Color Star Focuses on School-Enterprise Cooperation to Build the Color World Together

NEW YORK, Dec. 16, 2022 /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, announced that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), has recently signed a strategic cooperation agreement with the School of Digital Art and Communication of Shandong University of Art & Design  ("SDAC" or the "School").

SDAC is an influential art and design institution domestically and internationally. Focusing on digital art, new media art and animation photography production, the School has undertaken numerous major international projects inedu recent years. Namely, it was tasked with compiling a series of national textbooks, and has undertaken many major projects for international exhibitions and other large social events, as well as having designed metaverse projects for many internationally renowned attractions. It has subsequently established many partnerships and exchange programs with other universities and institutions located all around the world. This partnership with Color World will see SDAC assemble a professional team to develop the ColorWorld Metaverse ("Color World") together with Color Star, providing support with regards to the platform's art, design, and digital technology. Furthermore, both parties will fully use their respective advantages to develop new contents and technologies.

As Color Star continues to develop and expand its metaverse, the content of Color World is becoming more and more refined and rich, and with it, more and more users. In this regard, Color Star is increasing its number of partnerships with professional institutions and universities, in order to further improve the app and enrich its contents. On the other hand, cooperating with universities not only enhances the cultivation and funneling of professional talents and establishes a more permanent and solid partnership, but also attracts more high-level institutions to forming partnerships. Color World is definitely not a one-dimensional metaverse software, and its core of artificial intelligence + celebrity entertainment will not only attract elite companies onto the platform, but also attract top-tier universities and institutions to set up online courses, digital exhibitions and other related projects on the platform.

Farhan, CEO of Color Star, said, "We are very pleased to enter into a partnership with SDAC. The partnership will bring fresh new contents to our metaverse platform. In the future, we plan to cooperate with more elite institutions to enrich the content of the platform and increase the amount of student users. Color World will also introduce more professional courses to provide online learning opportunities, and we believe that the addition of student groups will add to the number of users and activities."

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.

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.

SOURCE Color Star Technology Co., Ltd.