Color Star Will Host Color Cup WBA World Boxing Championships - First Fight Will Be Held in Dubai

NEW YORK, May 30, 2023 /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, today has announced its official partnership with The World Boxing Association ("WBA") to host the "Color Cup WBA World Boxing Championship" in multiple regions and countries worldwide. This marks Color Star's first time hosting an internationally recognized boxing event as the organizer. The first stop of the championship will be held in Dubai in July 2023, and many more related events are planned for the future. Once the competition kicks off, we expect to see increases in business collaborations and economic benefits to Color Star, and also signifies that we plan on not only engaging in entertainment performances but also expanding into other high-profile sporting events.

The "Color Cup WBA World Boxing Championship" will not only promote the influence of WBA and the sport of boxing on a global scale through the competition, but also provide various commercial profits through on-site live broadcasting, online broadcasting, exclusive NFT tokens, and business partnerships.

Liu Gang, the other collaborator of this competition and an internationally renowned boxing promoter, stated, "Boxing, as a sport, has an extraordinary impact worldwide, and all the participants in this competition are top international boxers, making it even more appealing and professional. Due to the pandemic, many outstanding professional boxers were unable to participate in such prestigious competitions before. Our competition will not only provide them with a stage of honor, but also bring them unlimited business opportunities. As for the competition itself, it is one of the most attractive events after the pandemic, and more business partners will collaborate with us, allowing the brand and economic values of this competition to go hand in hand."

As the most prestigious, longest-established, and oldest authoritative world boxing organization in the world, the WBA has members from 167 countries and regions, and its gold champion belt is regarded by boxers as a symbol for a world boxing champion. Many famous boxing champions today were once WBA champions, such as heavyweight champions Muhammad Ali, Mike Tyson, and Lennox Lewis, and middleweight champions Oscar De La Hoya and Bernard Hopkins.

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 and www.colorstar.investorroom.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.