NEW YORK, June 15, 2023 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: ADD) ("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, announces that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), and TimeLimited Dream ("TimeLimited") have entered into a strategic partnership agreement. In view of the ongoing revival of the live entertainment industry, the two parties plan to carry out in-depth regional cooperation in the future, with the terms to be set forth in a definitive agreement.
Since the beginning of 2023, Color Star has increased its scope of global cooperation, focusing on cooperating with businesses and organizations that have certain strengths and capabilities. TimeLimited has been operating within the entertainment industry for over a decade, providing a comprehensive range of services including talent management, stage production, copyright & royalties management, music production, music publishing, event ticketing, ceremonies and sport competition presenting, and more. It has been involved in over a thousand large-scale cultural and sports events over its history, including organizing the SPACE CLUB Kepler Music Festival, ISY International Electronic Music Festival, Strawberry Music Festival, as well as concerts by Asian superstars such as Jay Chou, Jacky Cheung, Aaron Kwok and Fish Leong. With TimeLimited Dream's influence and resources in the Asian region, Color Star will continue to organize more music festivals and concerts following the establishment of the partnership. As a NASDAQ-listed technology and entertainment company, Color Star's live entertainment segment has found itself at an advantageous position within the industry. At a time when the live entertainment industry is experiencing a boom, Color Star is laying out a multi-faceted plan to actively expand into global markets, conducting research to effectively cater to various countries and cultures. At the same time, Color Metaverse's software, ColorWorld Metaverse ("Color World"), is planned to be the venue for many online performances. Color Star will also be constantly exploring new possible revenue sources such as online celebrity merchandising, e-tickets and other commercial products.
Louis Luo, CEO of Color Star said, "the current state of the live entertainment industry is optimal for our company. In order to welcome the dividends brought in by the booming industry, Color Star is working together with top class production companies around the world to organize international music events such as the Color Music Festival. Our planned cooperation with top production companies will help both sides to achieve mutual benefits and increase each other's influence."
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: ADD) 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 Metaverse Pte. 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 and www.colorstar.investorroom.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 ADD 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.
