NEW YORK, Jan. 24, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence ("AI") in the entertainment industry, announced that its subsidiary Color Sky Entertainment Limited has reached a strategic cooperation with Guangzhou Star Space Catering Management Co., Ltd (hereinafter referred to as "Star Space"). The brand was introduced to the Color World's online educational platform. Star Space is also the first tea brand introduced to the platform.
In the past two years, affected by the pandemic, many branded restaurants have begun to open new channels to seek more diversified development. In 2021, the metaverse trend was blowing around the world, and fast-food restaurants have seized the opportunity, a lot of which registered Metaverse-related trademark content, released limited virtual blind boxes and virtual brand ambassadors. Hence, the merchants ushered in the spring season again. Moreover, based on the current Metaverse trend, the cooperation between Color Star and Star Space will bring the platform with more vitality and commercial profitability.
Upon the cooperation between the two parties, Color Star will build a 3D brand headquarter filled with technological-vibes and fantasy. At the same time, the diversion of platform subscribers will become the potential customers of the merchant, and 3D tea drinks will be designed online for them to order and consume. Color World, as a comprehensive metaverse platform, bring to members the most direct sense of life, interaction and technology. Previously, based on the platform's millions of user members, we were full of expectations for this upgrade to the metaverse platform. This will allow the Color World Metaverse to have a huge membership base once it goes online. At the same time, in the news released, it can be found that Color World is much closer to real life, from city display, virtual office to star scenes, etc., which are all differentiated from other platforms of the same genre. It is with a unique sense of technology and a sense of the future that break the constraints of time and space and allow more enterprises and businesses to settle in. Especially for the catering business, the online and offline model will form a linkage. While there is no human and material resources and a large amount of capital investment, the use of high-tech for brand display and traffic-inducing shall bring new vitality to many catering brands.
Mr. Lucas Capetian, CEO of Color Star, said: "For catering, more and more people now prefer advanced or novel experiences. At the same time, for merchants, it's not that simple as before for a brick-and-mortar store to keep the store and customers. Technology, for the catering industry, will stimulate new business opportunities, wider spread in various forms, and can also be structured into the physical industry at any time, which is what the catering merchants needed. We believe that for the future Color World to become a technology-based entertainment sharing platform, it is necessary to integrate many scenes and elements, and must be linked to businesses. While generating profits, our merchant members will continue to receive the benefits and surprises brought up by technology, which shall sustain Color Star with a longer-term development."
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq: CSCW) 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 China Entertainment 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.
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 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.
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