Color Star Plans to Set Up Global Events Production Network to Cater to Each Individual Local Market

NEW YORK, June 28, 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, announces today that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), has entered into a strategic cooperation framework agreement with Beijing Zhong Guang Shi Xun International Cultural Development Co., Ltd. ("Zhong Guan") in order to further develop its business in the Asia live events market in the future.

In response to the rapid recovery of the live events industry worldwide, Color Star has organized various live performances around the world. To date, a number of these performances have already taken place in Europe, the U.S., the Middle East, and Asia. In order to better present the most exciting shows to people worldwide and to create a strategically positioned events production matrix, Color Star has entered into strategic cooperation framework agreements with event production teams in the U.S., U.K., Dubai, Japan, Thailand, Korea, and China. Upon finalizing the partnerships with these event production teams by entering into certain definitive cooperation agreements, Color Star will always have an experienced local event production team on the ready, irrespective of which country a planned event is to take place in. A local team would be able to help Color Star gain an intimate understanding of the local market and audience, and grants the Company the advantage of access to local connections, which will assist in the development of Color Star's live events projects.

Founded in China and having branched out to more than 30 major cities, Zhong Guang has vast resources and experience within the industry. It has set up its own brand center, creative center, audiovisual center, film and TV center, media center and strategic platform alliances. The planned partnership between Color Star and Zhong Guang is intended to focus primarily on events production activities in the Chinese and Asia markets.

Color Star Technology CEO, Louis Luo, said: "Color Star has planned a large amount of live events this year. We plan on cooperating with many excellent local production companies and ticketing companies to bolster our box office performance. Once our events production matrix that we are working hard to put in place is finalized, we will be able to quickly organize all kinds of performances and events around the world with ease."

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.

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SOURCE Color Star Technology Co., Ltd.