BEIJING, June 17, 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, today announced that its wholly owned subsidiary, Color
China Entertainment Limited, entered into a strategic partnership
agreement with Shenzhen Bole Information Technology Co., Ltd.
("Shenzhen Bole") to provide advanced technologies for Color World,
the Company's online education platform under
development.
Shenzhen Bole is believed to be one of the leading augmented
reality, virtual reality and mixed reality (AR/VR/MR) multi-scene
content operation service provider in China and owns a large content library in the
field of AR large-screen interactive subdivision. Shenzhen Bole
created "X-Mirror (Gravitational Lens)," an innovative multiplayer
AR interactive all-in-one machine, by integrating facial
recognition, bone recognition and other cutting-edge technologies
and leveraging rich AR interactive contents. Shenzhen Bole's
clients include Agricultural Bank of China, NBA Playzone, Costa Cruises, Hershey's,
as well as other large enterprises.
Since the outbreak of the global epidemic, traditional offline
industries have faced great challenges while services utilizing
online delivery has developed rapidly. We shifted our focus quickly
and utilized our strengths to develop new areas of service. We are
in the process of launching our Color World platform on which we
plan to establish a full range alliance in entertainment education
sector. The Company plans on deploying proprietary research and
development with support from professional software development
teams, aiming to break through the traditional education model and
offer truly education services in an innovative way.
We anticipate the "artists + online education" model to be
offered on Color World's platform to cover all fields of
entertainment, including music, music production, vocal,
songwriting, film acting, scriptwriting, sound engineering, and
lighting engineering.
Management expects Color China's strong industry resources
combined with its offline and online business models will attract
hundreds of millions of registered users and provide them with a
truly unique learning experience. While the initial planned launch
date of the Color World platform was missed due to the functional
modifications and expansions following the acquisition of Color
China and the longer than expected impact of COVID-19, the Color
World platform has completed its initial development phase and will
become open for registration globally in the second half of
2020.
The most distinctive feature of the Color World platform will be
the presence of numerous top artists from the world. To foster
efficient learning results, Color World platform will provide
students the flexibility to choose from various levels, numerous
lessons in different languages, and many renowned artists teachers.
Leveraging the unique experience of Color China's management team,
the Company is looking into establishing strategic partnerships
with many international record labels, agencies and artists. The
Company also is exploring expanding its partnership network with
many more international entertainment and sports companies and
alliances to collaborate in nourishing our pioneered online
education and entertainment ecosystem, adding new dynamics to the
global entertainment economy.
Our partnership with Shenzhen Bole adds AR and Artificial
Intelligence technologies to the Color World platform, enabling
better interactions and learning experiences for our students. More
specifically, Shenzhen Bole will implement AR technology into our
video lessons, allowing for multi-lingual live interactions between
students and their chosen artists virtually on the platform.
"We believe that the introduction of AR technology into our
Color World platform will be a breakthrough for us and for the
online education industry,"
Sean Liu, CEO of Color Star
Technology commented, "AR technology will provide vivid live
experiences and further encourage virtual interactions. We look
forward to joining other top tier education companies in providing
truly innovative and valuable education to students."
About Shenzhen Bole Information Technology
Shenzhen Bole is believed to be one of the leading augmented
reality, virtual reality and mixed reality (AR/VR/MR) multi-scene
content operation service provider in China and owns a large content library in the
field of AR large-screen interactive subdivision. Shenzhen Bole
created "X-Mirror (Gravitational Lens)," an innovative multiplayer
AR interactive all-in-one machine, by integrating facial
recognition, bone recognition and other cutting-edge technologies
and leveraging rich AR interactive contents. Shenzhen Bole's
clients include Agricultural Bank of China, NBA Playzone, Costa Cruises, Hershey's,
as well as other large enterprises.
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 music education via a platform branded "Color World".
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.
Color Star Technology Co.,
Ltd.
Contact: Investor Relations
Cassie
Zhang
ir@colorstarinternational.com
929-317-2699
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SOURCE Color Star Technology Co., Ltd.