BEIJING, March 30, 2020
/PRNewswire/ -- Huitao Technology Co., Ltd. (Nasdaq CM: HHT)
(the "Company", "we" or "HHT"), a company engaged in the businesses
of producing advanced ready-mix concrete materials and providing
education services, announced today that its wholly owned
subsidiary, CACM Group NY, Inc. ("CACM") has entered into a
Cooperation Agreement (the "Agreement") with Color China
Entertainment Co., Ltd. ("Color China"), who will provide online
music courses to the Company's online education platform which is
being deployed. Such cooperation will allow the Company's platform
to give students all over the world a chance to connect with
renowned music artists. As the COVID-19 pandemic evolves every day,
school education has become an unresolved challenge for worldwide
students and educators alike. Our online education platform is
expected to offer new learning opportunities where students can
have access to high-quality education straight from their
homes.
Registered in Hong Kong, Color
China is an integrated media company operating in multiple segments
of the entertainment sector, with massive media assets in music
production, songwriting, musical instruments and performing arts.
Color China is planning to open a
global learning center in New York
to launch a virtual entertainment community for online learning and
aims to become the world's leading music course provider with a
combination of online and offline courses, as well as impact on
celebrity-fan dynamic.
"We are pleased to partner with Color China to roll out the new
online learning initiative as we share the same vision and
excitement to move our strategy forward together. With our
collective resources, the collaboration will help bring our online
course offerings to the next level and benefit our students over
the long-term," said Mr. Yang (Sean) Liu, the Chief Executive Officer of
HHT.
Mr. Xin (Muze) Wu, Chairman of
Color China commented, "We are honored to join HHT's efforts to
build a powerful online education platform and provide a wide range
of online music courses. The signing of the Agreement is a
significant milestone in developing a competitive online learning
platform for our students. We are confident the partnership will
strengthen our capability to grow and expand our market share."
About Huitao Technology Co., Ltd.
The Company is a holding company whose primary business
operations are conducted through its wholly-owned subsidiaries CACM
Group NY, Inc., Xin Ao Construction Materials, Inc. ("Xin Ao"), Beijing Ao Hang Construction Materials
Technology Co., Ltd., Sunway Kids International Education Group
Ltd. ("Sunway Kids"), Brave Millennium Limited, Chengdu
Hengshanghui Intelligent Technology Co., Ltd. and its variable
interest entities, Beijing Xin Ao Concrete Group and Chengdu
Hengshanghui Education Consulting Co., Ltd. Xin Ao engages in the production of advanced
construction materials for large scale infrastructure, commercial
and residential developments, primarily focused on engineering,
producing, servicing, delivering and pumping a comprehensive range
of advanced ready-mix concrete materials for highly technical,
large scale, and environmental-friendly construction projects.
Sunway Kids engages in the early childhood education service
business, providing a well-structured system to day cares and
preschools in China, including AI
and robotic technologies, intellectual campus administration
software as a service (SaaS) system and personalized education
planning. The Company also anticipates providing an after-school
tutoring program in New York via
Baytao, a newly formed joint venture and provide online learning
via a platform being built by CACM. For more information, please
visit http://www.china-acm.com.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and HHT's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on HHT's operations, the demand
for the HHT's products and services, global supply chains and
economic activity in general. These and other risks and
uncertainties are detailed in the other public filings with the
Securities and Exchange Commission (the "SEC") by HHT.
Additional information concerning these and other factors that
may impact our expectations and projections will be found in our
periodic filings with the SEC, including our Annual Report on Form
20-F for the fiscal year ended June 30, 2019. HHT's SEC
filings are available publicly on the SEC's website
at www.sec.gov. HHT disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Huitao Technology Co., Ltd.