NEW YORK, May 11, 2020 /PRNewswire/ -- Color Star Technology Company, Ltd., formerly known as Huitao Technology Company, Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), an innovative education services provider, today announced that on May 7, 2020, it entered into a Share Exchange Agreement with Color China Entertainment Limited ("Color China") and all the shareholders of Color China to purchase all of the outstanding issued shares of Color China.
Upon completion of the Acquisition, Color Star will own 100% of Color China. Color Star will issue to the shareholders of Color China 4.6 million ordinary shares of the Company and pay an aggregate of two million dollars in immediately available cash upon closing. Closing of the Acquisition is subject to the fulfillment or waiver of all closing conditions.
Color Star Chief Executive Officer Yang Sean Liu commented, "This deal further reinforces our path to success. Color China is an emerging performance equipment and music education provider with a significant collection of performance specific assets and unique experience in working with many renowned artists. We will combine Color China's assets and their management's relationships with many famous artists with our innovative online education resources to take education to a new level. We intend to pioneer an online educational curriculum taught by renowned artists that we believe will be incredibly popular. We look forward to building a large and successful business leveraging these assets of Color China."
Color China Chief Executive Officer Muze Wu added, "We are thrilled to join this outstanding team at Color Star and together transform the music education industry. In our discussions with famous artists around the world, we can see their enthusiasm for our shared vision to transform online education. We are excited that we can join forces with a Nasdaq listed company with visionary leadership like Color Star in order to take online education to new levels of innovation."
About Color China Entertainment Limited Co., Ltd.
Headquartered in Hong Kong, China, Color China is an emerging performance equipment and music education provider with a significant collection of performance specific assets and unique experience in working with many renowned artists.
About Color Star Technology Co., Ltd.
Color Star Technology (formerly known as Huitao Technology Co., Ltd.) is a holding company which has undergone a shift to become a dedicated education services provider, offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries CACM Group NY, Inc., Sunway Kids International Education Group Ltd.("Sunway Kids"), Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entities, and Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, an intellectual campus administration software as a service (SaaS) system and personalized education planning. The Company also anticipates providing an after-school tutoring program in New York via Baytao LLC, a newly formed joint venture and provide online learning via a platform being built by CACM.
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the occurrence of any event, change or other circumstances that could give rise to the delay or termination of the transaction contemplated by the Agreements; the outcome of any legal proceedings that have been, or will be, instituted against HHT or other parties to the Agreement following announcement of the Agreement and transactions contemplated therein; the inability to complete the transactions contemplated by the Agreements due to the failure to perform any other closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the Agreement and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition; the ability of the combined company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by HHT.
Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT's SEC filings are available publicly on the SEC's website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Investor Relations
SOURCE Color Star Technology Co., Ltd.