NEW YORK, April 23, 2020 /PRNewswire/ -- Huitao
Technology Co., Ltd. (Nasdaq: HHT) (the "Company", "we" or "HHT"),
a company which is in the process of disposing its legacy ready-mix
concrete materials business and transitioning into an innovative
education service provider, announced today that its jointly
developed online education platform with Color China has entered
the final testing phase and is expected to launch in early
May 2020.
Pursuant to the Cooperation Agreement signed on March 30, 2020, Huitao Technology and Color China
will collaborate in producing and streaming celebrity-taught online
lessons and celebrity generated content videos on this platform.
The platform will also create a live-streaming and audio community
and serve as an e-commerce channel
for commercialized celebrity IP products.
Registered in Hong Kong, Color
China is considered to be a significant live-entertainment
organizer in Asia, hosting more
than 100 live concerts every year and is home to massive media
assets in music production, songwriting, musical instruments and
performing arts. Color China aims
to recruit an All-Star Crew to be coaches on the Color Star
program, including top-notch professional vocalists, producers,
musicians and more.
The rapid spread of COVID-19, and the subsequent stay-at-home
orders that have been issued by large number of governments around
the world to contain the pandemic, have helped fundamentally
underscore the prominence and benefits of online education. Online
programs will continue to play a large role in the education
industry even after the coronavirus outbreak is contained.
Mr. Yang (Sean) Liu, Chief
Executive Officer of HHT commented, "We are very excited to
cooperate with Color China to bring forward a pioneering learning
experience and curriculum to our students. This platform will
provide students direct access to well-known celebrities and music
artists."
About Huitao Technology Co., Ltd.
Huitao Technology is a holding company which is currently
undergoing a shift to a dedicated education services provider,
offering both online and offline innovative education services. Its
business operations are conducted through its wholly-owned
subsidiaries CACM Group NY, Inc. ("CACM"), Sunway Kids
International Education Group Ltd. ("Sunway Kids"), Xin Ao
Construction Materials, Inc., Beijing Ao Hang Construction
Materials Technology Co., Ltd., 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. 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. Through Baytao LLC, a
newly formed joint venture, the Company also anticipates providing
tutoring programs in New York
which includes online learning via a platform being built by CACM.
For more information, please visit http://www.china-acm.com.
Safe Harbor / 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.
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SOURCE Huitao Technology Co., Ltd.