NEW YORK, July 9, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the business of providing innovative education services, is pleased to announce that its wholly owned subsidiary, Color China Entertainment Limited ("Color China") has signed a Framework Agreement with Moremoon Cartoon Cultural Diffusion (Shenzhen) Co., Ltd. ("Moremoon") which sets forth the strategic direction of the two entities' cooperation that shall be further defined in a definitive agreement. In the future, the Company plans on releasing multiple series of Moremoon products on its "Color World" platform.
Moremoon is an experienced service provider for corporate image design, brand planning, graphic design, space design, card design, commercial photography, multimedia design, as well as an integrated brand planning and resource integration. Moremoon is centered on the operation and promotion of an independent animation brand image. It constantly enriches its brand "Zombies Cat," and continues to expand into related fields, including animation image authorization and derivative product development and sales, animation image design, illustration design, long comics production, sales channel management, mobile game design, and more. Advocating the value of "creativity-driven innovation and creating value," Moremoon is committed to building China's top original animation brand and revitalizing China's cultural and creative industries.
Moremoon has participated in in-depth cooperation with platforms such as Tencent QQ, Sogou Mobile Chinese Input Method, China Mobile Fetion, WeChat emoticons, Emoticons ABC Daquan, Baidu Hi, Love Wallpaper APP. It has won the Comprehensive Group of the 2nd Northeast Asia International Animation Works Competition in 2014 and appeared in China International Animation and Video Game Festival in October 2014.
The cooperation between Color Star and Moremoon marks the prelude to the Company's plan to offer multiple variety of products on its "Color World" Platform. Management aims to build the Color World platform to be very different from the traditional online education offerings; it will not only feature online classes taught by our "Star Teachers," whom are renowned and successful professionals in various fields of the entertainment and media industry, but also sell relevant peripheral products of our Star Teachers as well as brand collaboration products. Sean Liu, CEO of Color Star, said that "Color China are currently negotiating with many well-known brands around the world. Besides our educational programs, we are also aiming to bring the users with a unique shopping experience." In the future, we plan to include top brands and customized products on our Color World platform, which will allow our subscribers to experience a creative way of shopping, while at the same time expanding the service scope of the Company so as to increase the Company's channels for increased revenue.
We plan for Color World to become a diversified platform. Once our plan is successfully implemented, subscribers on our platform will not only learn face-to-face with their favorite Star Teachers, but will also have easy access to purchase peripheral products of their idols. At the same time, the platform will also allow subscribers to send gifts to their idols. We strive for Color World to become not just an education platform, but also a joyful learning experience and interactive education social platform with our Star Teachers.
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 services 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 management, 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 progress on the final testing and launch of the "Color World" platform, 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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