NEW YORK, March 9, 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 in the entertainment
industry, announces today its wholly-owned subsidiary Color
Sky Entertainment Ltd. has reached a strategic cooperation
agreement with Guangxi Qiuyinong Trade Co., Ltd ("Qiu").
Qui's tea brand, "San Si Yi Ting," will be introduced to Color
Star's metaverse platform, making it the first Asian tea brand to
enter the platform.
The Qiu tea brand "San Si Yi Ting" originates from the
fundamentals of Asian tea culture and covers various sectors such
as tea categories, featured tea rooms and tea cultural and creative
products. Pursuant to the strategic cooperation agreement,
Qiu will establish a virtual concept store on the Color World
metaverse platform utilizing Color Star's platform edges and
artificial intelligence technology. Both companies expect to
strengthen their in-depth cooperation and carry out a series of
additional measures related to the Asian tea culture, online sales
and cultural popularization. Color Star anticipates Qiu
introducing more of its commercial brands into the global market,
which can help to promote the tea culture to more countries and
regions. This cooperation should both enrich the Color World
metaverse platform, as well as extend the development of physical
products and virtual products (e.g. NFT products) with partnered
enterprises, which the Company believes will in turn bring more
profits to Color Star.
At present, the Color World metaverse app has been launched over
the Android and Apple app stores, with an Asian version soon to be
launched. The Company anticipates this Asian availability will
significantly increase beyond the platform's current user base,
which numbers more than one million users. Potential partners
anticipate this increase and continue to explore collaboration
within Color World. With the metaverse trend's emerging
momentum, the Company believes in the potential for artificial
intelligence to provide users with an optimized experience.
Lucas Capetian, CEO of Color Star, commented, "Although our
software Color World is a beta version now, from the users'
feedback after it was released, the software construction and
screen experience are both quite satisfactory, which makes us more
confident to continue investing in the R&D and
optimization. Furthermore, our investors and partners have
also affirmed it, which is well illustrated by the presence of many
merchants."
About Color Star Technology
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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SOURCE Color Star Technology Co., Ltd.