BEIJING, June 5, 2020 /PRNewswire/ -- Color Star
Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or
"HHT"), a company engaged in the business of providing education
services, announced the completion of acquisition of Color China
Entertainment Limited ("Color China") on June 3, 2020.
Pursuant to the Share Exchange Agreement the Company entered on
May 7, 2020 with Color China, the
Company issued 4,633,333 ordinary shares to Color China in exchange
for all of Color China's issued and outstanding shares. Following
the completion of the acquisition, Color China has become a
wholly-owned subsidiary of the Company and the business of Color
China became a part of Color Star's business.
"We are thrilled about the acquisition of Color China's business
which holds significant resources in the music performance and
entertainment sector," commented Yang Sean
Liu, Chief Executive Officer of Color Star, "The Color China
founders have unique experience in working with renowned artists,
and the current market conditions reveal tremendous opportunity for
our online education business. We believe that we will be able to
provide truly innovative and unique online education services that
strengthen our product offerings and develop a sustainable long
term profitable business."
About Color China Entertainment
Color China is an emerging
company in the performance support and music education business
with a significant collection of music performance specific
equipment. Color China's
management team has extensive experience in large-scale
entertainment performance, equipment leasing and IP licensing.
Color China's founders have unique
experience in working with many renowned artists and have also
established good relationships with major record companies and
entertainment agencies around the world. Leveraging its unique
resources, Color China is building an online entertainment and
music education platform featuring artists and professional
producers as its lead instructors.
About Color Star Technology Co., Ltd.
Color Star Technology, is a holding company whose primary
business is offering both online and offline innovative education
services. Its business operations are conducted through its
wholly-owned subsidiaries Color China Entertainment Ltd., CACM
Group NY, Inc., Sunway Kids International Education Group Ltd.
("Sunway Kids"), Brave Millennium Limited, Chengdu Hengshanghui
Intelligent Technology Co., Ltd. and its variable interest entity,
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. The Company also anticipates
providing an after-school tutoring program in New
York via its joint venture entity Baytao LLC, and providing
online education via a platform being built by CACM.
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 the
business plans, objectives, expectations and intentions of the
parties following the completion of the acquisition, 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 Color Star Technology Co., Ltd.