NEW
YORK, July 13, 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
Three Angles Production ("Three Angles") have entered into a
framework strategic cooperation agreement with plans to increase
development efforts within the live events industry around the
world and specifically in Southeast
Asia, which is planned to become one of the key areas for
Color Star's business development.
Three Angles is an international media and entertainment company
with offices in Australia,
Indonesia, the Philippines, Singapore, and Korea. It has an
experienced production team and access to an impressive
network of top international celebrities. The company has been
involved in the production of shows for Britney Spears, Chungha, THE BOYZ, amongst
others. Three Angles has a wide range of performance resources
specifically in Singapore and
Malaysia. The partnership which is
planned to be set forth in a definitive agreement aims to improve
Color Star's live performance business in Southeast Asia. This year has seen Color Star
quickly developing its live events segment, laying out a planned
events production matrix, entering into new strategic partnerships,
continuously signing top talents and events, and presenting
exciting entertainment projects in response to the changing market
environment.
Recently, the world has witnessed the resurgence of live
performances, with large international events and performances
taking place one after another. Color Star has been actively
working on organizing music festivals, music concerts and sporting
events. It is currently involved in many collaborations and
partnerships in Europe, the
Middle East and Asia. In order to maximize the quality of the
events, increase ticket revenue and improve all kinds of commercial
cooperation, Color Star has set up an international team to prepare
and carry out these live events. Meanwhile, Color Star also plans
to make use of its artificial intelligence technology and metaverse
software application by introducing online functionalities such as
electronic ticket vending, online live streaming, online variety
shows, and other digital content.
The Company believes that the recovery of the performance
industry has most directly driven ticket revenue and commercial
sponsorship revenue. Furthermore, e-commerce has to be properly
integrated to efficiently maximize profits in the current digital
age.
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.
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SOURCE Color Star Technology Co., Ltd.