NEW YORK, Jan. 21, 2022 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), an
entertainment technology company with a global network that focuses
on the application of technology and artificial intelligence (AI)
in the entertainment industry, today announced a private
placement of 16 million shares at $1
per share, valued at $16 million, to
its largest shareholder, Hou Sing International Business, Ltd.
(hereinafter referred to as "HSIB").
As an entertainment technology company, Color Star will
continue to increase investment in developing projects such as its
metaverse and non-fungible tokens (NFT). In this regard,
the Company's global celebrity interactive
platform, Color Star app, will be upgraded to become
a new "entertainment metaverse" platform in January,
2022. Users will be able to "settle" into this
metaverse and become residents of the Color Star world, where
they can purchase land, build houses, and design their
own homes, cars, and even clothing. All these design products
will be in NFT form and tradable. The launch of Color Star's
entertainment metaverse will bring a brand-new experience
to its global users.
A spokesperson for HSIB commented: "We have always been very
optimistic about Color Star's business outlook. Since the pandemic,
as global entertainment and economies declined, Color Star was
nevertheless able to spot the unique opportunity amid the
crisis. The Company's 2021 fiscal year financial results show
that the company is still growing rapidly. We believe Color Star
will show even better performance in the future, so we are willing
to increase our holdings via a private placement at a 100% premium
to the current share price. We will continue to support and closely
follow the Company's growth and development."
The proceeds from this placement will be used to
further develop metaverse products as Color Star
strives to bring better and improved products and
experiences to users worldwide.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: 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.