NEW YORK, March 9, 2022 /PRNewswire/ — Color Star Technology Co., Ltd. (Nasdaq: CSCW) (“Color Star” or the “Company”), a globally networked entertainment technology company focused on the application of technology and artificial intelligence in the entertainment industry, today announced today that 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 on 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 areas such as tea categories, featured teahouses, and cultural and creative tea products. In accordance with the strategic cooperation agreement, Qiu will establish a virtual concept store on the Color World metaverse platform using Color Star’s platform edges and artificial intelligence technology. The two companies plan to strengthen their in-depth cooperation and implement a series of additional measures related to Asian tea culture, online sales and cultural popularization. Color Star expects Qiu to launch more of its trademarks in the global market, which can help promote tea culture in more countries and regions. This cooperation is expected to both enrich the Color World metaverse platform and expand the development of physical products and virtual products (e.g. NFT products) with partner companies, which the company believes will in turn bring more profit to Color Star.
Currently, the Color World metaverse app has launched on Android and Apple app stores, with an Asian version to be launched soon. The Company expects this availability in Asia to grow significantly beyond the platform’s current user base of over 1 million users. Potential partners anticipate this increase and continue to explore collaboration within Color World. With the rise of the metaverse trend, the Company believes in the potential of artificial intelligence to provide users with an optimized experience.
Lucas Capetian, CEO of Color Star, commented, “Although our Color World software is now in beta, based on user feedback after release, the software build and on-screen experience are both quite satisfactory, which gives us more confidence to continue. invest in R&D and optimization. Moreover, our investors and partners have also affirmed this, which is well illustrated by the presence of many traders.”
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq: CSCW) is an entertainment and education company that provides online entertainment shows and online music education services. Its business activities are conducted through its wholly owned subsidiaries, Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is delivered through its Color World music and entertainment education platform. More information about the company can be found at www.colorstarinternational.com.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intends”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates” or similar expressions that do not relate solely to historical matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s objectives and strategies; the future business development of the Company, including the development of the metaverse project; requesting and accepting products and services; changes in technology; economic conditions; the growth of the international education and training services market in which CSCW operates; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or relating to any of the foregoing and other risks contained in the Company’s filings with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the United States Securities and Exchange Commission, which may be viewed at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof, except as required by applicable laws, regulations or rules.
SOURCE Color Star Technology Co., Ltd.