Color Star Technology Announces Strategic Agreement with Mixx Lifestyle Inc., USA to set up its First Offline Site in New York City and Establish an Offline Entertainment and Education Network

Rhea-AI Summary

Color Star Technology Co., Ltd. (HHT) has announced a strategic agreement with Mixx Lifestyle Inc. to establish its first offline learning site and live music venue in New York City. This initiative aligns with the company's goal to integrate online and offline education services, featuring performances and lessons from renowned artists. The New York site is expected to open by the end of 2020, pending pandemic conditions. Plans also include additional learning venues in Europe, Southeast Asia, and China as part of a broader post-epidemic strategy.

Positive

• Strategic partnership with Mixx Lifestyle to enhance education and entertainment services.
• Establishment of first offline site in New York City, a central hub for artists.
• Plans for gradual expansion of additional learning sites internationally.

Negative

• Opening of the New York site is contingent on the control of the COVID-19 pandemic.
• Ongoing uncertainties regarding the spread of COVID-19 may impact operations and demand.

BEIJING, June 24, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the business of providing education services, today announced that its wholly owned subsidiary, Color China Entertainment Limited ("Color China") has signed a strategic agreement with Mixx Lifestyle Inc., USA in a collaboration to set up the Company's first offline learning site and live music venue in New York, which serves Color Star's strategy to establish an online and offline education network with live music programs.

Color China is aiming to offer both online and offline education services. The agreement with Mixx allows both parties to collaborate in building a first-tier live music venue located at 135 West 41st Street, New York City, New York, United States, which will also serve as an offline training base. In particular, Color China will be providing all necessary performance equipment to support the collaborated effort.

Due to the ongoing epidemic, online education has become the dominant way of learning. We have been focusing on the final testing of our Color World platform which is expected to offer an unique online education and entertainment experience. In anticipation of reopening in many states and countries, we also started to make preparations in advance for our offline services in the post-epidemic era. In collaboration with Mixx Style, we expect to set up our first offline education site and live music venue in New York City since it is a hub for many celebrities, artists and entertainment professionals. We plan to invite many renowned artists and celebrities to teach lessons live at our New York learning site post-epidemic, as well as to record their lessons for our online education platform. Meanwhile, we plan to offer students the opportunities to come into the learning site to enjoy face to face interactions with renowned artist teachers.

In preparation for our strategic post-epidemic plan, we plan to launch several offline learning sites gradually, including locations in Europe, Southeast Asia and China, starting from the second half of 2020. We have been in contact with many local companies in discussion of setting up respective local learning sites, with 151 West 41^st Street in New York being the first one.

Currently the New York site is under full construction and is planned to be opened around the end of 2020 assuming New York City stays on track with its reopening schedule. If the epidemic is under full control by the end of the year, this site will be used as a learning site for in-person lessons during the day and a live music venue for both artists and students during the night.

"We hope that in the near future, Color Star will become a pioneer in providing celebrity-taught education services that can be accessible both online and offline, providing students with customized content and enjoyable learning experiences," Sean Liu, CEO of Color Star Technology commented, "our collaboration with Mixx Lifestyle marks a significant step in executing our offline expansion plan."

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., CACM Group NY, Inc., Sunway Kids International Education Group Ltd. ("Sunway Kids"), Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entity, Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. The Company also anticipates providing an after-school tutoring program in New York via its joint venture entity Baytao LLC, and providing online music education via a platform branded "Color World."

About Mixx Lifestyle Inc., USA

Mixx Lifestyle operates three charter party boats docked at the East River and 34th Street, two locally owned craft beer and gourmet food stores called Milk & Hops located in the Upper East Side and Chelsea, and two Astoria Bier & Cheese stores in Astoria, hosting hundreds of events in New York City each year. Mixx Lifestyle has signed a lease for 10,000 square feet at Tribeca Associates' 135 W. 41st St. Mixx Lifestyle's new venue - Club Nebula will stand behind a pair of arched, church-like wooden front doors. It's scheduled to open in September 2020.

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
Cassie Zhang
ir@colorstarinternational.com  
929-317-2699

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SOURCE Color Star Technology Co., Ltd.

FAQ

What is the significance of the agreement between Color Star Technology and Mixx Lifestyle Inc. for HHT?

The agreement marks a key step in HHT's strategy to establish a hybrid education network, combining offline and online learning experiences.

When is the New York learning site for HHT expected to open?

The New York site is planned to open by the end of 2020, depending on the control of the COVID-19 pandemic.

What are the future plans for Color Star Technology beyond the New York location?

Color Star Technology aims to launch additional learning sites in Europe, Southeast Asia, and China starting in the second half of 2020.

How does the COVID-19 pandemic affect HHT's business plans?

The pandemic introduces uncertainties that could impact HHT's operations, including the demand for services and the timing of site openings.

What type of education services will be offered at HHT's New York site?

The New York site will provide both in-person lessons and live music events, featuring renowned artists.