NEW YORK, March 4, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), today
announced a strategic partnership between its subsidiary, Color
China, and Zhongguang Telecom Ltd. (hereinafter referred to as
"Zhongguang Telecom") in the hope that the two parties
will use their respective advantages to jointly achieve an expanded
user base and new marketing strategy.
Zhongguang Telecom is a national telecommunications operator
approved by China's Ministry of
Industry & Information Technology. It has licenses to operate
in China's satellite
communications, internet access, internet content provision, radio
stations, and distance education sectors, and is one of
China's fully licensed internet
operating companies. The partnership between Color China and
Zhongguang Telecom plans to focus on developing a new section in
the layout of internet content (IP), as well as the application of
blockchain technology. The two companies plan to use blockchain
technology to create a new online internet model — the online
museum model, which involves augmented realty ("AR") technology and
blockchain algorithms to create an online museum based entirely on
artificial intelligence ("AI"). In the future, users may be able to
log into the Color Star APP to visit cultural relics and
collections from around the world, where the use of AR technology
will allow viewers to experience objects up-close and appreciate
the finer details. The use of AR can also be extended to auctions
and information sharing regarding collections. Through
collaborative development of blockchain and AR technology, and the
provision of museum pieces, the partnership between Color China and
Zhongguang Telecom is expected to help establish the online museum
model, where the users experience is as if they were viewing
collections on site, while also addressing the issues of
transportation, management, and safety for the collection. This new
model will also be equipped with one-on-one explanations for each
object, which can be more detailed and informative than visiting an
actual museum. It will also introduce global viewers to a brand new
museum experience, and allow museum fans from around the world to
experience the joy of online museums, while at the same time
attracting more high-net-worth individuals to download and use the
Color Star APP. The development of new viewing models is expected
to not only increase the Company's user base, but also to generate
a new revenue stream. The partnership between Color China and
Zhongguang Telecom is only the first stage of experiential
cooperation. In the future, Color Star plans to continue to develop
focused partnerships in the cultural and entertainment industry,
thereby catering to different consumer groups.
At present, the globally launched Color Star interactive
platform covers cultural content such as music and dance, Quyi
musical instruments, film and television production, and sports.
Through the benefits of partnerships, Color Star intends to expand
its offering of celebrity tutors, cultural courses, and cultural
and creative online museum platforms. Meanwhile, the Company plans
to invest more resources in developing AI, visual scenes,
blockchain computing, and other areas of technology in order to
enhance the experience of scene selections for global users, online
content sharing, offline physical services, and to achieve a
closed-loop industry that promotes the online entertainment
industry while at the same time enhances the profitability of both
Color China and Zhongguang Telecom.
The secondary listing of Color Star, the parent company of Color
China, on Nasdaq Dubai is expected to boost cooperation between the
two parties. The CEO of Color Star, Mr. Luke Lu, commented: "We are very pleased that
more and more influential and capable firms have built
relationships with us. These collaborative efforts not only benefit
the Company's business development, but also expands our customer
base, making them win-win relationships with broad consumption
potential."
As an internet technology company, Color Star is committed to
the mission of using technology to create the future. It plans to
launch more high-tech products and services, and to collaborate
closely with other high-tech companies to create a new era in
entertainment technology.
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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SOURCE Color Star Technology Co., Ltd.