BEIJING, June 17, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the business of providing education services, today announced that its wholly owned subsidiary, Color China Entertainment Limited, entered into a strategic partnership agreement with Shenzhen Bole Information Technology Co., Ltd. ("Shenzhen Bole") to provide advanced technologies for Color World, the Company's online education platform under development.
Shenzhen Bole is believed to be one of the leading augmented reality, virtual reality and mixed reality (AR/VR/MR) multi-scene content operation service provider in China and owns a large content library in the field of AR large-screen interactive subdivision. Shenzhen Bole created "X-Mirror (Gravitational Lens)," an innovative multiplayer AR interactive all-in-one machine, by integrating facial recognition, bone recognition and other cutting-edge technologies and leveraging rich AR interactive contents. Shenzhen Bole's clients include Agricultural Bank of China, NBA Playzone, Costa Cruises, Hershey's, as well as other large enterprises.
Since the outbreak of the global epidemic, traditional offline industries have faced great challenges while services utilizing online delivery has developed rapidly. We shifted our focus quickly and utilized our strengths to develop new areas of service. We are in the process of launching our Color World platform on which we plan to establish a full range alliance in entertainment education sector. The Company plans on deploying proprietary research and development with support from professional software development teams, aiming to break through the traditional education model and offer truly education services in an innovative way.
We anticipate the "artists + online education" model to be offered on Color World's platform to cover all fields of entertainment, including music, music production, vocal, songwriting, film acting, scriptwriting, sound engineering, and lighting engineering.
Management expects Color China's strong industry resources combined with its offline and online business models will attract hundreds of millions of registered users and provide them with a truly unique learning experience. While the initial planned launch date of the Color World platform was missed due to the functional modifications and expansions following the acquisition of Color China and the longer than expected impact of COVID-19, the Color World platform has completed its initial development phase and will become open for registration globally in the second half of 2020.
The most distinctive feature of the Color World platform will be the presence of numerous top artists from the world. To foster efficient learning results, Color World platform will provide students the flexibility to choose from various levels, numerous lessons in different languages, and many renowned artists teachers. Leveraging the unique experience of Color China's management team, the Company is looking into establishing strategic partnerships with many international record labels, agencies and artists. The Company also is exploring expanding its partnership network with many more international entertainment and sports companies and alliances to collaborate in nourishing our pioneered online education and entertainment ecosystem, adding new dynamics to the global entertainment economy.
Our partnership with Shenzhen Bole adds AR and Artificial Intelligence technologies to the Color World platform, enabling better interactions and learning experiences for our students. More specifically, Shenzhen Bole will implement AR technology into our video lessons, allowing for multi-lingual live interactions between students and their chosen artists virtually on the platform.
"We believe that the introduction of AR technology into our Color World platform will be a breakthrough for us and for the online education industry," Sean Liu, CEO of Color Star Technology commented, "AR technology will provide vivid live experiences and further encourage virtual interactions. We look forward to joining other top tier education companies in providing truly innovative and valuable education to students."
About Shenzhen Bole Information Technology
Shenzhen Bole is believed to be one of the leading augmented reality, virtual reality and mixed reality (AR/VR/MR) multi-scene content operation service provider in China and owns a large content library in the field of AR large-screen interactive subdivision. Shenzhen Bole created "X-Mirror (Gravitational Lens)," an innovative multiplayer AR interactive all-in-one machine, by integrating facial recognition, bone recognition and other cutting-edge technologies and leveraging rich AR interactive contents. Shenzhen Bole's clients include Agricultural Bank of China, NBA Playzone, Costa Cruises, Hershey's, as well as other large enterprises.
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., CACM Group NY, Inc., Sunway Kids International Education Group Ltd. ("Sunway Kids"), Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entity, Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. The Company also anticipates providing an after-school tutoring program in New York via its joint venture entity Baytao LLC, and providing online music 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.
Contact: Investor Relations
Cassie Zhang
ir@colorstarinternational.com
929-317-2699
View original content:http://www.prnewswire.com/news-releases/color-star-technology-announces-strategic-partnership-with-bole-information-technology-to-further-empower-the-color-world-platform-301078432.html
