Color Star Technology Co., Ltd Announces Collaboration with Red Phoenix Entertainment to Strategically Expand into Sports Education
Color Star Technology Co., Ltd. (Nasdaq: HHT) has announced a strategic agreement with Red Phoenix Entertainment, aiming to expand into sports education. This partnership will enhance Color China's offerings by integrating sports education and brand promotion into its services. The collaboration is expected to attract top athletes to its online education platform, thereby increasing user engagement. CEO Biao Lu emphasized that this alliance represents a milestone in the company's growth, enhancing operational efficiency through combined online and offline strategies.
- Strategic alliance with Red Phoenix Entertainment to expand into the sports education sector.
- Potential for increased user engagement on the Color Star Technology platform.
- Expansion from entertainment to more profitable sectors like sports education.
- Uncertainty regarding the impact of COVID-19 on future operations and demand for products/services.
NEW YORK, Aug. 28, 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 officially reached a long-term strategic agreement with Red Phoenix Entertainment. In the future, the two parties will leverage on each other's advantages to develop in-depth cooperation on sports education, brand promotion, and online star education.
The cooperation between the two parties allows Color China to strategically expand into sports area to create professional, diversified and educational services. The cooperation also enables Color China to expand from the entertainment industry to more profitable and derivative industries such as sports, and greatly enhances Color China's extensiveness and operability through the combination of online and offline. In the near future, Color China and its parent company Color Star Technology Co., Ltd. will launch its self-developed star online education service software globally. After the software is launched, Red Phoenix will leverage its influence and profound resources in sports, including actively encouraging outstanding athletes to cooperate with Color China in sports education.
CEO of Color Star Technology Co., Ltd., Mr. Biao Lu said, "Color China aims to strategically expand in sports area to bring top athletes to its star instructor crew. We believe that cooperating with Red Phoenix will generate more users for Color Star Technology platform and reach a new milestone. A deep and long-term strategic alliance with the Red Phoenix will unquestionably become a mutually beneficial, win-win partnership for the development and growth of both parties."
About Color Star Technology Co., Ltd.
Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative knowledge-paid services for music and entertainment industries globally. Its official website is www.colorstarinternational.com. 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. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC.
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 due to the COVID-19 pandemic 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.
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SOURCE Color Star Technology Co., Ltd.
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