NEW YORK, July 13, 2023 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: ADD) ("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 that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), and Three Angles Production ("Three Angles") have entered into a framework strategic cooperation agreement with plans to increase development efforts within the live events industry around the world and specifically in Southeast Asia, which is planned to become one of the key areas for Color Star's business development.
Three Angles is an international media and entertainment company with offices in Australia, Indonesia, the Philippines, Singapore, and Korea. It has an experienced production team and access to an impressive network of top international celebrities. The company has been involved in the production of shows for Britney Spears, Chungha, THE BOYZ, amongst others. Three Angles has a wide range of performance resources specifically in Singapore and Malaysia. The partnership which is planned to be set forth in a definitive agreement aims to improve Color Star's live performance business in Southeast Asia. This year has seen Color Star quickly developing its live events segment, laying out a planned events production matrix, entering into new strategic partnerships, continuously signing top talents and events, and presenting exciting entertainment projects in response to the changing market environment.
Recently, the world has witnessed the resurgence of live performances, with large international events and performances taking place one after another. Color Star has been actively working on organizing music festivals, music concerts and sporting events. It is currently involved in many collaborations and partnerships in Europe, the Middle East and Asia. In order to maximize the quality of the events, increase ticket revenue and improve all kinds of commercial cooperation, Color Star has set up an international team to prepare and carry out these live events. Meanwhile, Color Star also plans to make use of its artificial intelligence technology and metaverse software application by introducing online functionalities such as electronic ticket vending, online live streaming, online variety shows, and other digital content.
The Company believes that the recovery of the performance industry has most directly driven ticket revenue and commercial sponsorship revenue. Furthermore, e-commerce has to be properly integrated to efficiently maximize profits in the current digital age.
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: ADD) 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 Metaverse Pte. 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 and www.colorstar.investorroom.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 ADD 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.
