NEW YORK, Jan. 24, 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, announced that its subsidiary Color Sky
Entertainment Limited has reached a strategic cooperation with
Guangzhou Star Space Catering Management Co., Ltd (hereinafter
referred to as "Star Space"). The
brand was introduced to the Color World's online educational
platform. Star Space is also the
first tea brand introduced to the platform.
In the past two years, affected by the pandemic, many branded
restaurants have begun to open new channels to seek more
diversified development. In 2021, the metaverse trend was
blowing around the world, and fast-food restaurants have seized the
opportunity, a lot of which registered Metaverse-related trademark
content, released limited virtual blind boxes and virtual brand
ambassadors. Hence, the merchants ushered in the spring season
again. Moreover, based on the current Metaverse trend, the
cooperation between Color Star and Star
Space will bring the platform with more vitality and
commercial profitability.
Upon the cooperation between the two parties, Color Star will
build a 3D brand headquarter filled with technological-vibes and
fantasy. At the same time, the diversion of platform subscribers
will become the potential customers of the merchant, and 3D tea
drinks will be designed online for them to order and consume. Color
World, as a comprehensive metaverse platform, bring to members the
most direct sense of life, interaction and technology. Previously,
based on the platform's millions of user members, we were full of
expectations for this upgrade to the metaverse platform. This will
allow the Color World Metaverse to have a huge membership base once
it goes online. At the same time, in the news released, it can be
found that Color World is much closer to real life, from city
display, virtual office to star scenes, etc., which are all
differentiated from other platforms of the same genre. It is with a
unique sense of technology and a sense of the future that break the
constraints of time and space and allow more enterprises and
businesses to settle in. Especially for the catering business, the
online and offline model will form a linkage. While there is no
human and material resources and a large amount of capital
investment, the use of high-tech for brand display and
traffic-inducing shall bring new vitality to many catering
brands.
Mr. Lucas Capetian, CEO of Color Star, said: "For catering, more
and more people now prefer advanced or novel experiences. At the
same time, for merchants, it's not that simple as before for a
brick-and-mortar store to keep the store and customers. Technology,
for the catering industry, will stimulate new business
opportunities, wider spread in various forms, and can also be
structured into the physical industry at any time, which is what
the catering merchants needed. We believe that for the future Color
World to become a technology-based entertainment sharing platform,
it is necessary to integrate many scenes and elements, and must be
linked to businesses. While generating profits, our merchant
members will continue to receive the benefits and surprises brought
up by technology, which shall sustain Color Star with a longer-term
development."
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.