Color Star Technology Announces Management Change to Strengthen Leadership and Better Positioned to Implement its Business Plan

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq CM: HHT) announced the resignation of Yang (Sean) Liu as CEO on July 17, 2020, appointing Biao (Luke) Lu as his successor. Liu will focus on technology development for the 'Color World' platform. Lu, with 25 years of experience in the entertainment industry, aims to attract more artists and enhance product sales. The company plans to set up offline bases in the USA and Asia for improved educational experiences, blending online and offline learning.

Positive

• Appointment of Biao (Luke) Lu as CEO may enhance artist engagement and revenue.
• Expansion plans for offline education bases in the USA and Asia.

Negative

• Management change may lead to uncertainties during transition.
• Dependence on the success of the 'Color World' platform and external market conditions.

NEW YORK, July 17, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the business of providing innovative education services, announced the resignation of Yang (Sean) Liu as CEO and chairman of the board of directors and the appointment of Mr. Biao (Luke) Lu as his successor on July 17, 2020.  Under Mr. Liu's leadership, the Company successfully completed its transition to an innovative education service provider. Given Mr. Liu's professionalism in Information Technology development and management, he will redirect his focus to act as the Company's Vice President of Technology and be in charge of the development of the software and technology related to our "Color World" platform. The Board is pleased to announce that Mr. Biao (Luke) Lu has been appointed as CEO and Chairman of the Board to further implement the Company's business plan. Such management change is due to the Company's development layout in an effort to make full preparations for the "Color World" platform to be launched soon.

Mr. Lu is a famous film producer and agent in China and has been in the entertainment industry for 25 years. He started engaging in film and TV drama production at China Central Television (CCTV) in 1997. From 2005 to 2017, he served as CEO of "Dongxing Time International Culture" where he expanded the global artist brokerage business and signed many famous artists in Asia. In 2017, he joined "Hong Kong War Tiger Pictures" as its CEO where he invested in and produced many popular films such as "Ocean Paradise," "Happy Bureau," "Stalker," "I want to be rich," "Transformation Group," and "Lifetime with You," etc. At the same time, he also participated in the production of many artists' records, concerts and a variety of shows.

The online education platform "Color World" created by Color Star is very different from other traditional education platforms. The instructors are well-known stars or producers. The students will learn from those instructors and benefit from their professional experience and knowledge, and they will offer our students more practical guidance. Therefore, Mr. Lu's leadership will bring his 25 years of entertainment and management experience to Color Star, so that the Company will be able to attract more artists to join as its instructors. Mr. Lu will lead the sales of artists' peripheral products and interactive videos of artists on the "Color World" platform, a unique addition to the platform and a boost to the company's sales and revenue.

This management change will maximize the team's expertise and experience. In the future, Color Star intends to set up offline bases in the United States and a number of countries in Asia to achieve a sophisticated combination of online and offline education mode in an endeavor to bring a new music and entertainment education experience to millions of students worldwide.

About Color Star Technology Co., Ltd.

Color Star Technology, is a holding company whose primary business is offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company also anticipates providing an after-school tutoring program in New York via its joint venture entity Baytao LLC, and providing online music and entertainment education via a platform branded "Color World."

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on HHT's operations, the demand for the HHT's products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT's SEC filings are available publicly on the SEC's website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Color Star Technology Co., Ltd.
Contact: Investor Relations
FinancialBuzzIR™
info@FinancialBuzzIR.com
Tele: +1-877-601-1879

 

 

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SOURCE Color Star Technology Co., Ltd.

FAQ

What recent management changes occurred at Color Star Technology (HHT)?

Yang (Sean) Liu resigned as CEO, and Biao (Luke) Lu has been appointed as his successor.

What experience does Biao (Luke) Lu bring to Color Star Technology (HHT)?

Biao (Luke) Lu has 25 years of experience in the entertainment industry, including film production and artist management.

What is the 'Color World' platform related to Color Star Technology (HHT)?

The 'Color World' platform is an online education service featuring instructors who are well-known stars and producers.

What are Color Star Technology's (HHT) plans for expansion?

The company plans to establish offline education bases in the USA and several Asian countries.

When did the management changes occur at Color Star Technology (HHT)?

The management changes were announced on July 17, 2020.