NEW YORK, March 11, 2021 /PRNewswire/-- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), today announced that its wholly-owned subsidiary, Color China Entertainment Co., Ltd. (hereinafter referred to as "Color China"), has signed a partnership agreement with Meadow Films LA Inc. (hereinafter referred to as "Meadow Films"), an American film company. The two parties plan to begin cooperating in the production and distribution of large-screen movies in the international market.
Meadow Films is a Hollywood-based film company, whose founder and Chairman Fan Xin is an internationally renowned producer, and whose team are all Hollywood industry professionals with strong business capabilities. Currently, the company's large-scale commercial film "Seven Sages" is already in progress. This is a series that tells the story of the seven mythological characters of Chinese legends, comparable to a Chinese version of The Avengers. The protagonist of the first movie is Monkey King, played by top Asian actor Mr. Andy Lau. Although it is a Chinese film series, the special effects and production teams are all top American teams, and Mr. John P. Hughes, a leading Hollywood icon who won seven Oscars, serves as the director for special effects.
The partnership between Color China and Meadow Films will focus on promoting investments in big-screen movies, and the copyright, online sales, related mobile games, and exclusive behind-the-scenes for these movies. The online celebrity interaction platform created by Color Star, known as Color World, will also be involved in the partnership through participation in obtaining film copyrights for the internet platform. Recently, Color Star acquired several film copyrights and will continue its business involvement in the film industry. The Company intends to use the internet as a way to integrate the platforms of global film copyrights, thereby allowing more audiences to understand the film production process. It also plans to cooperate with international film companies to start a "New Film" support program, which is expected to provide celebrity coaching to aspiring directors, actors and screenwriters, assisting them with the creation and production of their own films.
The CEO of Color Star, Mr. Luke Lu, commented: "Having worked in the film industry for many years, I would very much like to see internet technology give more people access to the movie industry, where they can systematically learn the process of film production from start to finish, and make a movie blueprint through the technology provided by our platform. This is what we look forward to, and I hope more movie fans can realize their film-making dreams through our Color World platform, creating more and better films for everyone's enjoyment."
The use of internet technology for movie production is the trend of the future. At present, more technology-oriented techniques are already being applied to movie making, and Color Star hopes to incorporate more use of technology in the conception and simulation of movies through construction of artificial reality ("AR") scenes. This should enable both film professionals and enthusiasts to create and complete preliminary ideas on the Color World platform through their own computers, and then publish these ideas on the platform to receive reviews and ratings from movie fans around the world, giving everyone more sense of participation. Color Star may then actively invest in and provide more technology support to movies with high ratings or positive reviews. Color World also plans to cooperate with film production teams in the early stage to launch movie-related mobile games and create a 1:1 scene so that players feel "immersed" in the films. Such cooperation should expand the capabilities of the Color World platform and attract more users and game enthusiasts to join this global platform.
At the same time, Color World also plans to launch complete courses on film production and mobile game production, giving people access to learn from senior professionals via the computer or mobile phone without having to test into a professional program. With the launch of these services, the registered user base of Color World should continue to grow. As an internet technology company, Color Star values both customer quantity and customer experience and hopes to attract different users to join the platform through different content and service offerings. The Company encourages users to give suggestions for improvement, and may even purchase a user's software if it brings value to the Color World platform. As Color Star continues its effort in technology development, it plans to provide more technology services in the future. The Company believes that as its business develops and user base expands, this should be appreciated by the marketplace. As Color Star continues R&D efforts in artificial reality and blockchain technologies, it hopes to complete various product developments as soon as possible, and strongly believes that technology will continue to change our lives for the better.
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.
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SOURCE Color Star Technology Co., Ltd.