NEW YORK, July 24, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company,", "we," "our" or "HHT"), a company engaged in the business of providing education services, today announced that its wholly owned subsidiary, Color China Entertainment Limited ("Color China") has signed a Cooperation Framework Agreement with Hong Kong's renowned tourbillon watch brand Memorigin. We plan on jointly designing, producing and selling customized watches themed after our Star Teachers as part of the peripheral products which we plan on selling exclusively on Color World, our developing online education platform.
Memorigin is a brand owned by Memorigin Watch Co., Ltd., and is the first watch brand in Hong Kong to produce only tourbillon watches. Memorigin's watches feature the merging of oriental sculpting techniques with the western art of watchmaking, creating tourbillon watches with a strong Hong Kong cultural character and is a blend of oriental and western cultures. Memorigin tourbillon watches have been certified as world class quality in time accuracy and water poof tests by Mr. Ogawa Satoshi Yukari of Watch Repair Master, a famous watch repair center in Osaka, Japan. The high quality to price ratio of Memorigin tourbillon watches has greatly strengthened its market penetration capabilities. The brand's Chinese name "Wan Xi Quan" refers to "the source of hope for all people." The English name "Memorigin" is a combination of two words, memory and original, symbolizing that their tourbillon watches not only record time, but also witnesses the significant moments in one's life, celebrating and memorizing the everlasting memories.
The cooperation between Color Star and Memorigin serves as a prelude to the sales of other high-end peripheral products on Color World. Color World will not only excel in online education, but also serve as a convenient platform for celebrity peripheral products. The establishment of this segment on our platform also differentiates it from the traditional online education model of teaching. Biao (Luke) Lu, CEO of Color Star, said, "In the future, we plan on cooperating with more top brands and independent designers around the world to launch peripheral products exclusively for the Star Teachers of Color World, so that their fans around the world will have a bigger variety of purchase options."
The planned cooperation between Color World and other top brands will also complete our platform, as we believe that consumers around the world will visit our peripheral product shops to purchase their favorite idols' products. We plan to also include intellectual property such as song and movie script made available for purchase on the sales platform of Color World so that more musicians, producers, filmmakers and others in the entertainment industry can generate profits with us on our platform.
About Color Star Technology Co., Ltd.
Color Star Technology is a holding company whose primary business is offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company also anticipates providing an after-school tutoring program in New York via its joint venture entity Baytao LLC, and providing online music and entertainment education via a platform branded "Color World."
Forward-Looking Statements
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on HHT's operations, the demand for the HHT's products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT's SEC filings are available publicly on the SEC's website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Color Star Technology Co., Ltd.
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