NEW YORK, April 7, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, announced that its subsidiary Color Sky Entertainment Limited ("Color Sky") officially reached a strategic partnership with Shenzhen Qian Hai Blue Earl Business Aviation Service Co ("Earl Blue Aviation"). In the near future, a virtual airport will be set up in Color Star's metaverse platform Color World, which will become a hub for digital aviation services and other related businesses. With the continuous improvement of networking technology, digital products featuring artificial intelligence as a core feature are becoming increasingly sought after by the public.
Earl Blue Aviation is a large-scale private flight service provider and flight management platform. It is an aviation company that provides cloud service and 24/7 global private jet services. It has more than 5,000 business aircrafts and perfect customer and member service systems. They provide a worldwide business jet leasing service, helicopter hailing centers, first-class booking service, medical jet service, VIP customized flight routine service, and other private flight-related services. In view of the professionalism and variety of services provided by Blue Earl Aviation, Color Star hopes to set up a "Color Airport" on the metaverse platform Color World. Private business jets, cloud service and other related aviation services offered by Blue Earl Aviation will all be available digitally on the platform. This will allow members worldwide to make online reservations on the platform, while using artificial intelligence technology to allow users a digital flight experience. High-end corporate users will also be able to use virtual reality ("VR") technology to carefully view a business jet that they are interested in purchasing. This not only allows Earl Blue Aviation to reach more potential customers, but also allows Color World members to enjoy the unique digital experience in the Color World metaverse.
Recently, Color World has had many famous enterprises join the metaverse platform. The types of enterprises are diverse, including restaurants, fashion brands, ticketing services, real estate, biology, training centers etc. On this platform, members can use "rainbow beans" to purchase and experience related digital products, clothes, cars, airplanes, flight tickets, hotel service, guided tours, online shopping etc. This model is fully in line with Color Star's initial vision for Color World, creating a metaverse with a truly immersive online experience.
Lucas Capetian, Color Star's CEO stated: "So far, we have virtual stores, virtual restaurants, virtual ticket centers, and other kinds of virtual scenes and cityscapes in Color World. However, this is far from enough, as our goal is to create the real-life experience in a virtual world. We have set up virtual characters and "rainbow beans", so that our members can benefit from a more authentic experience. More realistic scenes and institutions will be set up in Color World in the future, and the companies who we cooperate with all acknowledge and agree with us on the view that the trend of the business economy will inevitably drift towards the development of the combination of digital and physical worlds."
About Color Star Technology Co., Ltd.
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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