NEW YORK, March 16, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), today
announced the signing of a cooperation agreement between its
wholly-owned subsidiary, Color China Entertainment Co., Ltd.
(hereinafter referred to as "Color China"), and Doman (HK) Ltd. (hereinafter
referred to as "Doman"). The cooperation will provide
blockchain technology support for Color Star's interactive
entertainment platform software, known as Color World APP.
Doman is a Hong Kong-based
company that provides blockchain technology to many enterprises
around the world, addressing issues in computing and internet
management. The cooperation between Color China and Doman will
focus on several areas of blockchain technology, including
entertainment copyright blockchain, membership management
blockchain, and the development and application of interactive
community blockchain. The cooperation will also include joint
efforts to create a "private chain" and the continued pursuit of
breakthroughs in augmented reality (AR) technologies. In addition,
the cooperation may include mutually agreed strategic
investments in each other. At present, the Color Star APP boasts
more than 1 million users, with continued growth in its user base.
As the Company continues to launch new applications on the APP,
including AR theater, AR museum, artificial community and others,
the development of these applications should enable it to
progress towards becoming a high-tech internet company. The
cooperation between Color China and Doman will also provide support
for establishing copyright trading platforms, and in the future,
Color Star plans to build an open, global copyright trading
and communication platform through blockchain technology. This is
planned to be a platform where audiences from around the world
can use to display their own copyrights for movies, TV shows,
music, games, books, and art, while also engaging in the
trading of these copyrights. The development of this platform
should make future copyright exchanges more open and fluid. A
platform user who is currently unknown, but has strong creative
abilities, might use this platform to help showcase his hidden
talents; the copyright exchange platform of the Color Star APP
may quickly match him to those who can appreciate and
understand the value of his work. This platform may also benefit
enterprises, which may use the platform to discover talent,
while avoiding pricy intermediary fees. Through this platform,
people may find their favorite works in one stop, and as
the Color Star APP becomes integrated with AR technology, it
should turn copyrights from plain text into vivid
presentation, thereby allowing everyone to appreciate the talented
works of others.
The CEO of Color Star, Mr. Luke
Lu, commented: "Our Company has recently increased its
development efforts in artificial intelligence, AR vision, and
blockchain applications. We will not hesitate to invest in the
development and testing of technologies in order to bring a
brand-new experience to the future of internet entertainment. We
have the courage to experiment and make progress, and already many
technology companies from around the world have expressed
interest in jointly developing or sharing their proven technologies
with us, so that our software capabilities can be put into
application earlier. I strongly believe that the future can be
changed by technology, and that the application of these
high-tech technologies will give the world a brand new interactive
entertainment experience."
Color Star continues to work hard in the development of
technology and has already achieved great success in some
technological breakthroughs. Many of these products
should soon be available for global audiences to use and
experience. The Company believes that its efforts and
developments will be recognized by its users, and as users
experiment with these new applications on the Color Star APP, there
should be a greater breakthrough in the number of registered
users and active users. As a brand new internet technology company,
our employees work tirelessly to launch new products and services,
and we believe customer satisfaction with our products and
attracting users through scientific research is important. We think
this cooperation is an opportunity that will be appreciated by the
marketplace.
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.