Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces Xing'ao Family Office to Join Color World to Develop Metaverse Wealth Management

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq: CSCW) announced a strategic agreement with Xing'ao Family Office to join its Color World metaverse platform. Xing'ao aims to enhance its wealth management services for ultra-high net worth clients, including family trusts and investment consulting, by establishing a virtual headquarters within the metaverse. The collaboration is expected to introduce a comprehensive wealth management offering. CEO Lucas Capetian emphasized the growing importance of the metaverse in the economy and its potential for attracting more wealth management companies.

Positive

• Strategic partnership with Xing'ao Family Office to enhance wealth management services in the metaverse.
• Establishment of a virtual headquarters on the Color World platform, expanding service offerings.
• Potential to attract more wealth management firms to the Color World metaverse.

Negative

• None.

NEW YORK, March 30, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("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, announces today its wholly-owned subsidiary Color Sky Entertainment Ltd. has reached a strategic agreement with Xing'ao Family Office ("Xing'ao"). Xing'ao will join Color World's metaverse platform, opening a virtual headquarters, and will continue to develop a series of wealth management sectors with "metaverse" as the core.

Xing'ao aims to customize its full range of wealth inheritance and family affairs solutions for ultra-high net worth clients, such as family trusts, family funds, family investment banks, family strategy consulting and private jet travel. Today, Xing'ao is expanding its reach, diversifying into new markets, such as the metaverse, to target more ultra-high net worth groups around the world.

Xing'ao has joined the Color World metaverse platform and will establish a virtual headquarter office. At the same time, more physical sectors will be opened on the platform in the form of virtual presentation. While facing global users, Color Star will also continue to improve the application technology of Color World, which provides support for Xing'ao's wealth management in the metaverse.

Lucas Capetian, CEO of Color Star commented, "Color World is an interactive platform with the metaverse as its core highlight. We believe that the future economic environment must be a multi-economy that integrates the Internet and the entity industries. Therefore, metaverse emerges in time, and will become a new business market environment, which is illustrated by the many large enterprises that have already settled into our metaverse platform, established the metaverse headquarters, and issued NFT. Xing'ao's presence will add fund management to the mix with anticipated upgrades over time, ultimately creating a full-service wealth management offering within the Color World platform. We believe that this cooperation between Color Star and Xing'ao will also provide a model for more wealth management companies to follow, which we also believe will attract additional wealth management companies to enter our platform."

As a technology-based, globally operating company with artificial intelligence as its core technology, Color Star's Color World application is a metaverse interactive platform built with future elements and AI technology. The self-test version has been recognized by millions of users and drawn the attention of cooperative enterprises after its release in the Apple and Android app stores, based on which, the cooperation between the two parties will become even more powerful.

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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SOURCE Color Star Technology Co., Ltd.

FAQ

What does the partnership between Color Star Technology and Xing'ao Family Office entail?

The partnership involves Xing'ao joining the Color World metaverse platform to establish a virtual headquarters and develop wealth management solutions for ultra-high net worth clients.

How will the Color World platform benefit from the agreement with Xing'ao?

The agreement is expected to enhance the wealth management offerings on the Color World platform and potentially attract more firms to the metaverse.

What type of clients will Xing'ao serve in the metaverse?

Xing'ao will focus on providing wealth management solutions for ultra-high net worth clients, including family trusts and investment services.

What is the significance of the Color World metaverse platform?

Color World is an interactive platform designed to integrate technology and the metaverse for enhanced user experiences and business opportunities in wealth management.

What is Color Star Technology's business focus?

Color Star Technology specializes in entertainment technology, offering online entertainment performances and music education services through its Color World platform.