NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the"Company"), today announced a private placement of $26 million at price of $1.30 per share. The proceeds from this placement will be used toward the development of Artificial Intelligence (AI), Augmented Reality (AR), and Mixed Reality (MR) technologies to create virtual communities for the Company's software application (hereinafter referred to as the "Color Star APP").
Since its launch in September 2020, the Color Star APP has already acquired a registered user base exceeding 1 million and growing, and is also the first online software that focuses on interactions with celebrities. The Company is currently collaborating with Silicon Valley software engineers and a Chinese technology R&D company to create AI with blockchain technology. Specifically, the collaboration will focus on the development and application of 3D virtual reality (VR) technology to online concerts, in the hope of recreating these concerts as "live" concerts, and resolving the solitary and non-interactive nature of online concerts. The Company's goal is to transform the experience of an online concert to that comparable to watching it in-person. Towards this end, the company has also invested heavily in MR, which is an extension of VR and AR. The creation of MR scenes gives the audience, who are sitting in front of their screens at home, a similar experience to being at a live concert, where they are immersed in 3D scenes with their senses activated. At the same time, they can communicate with other participants from around the world through virtual communications, and interact with celebrities in real time. MR technology also allows other benefits, such as allowing for real-time on-site seat selection, so that there will no longer be a single ticket price for online concerts, but different seats reflecting different viewing angles and price levels, which creates an overall more customized and realistic experience.
Because the Company's existing 2D products are unable to resolve the issue of dizziness for the audience, it will launch a more futuristic naked-eye 3D vision technology, allowing audiences to nearly replicate the experiences of live scenes. The Company also plans to develop a wireless Bluetooth headset technology that allows for real-time, high-quality, surround-sound to complement and enhance the virtual experience.
The CEO of Color Star, Mr. Luke Lu, commented: "The upgrade and development of AI and AR technology will be a revolution for the Company. We are collaborating with many top research institutions and technical professionals to create an AI that is unique to Color Star which combines AR and MR technologies. This integration of AR and MR will create a realistic virtual world, and demonstrates that Color Star is not only an internet company but also a high-technology company. The Company has plans to establish a center in Silicon Valley that focuses on the research and development of VR, which will be integrated into the Company's various businesses, including offline and online concerts, celebrity education, and peripheral product sales, so that users are not only 'viewing' a web page on 2D, but actually merging parts of VR with reality."
"Color Star's upgrade and development in AI and AR is expected to be a breakthrough in the field of technological development. The application of VR is expected to be inevitable for many industries, including the future of online video, communication, and entertainment. We hope this time the VR we develop and create will bring our users an unprecedented experience. I believe with the development and application of more advanced AI and AR technologies, there will be more reasons for users to experience the Color Star APP, and our user base will grow rapidly. In the meantime, the application of multiple scenes will soon be reflected in the Company's upcoming online concerts. With the entertainment revolution driven by the development and upgrade of new technology, the Company expects to attract more audiences worldwide. In addition, blockchain technology can be used in various applications in the near future, such as helping the Company in the development of its copyright platform, celebrity interaction platform, peripheral product sales, and concert ticket sales businesses," concluded Mr. Lu.
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; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market in China and other countries 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.
For more information, please contact:
William Tu
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: wtu@skylineccg.com
