Color Star Signs Crucial International Cooperation Agreement with Color World as Main Focus

NEW YORK, Oct. 20, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("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, recently announced that Color Metaverse Pte. Ltd. ("Color Metaverse"), a subsidiary of Color Star, held a signing ceremony in Dubai to officially sign a strategic cooperation agreement with A-NEX Korea ("A-NEX"), a Korean company. The two sides will focus on further cooperation around the DONO Phone and the ColorWorld Metaverse ("Color World"). On the day of the signing ceremony, Color Star CEO Farhan Qadir and Awad Mohammed bin Sheikh Mujren of the royal family of Dubai, attended the event together with a number of political and business celebrities to witness the signing of the agreement between the two parties.

It is understood that following the ceremony, the two sides will formally discuss and develop cyber security technologies, metaverse project, and metaverse mobile communication strategy. A-NEX, a very powerful technology company, will also be joining the Color World platform, becoming the first technology company to do so. Color Star will create a metaverse headquarter for it, and will also include A-NEX projects along with it in the future. In addition, A-NEX will also provide cyber security technology to Color Star to strengthen the metaverse software application together with Color Star's technical team.

Farhan Qadir, CEO of Color Star, said: "I'm very happy that Color Metaverse has signed a strategic cooperation agreement with A-NEX. Especially in the area of network technology, both sides have their own strengths which complement one another, and that's a sign for a very beneficial cooperation. We have already cooperated with A-NEX before, and it was very tacit and harmonious. Following this agreement, we will give full play to our respective advantages, and we will cooperate closely together on developing our metaverse application, as well as on the optimization and development of the DONO Phone."

About Color Star Technology Co., Ltd.

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 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 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.

SOURCE Color Star Technology Co., Ltd.