Color Star Technology Announces Closing of Color China Acquisition
BEIJING, June 5, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the business of providing education services, announced the completion of acquisition of Color China Entertainment Limited ("Color China") on June 3, 2020.
Pursuant to the Share Exchange Agreement the Company entered on May 7, 2020 with Color China, the Company issued 4,633,333 ordinary shares to Color China in exchange for all of Color China's issued and outstanding shares. Following the completion of the acquisition, Color China has become a wholly-owned subsidiary of the Company and the business of Color China became a part of Color Star's business.
"We are thrilled about the acquisition of Color China's business which holds significant resources in the music performance and entertainment sector," commented Yang Sean Liu, Chief Executive Officer of Color Star, "The Color China founders have unique experience in working with renowned artists, and the current market conditions reveal tremendous opportunity for our online education business. We believe that we will be able to provide truly innovative and unique online education services that strengthen our product offerings and develop a sustainable long term profitable business."
About Color China Entertainment
Color China is an emerging company in the performance support and music education business with a significant collection of music performance specific equipment. Color China's management team has extensive experience in large-scale entertainment performance, equipment leasing and IP licensing. Color China's founders have unique experience in working with many renowned artists and have also established good relationships with major record companies and entertainment agencies around the world. Leveraging its unique resources, Color China is building an online entertainment and music education platform featuring artists and professional producers as its lead instructors.
About Color Star Technology Co., Ltd.
Color Star Technology, is a holding company whose primary business is offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd., 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 entity, 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, 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 its joint venture entity Baytao LLC, and providing online education 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 the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, 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: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on HHT's operations, the demand for the HHT's products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the 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.