NEW
YORK, Nov. 18, 2022 /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, recently
announced that its subsidiary, Color Metaverse Pte. Ltd. ("Color
Metaverse"), has entered into a strategic cooperation agreement
with Daxi Media ("Daxi"). Daxi's "Quan Ornaments" jewelry brand
will be introduced to the ColorWorld _ Metaverse platform ("Color
World" or the "Platform"). In the future, Daxi will start its
wholesale and retail businesses in the Color World, as well as
carry out international business cooperation through the
Platform.
It is understood that Daxi is a wholesaler and retailer of
jewelry and accessories, but due to the changing economic
environment in recent years, it has started to shift to electronic
commerce, a big step forward for the brand. Daxi is hoping to
expand into the global market through the metaverse platform to not
only attain greater profits, but to also develop new products in
collaboration with international brands. Color Star will start off
by designing Daxi's metaverse store for it. Products will be on
display inside the store for users to browse and purchase.
Moreover, the two companies will collaborate on designing and
producing cultural and creative accessories, as well as celebrity
merchandise in the future, creating more room for cooperation.
Color World is a feature-rich online multimedia metaverse
platform. Since its release, the e-commerce segment has attracted
many companies from various industries to the Platform. The team at
Color Star hopes to make the e-commerce segment of the Color World
platform the "Amazon of the metaverse", a gateway to e-commerce for
international businesses. In the age of information technology,
buyers can purchase products they want through the software with a
single click, while receiving buyer protection in terms of
logistics, quality, and after-sales service. Color Star is ardently
developing the software and its cyber security, while on the other
hand speedily opening up more convenient channels for buyers and
businesses, such as designing and building Daxi's shops for free,
reducing service fees and providing free marketing services for
merchants, all of which have won the approval of buyers and
businesses. With the resources of over a million users and the
presence of many reputable merchants, Color Star provides a
nurturing environment where businesses can develop and prosper.
Farhan Qadir, CEO of Color Star,
said: "We are very happy that there will be a variety of businesses
populating Color World. I have said many times that it is
impossible to divest the traditional economy in the digital age.
The metaverse, as the ultimate form of the internet, will certainly
give people a new understanding of the power of technology and
artificial intelligence through greater freedom of choice and the
facilitation of flexible working. Our platform should not only meet
the users' needs, but also make their lives easier with novel and
convenient technologies. Once a business joins the Platform, they
become automatically interconnected with other businesses on the
Platform. Businesses can cooperate with each other and even market
products together, merging and expanding each other's markets.
Independent users may also cooperate with merchants or other users.
In every case, businesses will stand to profit. Ideally, Color
World will become an irreplaceable application in everyone's lives.
I'm certain that Color Star will eventually achieve this goal."
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.
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.
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SOURCE Color Star Technology Co., Ltd.