NEW YORK, March 9, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, announces today its wholly-owned subsidiary Color Sky Entertainment Ltd. has reached a strategic cooperation agreement with Guangxi Qiuyinong Trade Co., Ltd ("Qiu"). Qui's tea brand, "San Si Yi Ting," will be introduced to Color Star's metaverse platform, making it the first Asian tea brand to enter the platform.
The Qiu tea brand "San Si Yi Ting" originates from the fundamentals of Asian tea culture and covers various sectors such as tea categories, featured tea rooms and tea cultural and creative products. Pursuant to the strategic cooperation agreement, Qiu will establish a virtual concept store on the Color World metaverse platform utilizing Color Star's platform edges and artificial intelligence technology. Both companies expect to strengthen their in-depth cooperation and carry out a series of additional measures related to the Asian tea culture, online sales and cultural popularization. Color Star anticipates Qiu introducing more of its commercial brands into the global market, which can help to promote the tea culture to more countries and regions. This cooperation should both enrich the Color World metaverse platform, as well as extend the development of physical products and virtual products (e.g. NFT products) with partnered enterprises, which the Company believes will in turn bring more profits to Color Star.
At present, the Color World metaverse app has been launched over the Android and Apple app stores, with an Asian version soon to be launched. The Company anticipates this Asian availability will significantly increase beyond the platform's current user base, which numbers more than one million users. Potential partners anticipate this increase and continue to explore collaboration within Color World. With the metaverse trend's emerging momentum, the Company believes in the potential for artificial intelligence to provide users with an optimized experience.
Lucas Capetian, CEO of Color Star, commented, "Although our software Color World is a beta version now, from the users' feedback after it was released, the software construction and screen experience are both quite satisfactory, which makes us more confident to continue investing in the R&D and optimization. Furthermore, our investors and partners have also affirmed it, which is well illustrated by the presence of many merchants."
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq: CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color China Entertainment Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where CSCW conducts its business; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.
