Color Star Signs Strategic Cooperation Agreement with WannaVerse, Bolstering International Cooperation on Metaverse Software

NEW YORK, May 17, 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 its subsidiary, Color Metaverse Pte. Ltd., has entered into a strategic cooperation agreement with Korean company WannaVerse, Inc. ("WannaVerse"). In the future, the two parties plan to deepen their cooperation on related businesses such as ColorWorld Metaverse ("Color World") and enter into a definitive written agreement. Color Star plans to continue strengthening its international relations and making big moves in both the online software space and offline large-scale events this year.

Color Star and WannaVerse plan to cooperate in the field of development of metaverse software and other related segments. Color Star plans to ramp up its software research and development efforts, as well as its sales of related products this year. At the same time, with the revival of the live events industry, Color Star will begin to promote its brand and products within the market. Color Star has always been involved in the global market, and Color Star's current development trajectory involves diverse offline and online projects suitable for the global market economy. Continuously working with international companies will benefit Color Star's business development in different countries and regions around the world. At the same time, Color Star plans to continue to update Color World, as well as focus on the sales and releases of a wide range of products such as celebrity merchandise and exclusive NFT products, leveraging its cooperative advantages.

Color Star's CEO, Louis Luo, said, "Recently, we have made some big moves. In just the past two months, we have held multiple performance events in Asia and Europe and announced many new partnerships with international corporations. We are fully on track with our plans in terms of business development. We will fully commit on both online and offline segments, especially focusing on the live performance market."

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.