NEW YORK, April 23, 2020 /PRNewswire/ -- Huitao Technology Co., Ltd. (Nasdaq: HHT) (the "Company", "we" or "HHT"), a company which is in the process of disposing its legacy ready-mix concrete materials business and transitioning into an innovative education service provider, announced today that its jointly developed online education platform with Color China has entered the final testing phase and is expected to launch in early May 2020.
Pursuant to the Cooperation Agreement signed on March 30, 2020, Huitao Technology and Color China will collaborate in producing and streaming celebrity-taught online lessons and celebrity generated content videos on this platform. The platform will also create a live-streaming and audio community and serve as an e-commerce channel for commercialized celebrity IP products.
Registered in Hong Kong, Color China is considered to be a significant live-entertainment organizer in Asia, hosting more than 100 live concerts every year and is home to massive media assets in music production, songwriting, musical instruments and performing arts. Color China aims to recruit an All-Star Crew to be coaches on the Color Star program, including top-notch professional vocalists, producers, musicians and more.
The rapid spread of COVID-19, and the subsequent stay-at-home orders that have been issued by large number of governments around the world to contain the pandemic, have helped fundamentally underscore the prominence and benefits of online education. Online programs will continue to play a large role in the education industry even after the coronavirus outbreak is contained.
Mr. Yang (Sean) Liu, Chief Executive Officer of HHT commented, "We are very excited to cooperate with Color China to bring forward a pioneering learning experience and curriculum to our students. This platform will provide students direct access to well-known celebrities and music artists."
About Huitao Technology Co., Ltd.
Huitao Technology is a holding company which is currently undergoing a shift to a dedicated education services provider, offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries CACM Group NY, Inc. ("CACM"), Sunway Kids International Education Group Ltd. ("Sunway Kids"), Xin Ao Construction Materials, Inc., Beijing Ao Hang Construction Materials Technology Co., Ltd., Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entities, Beijing Xin Ao Concrete Group and Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. Through Baytao LLC, a newly formed joint venture, the Company also anticipates providing tutoring programs in New York which includes online learning via a platform being built by CACM. For more information, please visit http://www.china-acm.com.
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Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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