Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as “Color Star” or the “Company”), today announced the signing of a cooperation agreement between its wholly-owned subsidiary, Color China Entertainment Co., Ltd. (hereinafter referred to as “Color China“), and Doman (HK) Ltd. (hereinafter referred to as “Doman”). The cooperation will provide blockchain technology support for Color Star’s interactive entertainment platform software, known as Color World APP.
Doman is a Hong Kong-based company that provides blockchain technology to many enterprises around the world, addressing issues in computing and internet management. The cooperation between Color China and Doman will focus on several areas of blockchain technology, including entertainment copyright blockchain, membership management blockchain, and the development and application of interactive community blockchain. The cooperation will also include joint efforts to create a “private chain” and the continued pursuit of breakthroughs in augmented reality (AR) technologies. In addition, the cooperation may include mutually agreed strategic investments in each other. At present, the Color Star APP boasts more than 1 million users, with continued growth in its user base. As the Company continues to launch new applications on the APP, including AR theater, AR museum, artificial community and others, the development of these applications should enable it to progress towards becoming a high-tech internet company. The cooperation between Color China and Doman will also provide support for establishing copyright trading platforms, and in the future, Color Star plans to build an open, global copyright trading and communication platform through blockchain technology. This is planned to be a platform where audiences from around the world can use to display their own copyrights for movies, TV shows, music, games, books, and art, while also engaging in the trading of these copyrights. The development of this platform should make future copyright exchanges more open and fluid. A platform user who is currently unknown, but has strong creative abilities, might use this platform to help showcase his hidden talents; the copyright exchange platform of the Color Star APP may quickly match him to those who can appreciate and understand the value of his work. This platform may also benefit enterprises, which may use the platform to discover talent, while avoiding pricy intermediary fees. Through this platform, people may find their favorite works in one stop, and as the Color Star APP becomes integrated with AR technology, it should turn copyrights from plain text into vivid presentation, thereby allowing everyone to appreciate the talented works of others.
The CEO of Color Star, Mr. Luke Lu, commented: “Our Company has recently increased its development efforts in artificial intelligence, AR vision, and blockchain applications. We will not hesitate to invest in the development and testing of technologies in order to bring a brand-new experience to the future of internet entertainment. We have the courage to experiment and make progress, and already many technology companies from around the world have expressed interest in jointly developing or sharing their proven technologies with us, so that our software capabilities can be put into application earlier. I strongly believe that the future can be changed by technology, and that the application of these high-tech technologies will give the world a brand new interactive entertainment experience.”
Color Star continues to work hard in the development of technology and has already achieved great success in some technological breakthroughs. Many of these products should soon be available for global audiences to use and experience. The Company believes that its efforts and developments will be recognized by its users, and as users experiment with these new applications on the Color Star APP, there should be a greater breakthrough in the number of registered users and active users. As a brand new internet technology company, our employees work tirelessly to launch new products and services, and we believe customer satisfaction with our products and attracting users through scientific research is important. We think this cooperation is an opportunity that will be appreciated by the marketplace.
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; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market in China and other countries 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.