to purchase and collect Hollywood movies, TV series, and music
copyrights through the NFT model, while promoting communication and
exchanges in the global entertainment industry.
Movie Planet's platform owns a massive database of 150 film
festival working groups from 90 countries. The chairman of the
platform, Holmes Stoner, commented: "Culture has no borders. I am
very happy to cooperate with Color Star and other excellent
partners from the United States,
China, and South Korea. We will cooperate in the most
advanced field of entertainment blockchain technology and strive to
become an outstanding leader in the mission of formalizing
cryptocurrency usage." The CEO of Color Star, Mr. Luke Lu, commented: "We are very much looking
forward to the new opportunities that will arise from this
cooperation. We also believe this cooperation will bring many
upsides to the Company and our investors."
The cooperation among Color Star, Movie Planet, and Youa Group
is not limited to developing NFT copyright of Hollywood movies. The three parties will also
jointly create films and TV series using the concept of NFT
blockchain, so that the blockchain technology can be applied to
other applications. Such applications will also educate fans and
consumers about how integration of NFT and entertainment can
generate more benefits. It is worth noting that K-play contents,
Block Story, and blockchain entertainment programs, which are
jointly produced by Youa Group, Color China and Movie Planet, are
among the first in the world to distribute cryptocurrency to the
audience. Encrypted currency programs will allow more than 100
million users access to join the digital asset exchange and Color
Star. In addition, cryptocurrency-related team associated with TV
content will attract many more new users.
Meanwhile, the blockchain for International Talent Show for TV
series will begin its global online audition soon. It is expected
that as the script for the public recruitment of "Block Story"
ensues, the solicitation battle and the cryptocurrency content will
follow, initiating the world's celebration of encryption
currency.
The global celebrity interactive platform, Color Star APP, has
applied blockchain technology in several areas. The Company will
release not only its own copyrighted movies, TV, music and other
content through NFT, but also its partners' copyrighted content.
Currently, Color Star APP has more than 1.5 million registered
members. We believe that the application of blockchain technology,
the release of NFT's multi-scene integration, and the introduction
of diversified entertainment products, will all attract more fans
and entertainment enthusiasts from around the world to join our
platform. The Company will continue to develop and refine its
entertainment technologies, in the hope that these technologies
will pave the future of entertainment.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) 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 China Entertainment 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
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.