NEW YORK, Oct. 6, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("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 private aircraft will be available for purchase in the shopping malls of their metaverse platform ColorWorld Metaverse ("Color World"). Users will be able to rent, purchase, and sell aircraft online with the help of VR technology. Color World will become one of the world's first metaverse platforms to allow users to purchase private aircraft.

Recently, Color Star has signed a strategic cooperation agreement with Shenzhen Qianhai Bluejet Aviation Service Ltd. (hereinafter referred to as "Bluejet"), a company specializing in global aviation services, and has set up a metaverse headquarter in Color World. Both companies hope that they will not only be able to increase each other's brand influence, but also open up infinite new possibilities within the digital online economy through their cooperation. With this agreement signed, Color Star now has its sights on an ambitious long-term goal. The Color Star team has updated and improved the designs of the Color World app during previous development and design stages. By cooperating with an aviation services company, Color Star has now also paved the way for the aviation industry in the metaverse. From the creation of the digital headquarter in the early stages all the way to the inclusion of real-world physical products in the metaverse, Color Star has been steadily accelerating the development and expansion of content in Color World. Next, the Color Star team will work to combine airline ticketing services, hotel services, etc., in order to create a thriving environment for the aviation industry in the metaverse.

Farhan Qadir, CEO of Color Star, said: "When we first began creating the aviation service headquarter, many people were interested in our project, but what people were really interested in was how we were going to make the idea a reality. So now we are about to make the aircraft available for purchase to all public users. Potential buyers can examine the products in closer detail through the use of VR. Sellers will be able to sell aircraft and other related aviation services online as well as offline. This is just the beginning. Our team is currently working hard at researching and developing air routes, air services, etc. Our ultimate goal is to not only allow customers to enjoy tailored private flight services through our metaverse platform, but to also provide them with an extensive variety of air services, air routes, etc. in Color World through the use of AI technology. We hope to become the first company in the world to provide such services."

From software applications to real-world enterprises and products, Color World has covered most of it. Step by step, Color Star is proving to the world with hard evidence that Color World will be a revolutionary software platform that could perhaps set a new level of standards. The metaverse will be an important platform that will serve as a medium between the virtual world and the real world, as well as becoming a home for the future developments of the digital economy. While the world quietly observes the growth of the metaverse, Color Star has been deeply engaged in research and development. Frankly speaking, Color Star is focused on working to increase the amount of time users spend in Color World so that vendors and merchants can make more profit on the platform. To achieve this, Color Star is constantly updating, optimizing, and developing new content for the platform.

About Color Star Technology Co., Ltd.

Color Star Technology Co., Ltd. (Nasdaq: 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, 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 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.

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SOURCE Color Star Technology Co., Ltd.

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