NEW YORK, March 25, 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 ("AI") in the entertainment industry, recently officially announced the establishment of its Singapore subsidiary, Color Metaverse Pte. The subsidiary will be fully focused on developing its business of digital commerce and products in the metaverse. This indicates that Color Star will be furthering its development into its core businesses through specialist subsidiaries.
Color Star is a global company with its main focus set on developing high technology. It currently has its own teams of experts operating in Europe, America, the Middle East, and Asia. In order to better facilitate the development and management of its business, it has set up subsidiaries in various countries. Each subsidiary is responsible for a section of Color Star's commercial operations. The establishment of the Singapore subsidiary also heralds the beginning of the AI digital economy era, with the Color World metaverse platform as the starting point. The Singapore subsidiary will focus on combining digital merchants, digital products and the metaverse platform, providing an all-inclusive technology platform for retailers and members worldwide.
Furthermore, the establishment of the Singapore subsidiary also provides a positive boost to the expansive global network of the parent company, Color Star. Singapore has a unique advantage in terms of location, business environment, and technological advancement. Color Star will focus on Singapore in the future, linking together global technology and AI development. It is without a doubt of extraordinary significance for Color Star and the Color World metaverse to work in tandem with the world's cutting-edge technology. The Asian version of Color World will soon be launched, and consequently the number of Southeast Asian users and businesses will increase significantly. Users in Europe, America, the Middle East and Asia will be closely connected through the digital platform, bypassing geographical restrictions, and the advantages are especially obvious in the current unstable economic environment caused by the pandemic.
Lucas Capetian, CEO of Color Star states: "The establishment of the Singapore subsidiary is proof that Color Star has made significant progress since the business transformation, which is also proof that shifting our focus onto the metaverse was the correct decision. On the other hand, we will be bringing changes to the concept of traditional physical stores through our development of digital integration, which will very likely see success, and not only for the cultural entertainment industry. As a technology company, we are also bound to further develop each of our individual commercial ventures, so that our partners and shareholders can see that Color Star is a company capable of infinite possibilities and instant results. They will believe that we will be better and better in the future by witnessing our results and successes."
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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