NEW YORK, May 7, 2020 /PRNewswire/ -- Huitao
Technology Co., Ltd.) (Nasdaq: HHT) (the "Company", "we" or "HHT"),
an innovative education service provider, today announced that on
May 4 the Company has changed name to
Color Star Technology Co., Ltd. and it has completed the
disposition of its legacy ready- mix concreate business. The
proceeds from the disposition will be used for strategic business
development in education services and technologies.
Management believes that the disposition of the concrete
material business is the most sustainable path for its next phase
of growth. Upon completion of the disposition and elimination of a
large amount of liabilities on its balance sheet, HHT will be able
to focus solely on development of our innovative education business
more efficiently.
"I am thrilled to start the next chapter of business growth,"
said Yang Sean Liu, Chief Executive
Officer of HHT, "name change to Color Star
Technology and completion of deposition of concrete business
is the major milestone. Now that we have completed our business
transformation to an innovative education provider, we are excited
to focus on education services development that will offer
differentiated courses to our students in both digital and physical
channels."
About Color Star Technology Co., Ltd.
Color Star Technology (formerly known as Huitao Technology Co.,
Ltd.) is a holding company which has undergone a shift to become 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"), Brave Millennium Limited, Chengdu Hengshanghui Intelligent
Technology Co., Ltd. and its variable interest entities, 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.
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 Color Star Technology