Color Star Enters Into a Strategic Cooperation Agreement with Quality Plus To Join Forces in Marketing Efforts

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq: ADD) has announced a strategic cooperation agreement with Quality Plus Biomedtech Co., Ltd. The collaboration aims to leverage both companies' strengths in marketing, brand building, data sharing, and research and development. Quality Plus specializes in biotechnology, developing health and beauty products. The partnership will utilize Color World Metaverse to promote Quality Plus' services, including cosmetology products and procedures. CEO Farhan Qadir emphasized the goal of attracting more female users and expanding product offerings through this cooperation.

Positive

• Strategic agreement with Quality Plus could enhance market presence.
• Collaboration aims to introduce new cosmetology products to the Color World platform, potentially expanding revenue streams.
• The partnership is expected to attract new audiences and expand the user base.

Negative

• None.

NEW YORK, Jan. 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, recently announced that Color Metaverse Pte. Ltd. ("Color Metaverse"), a subsidiary of Color Star, has entered into a strategic cooperation agreement with Quality Plus Biomedtech Co., Ltd. ("Quality Plus"). In the future, the two companies plan to cooperate closely and assist with each other's business in areas including marketing, brand building, data sharing, and research and development.

According to Quality Plus, it is a biotechnology company in Thailand that employs technology and medical techniques to develop safe and effective health and beauty products. As biotechnology and medical cosmetology grows in popularity, Color Star has chosen to cooperate with them and plan use its platform, ColorWorld Metaverse ("Color World" or the "Platform"), to advertise and sell Quality Plus' cosmetology services and products, including health care products, makeup, and cosmetology procedures. In addition, along with the gradual rebound of the global economy, both parties will promote each other's brand and set up physical stores. Color World is a metaverse platform which features celebrity exclusives, virtual reality, and electronic commerce. Many products from industries are already present in Color World, and cosmetology will become the latest addition, with Quality Plus as its main representative. In the future, users from all over the world will be able to discover and purchase products and services directly on the Platform with virtual reality technology. By cooperating with Quality Plus, Color Star is expected to not only expand its product offerings, but to also attract new audiences into Color World.

Farhan Qadir, CEO of Color Star, said: "We are very happy to cooperate with such an excellent international biotechnology company. From now on, we will not only bring cosmetology products onto the Platform, but we are also considering partnering with Quality Plus and creating a new global cosmetology brand which offers a wider range of services that will hopefully attract more female users to Color World. Color Star will gradually increase its cooperation efforts, such as through establishing premium cosmetology brands and investing in the development of beauty products and nutritional supplements."

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.

FAQ

What is the recent partnership announced by Color Star (ADD)?

Color Star Technology Co., Ltd. announced a strategic cooperation agreement with Quality Plus Biomedtech Co., Ltd.

What are the goals of the cooperation between Color Star and Quality Plus?

The cooperation aims to enhance marketing efforts, brand building, data sharing, and research and development.

How will the partnership impact Color Star's offerings?

The partnership is expected to introduce new cosmetology products and services on the Color World Metaverse platform.

What market is Quality Plus specialized in?

Quality Plus specializes in biotechnology, focusing on health and beauty product development.

What is Color World in relation to Color Star (ADD)?

Color World is a metaverse platform used by Color Star for online entertainment and education, where products from various industries, including cosmetology, are featured.