Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces that Thai Construction Company, The Jade to Join Color World, with Smart Technology Opening Up New Possibilities for Real Estate Companies
Color Star Technology Co., Ltd. (NASDAQ: CSCW) has announced a strategic agreement with Thailand's The Jade Construction Group. This collaboration will integrate smart technology within the real estate sector, specifically utilizing the Color World app to enhance property sales. The Jade is developing a luxury villa project in Hua Hin with a $60 million investment. The partnership includes creating a virtual headquarters and employing VR for property showcases, facilitating online property sales during the pandemic. However, the latest Color World app is still under review by major app stores.
- Strategic cooperation with The Jade Construction Group to integrate smart technology into real estate.
- The Jade's $60 million investment in a luxury villa project indicates financial strength.
- Creation of a virtual headquarters for enhanced property showcasing using VR technology.
- Color World app has over a million users and is transforming into a metaverse platform.
- The latest version of the Color World app is still under review, delaying its launch.
NEW YORK, Feb. 1, 2022 /PRNewswire/ -- /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence ("AI") in the entertainment industry, announced today that Color Sky Entertainment Limited, a subsidiary of Color Star has recently reached a strategic cooperative agreement with The Jade Construction Group (hereinafter referred to as "The Jade"), who will become the first international real estate company from Thailand to join the Color World app. In the future, the two sides will closely cooperate to integrate smart technology into the company's development and pave a new path for the real estate industry.
The Jade is a comprehensive investment management group, involved in industries such as tourism, construction materials, import/export, Chinese radio, real estate and other wholly-owned companies. The cooperation between the two sides focuses on the real estate industry. Recently The Jade has constructed the largest recreational independent pool villa area in Hua Hin, Thailand, with an estimated investment of USD 60 million. So far, 70 buildings have been completed. As such, The Jade hopes that the rapidly developing online and smart technologies can facilitate the sales of these villas in the global housing market. The partnership with Color Star is considered a win-win.
Color Star currently has a team of some of the world's best researchers and technology experts, and their independently developed "Color World" app is a combination of technology and artificial intelligence. Previously, Color World has already amassed more than a million users worldwide and the software will be transformed into a metaverse platform following a technical update at the end of this month. This also means that "Color World" will shift focus onto the development of virtual communities and the commercial operation of virtualized real-world products. Through close cooperation, both sides will mutually benefit by leveraging each other's industry advantages to help each other develop in many areas. This will also hopefully place the two sides further ahead on the global industry ranking. Color Star will construct a virtual headquarter for The Jade, while also utilizing VR technology to vividly display information of properties for sale. Amidst this current pandemic, users can go through the entire house-purchasing process, from viewing to paying, all in VR and without stepping outside their homes. Online real estate sales, user conversion and flow, corporate brand enhancement, etc. will be the focus of the cooperation.
CEO of Color Star Technology, Lucas Capetian said, "There is lots of room for cooperation with The Jade Construction Group due to their profile as an international company with a presence in diverse industries. Smart technology is necessary for The Jade if they are targeting real estate buyers on a global scale. This is because potential buyers will not have to view properties in person, and all they need to do is to register as a member. Through advanced technology, buyers can intimately experience the structure and layout of a property. Through this service, both companies can deepen their understanding of their respective products and make improvements whilst simultaneously promoting their brands. At Color Star, we believe that Color World is a multifaceted platform. It does not matter whether it is real estate or other industries and we will not limit ourselves to one. Furthermore, we want to become a platform filled with variety of contents and products created by our users."
As the brand new metaverse platform "Color World" features novel contents, Color Star regrets to announce that the latest version of APP is still under review at major App Stores. The company has been in close communication with the relevant App Stores, hoping to pass the review process as soon as possible to introduce the latest App to global users.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq: CSCW) 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 China Entertainment 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 CSCW 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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