NEW YORK, June 9, 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 that its subsidiary, Color Metaverse Pte. Ltd., recently entered into a strategic cooperation framework agreement with Hua Yu Sheng Shi Group ("Hua Yu Group" or the "Group") to work together on developing new entertainment and sports IPs in the future, with terms to be set forth in a definitive written agreement. The partnership will involve co-organizing large-scale events, talent cultivation programs, variety shows, agency operations and commercial rights management.
Hua Yu Group has a registered capital of 100 million Chinese Yuan. Its resources are diversified, covering culture and sports, film and entertainment, artificial intelligence technology and asset management. Both parties will aim to cooperate in creating new IPs relating to entertainment performances, sports events and artwork copyrights targeted at the global market. By combining their resources, Color Star and Hua Yu Group plan to work together to build a new platform for innovation and entrepreneurship in the city of Nansha, China as well as organizing film festivals and introducing more international events, international soccer stars, and film stars to the Chinese market.
In terms of sports and culture, the plan is to link up with government-sanctioned sports programs with various international sporting associations. Simultaneously, the parties plan to also actively promote public welfare, and strengthen international exchanges, integration, innovation and development. In the past, Color Star had already created its own music festival IP named "Color Music Festival", which has already held a number of performances with sensational results. With the live events industry booming once again, the Color Music Festival will gradually make its comeback, and is expected to be a key focus of cooperation for both parties.
This year, Color Star has organized multiple live performances, actively cooperating with leading companies in the industry on advancing stage production technologies, outputting new IPs, and copyright partnerships in order to maximize company profits during the ongoing industry boom. Louis Luo, CEO of Color Star, said, "In view of our current company operations, live performances have become our biggest source of revenue, so we have strengthened our cooperation with outstanding companies, while putting more focus on entertainment IPs, copyright revenue and incubating businesses. Take our "Color Music Festival" for example; in addition to event tickets, there are also merchandising and copyrights that can generate additional revenue. By bringing our festival to various regions of the world and inviting celebrities to perform, it not only generates publicity for our festival, but also generates a constant stream of profit for the Company."
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.
