Color Star Technology Announces Plans for its Online Education Platform "Color Star" Post-Acquisition of Color China
BEIJING, June 9, 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, today announced its strengthened effort in achieving its long term strategy post acquisition of Color China Entertainment. Concurrent of ongoing progress in the development of its proprietary online education platform "Color Star," the Company also plans to host an online concert in the second half of 2020 to introduce professional music instructors who will offer lessons on the Color Star platform. The Company is expected to begin onboarding artists and open to students for registration in the second half of 2020.
The acquisition of Color China greatly contributes to the effort in the initial development of Color Star platform as the company now has access to all of Color China's industry resources and expertise. More importantly, Color China's unique and abundant entertainment industry assets as well as its network of renowned artists and professionals will go a long way for Color Star's strategy and will extend to Color Star's future initiatives.
The "Color Star" platform will feature proprietary lessons taught by professional artists across the globe as well as related celebrity generated content. Lessons consist of both theoretical and practical components, aiming to provide students with solid fundamental skills and provide students opportunities for jobs in the entertainment industry. The company will announce onboarding artists and specific lessons they offer upon reaching cooperation agreements. The platform will also serve as an e-commerce channel for commercialized celebrity IP products beyond lessons.
"We are thrilled to be able to utilize all of Color China's assets in the entertainment industry and offer more features and benefits to our students," commented Sean Liu, Chief Executive Officer of Color Star Technology, "Visualizing our offer to students and our potential initiatives are exciting. Now with the acquisition of Color China, we are very confident in our strategy as well as future success."
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.
Color Star Technology Co., Ltd.
Contact: Investor Relations