NEW YORK, April 6, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the
"Company"), announced today the signing of a
strategic cooperation agreement between its wholly-owned
subsidiary, Color China Entertainment Limited (the "Company"
or "Color China"), and School of Digital Arts
& Media (SDAM) of Shandong University of Art & Design
(SUAD). SUAD is an influential design and art academy in
China and one of the entities that
participates in the national project which focuses on integration
and development bridging industry and education in
China.
Through its interactive entertainment platform Color
Star APP, Color China expects to introduce educational resources
from SDAM, including knowledge sharing and exchanges in
professional fields of digital media art, new media art, radio
and television editing, film and television photography and
production, theater film and television art design, animation, and
photography. The parties also expect to
have diversified and in-depth collaboration in other related
content services.
The cooperation between SDAM and Color China will provide
an online learning platform to teachers and students, help
promoting various professional arts and establish more cooperation
of cultural and creative products and cultural copyrights that
are offered by the platform. In the future, the two parties expect
to have more cooperation with regard to Color China's offline
business.
As the number of Color Star APP users exceeds 1 million, a
growing user base will inevitably generate more demand and
attention, and in turn generates real teaching and
learning results from these online course offerings. Once logged
into the platform, a user can pay on-demand, and learn online in
real time.
Currently, Color China is developing augmented reality (AR)
technologies as well as AR-related innovative
applications. The Company plans to establish AR theater, AR
community, and an AR museum which will combine with the
professional skills and expertise provided by SDAM
to showcase on the Color Star APP.
The CEO of Color Star, Mr. Luke
Lu, commented: "Our cooperation with School of Digital Arts
& Media of SUAD is the first step for further
collaboration in the future. The Color Star APP not only has
celebrity tutors comprised of stars from all over the world, will
also invite scholars and professors of prestigious universities to
join the platform, providing our users with the professional and
authoritative learning services. Our cooperation with professional
colleges can be expanded to engage more student users, based on
actual student needs, and we can develop professional-level courses
as well as courses targeting various entrance exams. We believe the
addition of student groups will further expand the number of users
and user activity on our platform."
Recently, Color Star is moving forward to diversify its
strategic cooperation arrangements. From artificial intelligence
and new media art to cultural copyrights and art and media
industrial parks, it is highlighting the core of "technology
+ culture," while combining online services with offline
entities. By focusing on services that customers need, the Company
will be able to realize its potential and improve its product
offerings. The Color Star team is united and working to bring the
best quality content to its global users and customers, as well as
bringing more business opportunities for all partners.
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.