NEW YORK, April 6, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), announced today the signing of a strategic cooperation agreement between its wholly-owned subsidiary, Color China Entertainment Limited (the "Company" or "Color China"), and School of Digital Arts & Media (SDAM) of Shandong University of Art & Design (SUAD). SUAD is an influential design and art academy in China and one of the entities that participates in the national project which focuses on integration and development bridging industry and education in China.
Through its interactive entertainment platform Color Star APP, Color China expects to introduce educational resources from SDAM, including knowledge sharing and exchanges in professional fields of digital media art, new media art, radio and television editing, film and television photography and production, theater film and television art design, animation, and photography. The parties also expect to have diversified and in-depth collaboration in other related content services.
The cooperation between SDAM and Color China will provide an online learning platform to teachers and students, help promoting various professional arts and establish more cooperation of cultural and creative products and cultural copyrights that are offered by the platform. In the future, the two parties expect to have more cooperation with regard to Color China's offline business.
As the number of Color Star APP users exceeds 1 million, a growing user base will inevitably generate more demand and attention, and in turn generates real teaching and learning results from these online course offerings. Once logged into the platform, a user can pay on-demand, and learn online in real time.
Currently, Color China is developing augmented reality (AR) technologies as well as AR-related innovative applications. The Company plans to establish AR theater, AR community, and an AR museum which will combine with the professional skills and expertise provided by SDAM to showcase on the Color Star APP.
The CEO of Color Star, Mr. Luke Lu, commented: "Our cooperation with School of Digital Arts & Media of SUAD is the first step for further collaboration in the future. The Color Star APP not only has celebrity tutors comprised of stars from all over the world, will also invite scholars and professors of prestigious universities to join the platform, providing our users with the professional and authoritative learning services. Our cooperation with professional colleges can be expanded to engage more student users, based on actual student needs, and we can develop professional-level courses as well as courses targeting various entrance exams. We believe the addition of student groups will further expand the number of users and user activity on our platform."
Recently, Color Star is moving forward to diversify its strategic cooperation arrangements. From artificial intelligence and new media art to cultural copyrights and art and media industrial parks, it is highlighting the core of "technology + culture," while combining online services with offline entities. By focusing on services that customers need, the Company will be able to realize its potential and improve its product offerings. The Color Star team is united and working to bring the best quality content to its global users and customers, as well as bringing more business opportunities for all partners.
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
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