NEW YORK, March 4, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), today announced a strategic partnership between its subsidiary, Color China, and Zhongguang Telecom Ltd. (hereinafter referred to as "Zhongguang Telecom") in the hope that the two parties will use their respective advantages to jointly achieve an expanded user base and new marketing strategy.
Zhongguang Telecom is a national telecommunications operator approved by China's Ministry of Industry & Information Technology. It has licenses to operate in China's satellite communications, internet access, internet content provision, radio stations, and distance education sectors, and is one of China's fully licensed internet operating companies. The partnership between Color China and Zhongguang Telecom plans to focus on developing a new section in the layout of internet content (IP), as well as the application of blockchain technology. The two companies plan to use blockchain technology to create a new online internet model — the online museum model, which involves augmented realty ("AR") technology and blockchain algorithms to create an online museum based entirely on artificial intelligence ("AI"). In the future, users may be able to log into the Color Star APP to visit cultural relics and collections from around the world, where the use of AR technology will allow viewers to experience objects up-close and appreciate the finer details. The use of AR can also be extended to auctions and information sharing regarding collections. Through collaborative development of blockchain and AR technology, and the provision of museum pieces, the partnership between Color China and Zhongguang Telecom is expected to help establish the online museum model, where the users experience is as if they were viewing collections on site, while also addressing the issues of transportation, management, and safety for the collection. This new model will also be equipped with one-on-one explanations for each object, which can be more detailed and informative than visiting an actual museum. It will also introduce global viewers to a brand new museum experience, and allow museum fans from around the world to experience the joy of online museums, while at the same time attracting more high-net-worth individuals to download and use the Color Star APP. The development of new viewing models is expected to not only increase the Company's user base, but also to generate a new revenue stream. The partnership between Color China and Zhongguang Telecom is only the first stage of experiential cooperation. In the future, Color Star plans to continue to develop focused partnerships in the cultural and entertainment industry, thereby catering to different consumer groups.
At present, the globally launched Color Star interactive platform covers cultural content such as music and dance, Quyi musical instruments, film and television production, and sports. Through the benefits of partnerships, Color Star intends to expand its offering of celebrity tutors, cultural courses, and cultural and creative online museum platforms. Meanwhile, the Company plans to invest more resources in developing AI, visual scenes, blockchain computing, and other areas of technology in order to enhance the experience of scene selections for global users, online content sharing, offline physical services, and to achieve a closed-loop industry that promotes the online entertainment industry while at the same time enhances the profitability of both Color China and Zhongguang Telecom.
The secondary listing of Color Star, the parent company of Color China, on Nasdaq Dubai is expected to boost cooperation between the two parties. The CEO of Color Star, Mr. Luke Lu, commented: "We are very pleased that more and more influential and capable firms have built relationships with us. These collaborative efforts not only benefit the Company's business development, but also expands our customer base, making them win-win relationships with broad consumption potential."
As an internet technology company, Color Star is committed to the mission of using technology to create the future. It plans to launch more high-tech products and services, and to collaborate closely with other high-tech companies to create a new era in entertainment technology.
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.
For more information, please contact:
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: [email protected]
SOURCE Color Star Technology Co., Ltd.