Color Star Technology Co., Ltd. Announces Entry into Strategic Agreement with China-Korea Culture and Art Exchange Association, Expanding Its Online Star Education Services Globally
On September 2, 2020, Color Star Technology Co., Ltd. (Nasdaq: HHT) announced a strategic long-term agreement with the China-Korea Culture and Art Exchange Association. This partnership aims to leverage both organizations' strengths to enhance online star education, brand promotion, and develop offline training sites.
The CEO highlighted the lucrative potential of the Korean entertainment market, asserting that it will provide significant long-term benefits and revenue opportunities through peripheral merchandise sales.
- Strategic partnership with China-Korea Culture and Art Exchange Association enhances market presence.
- Access to the Korean entertainment market, known for grooming top-tier artists, may lead to increased revenues.
- Potential development of new online education services and brand promotion initiatives.
- Economic uncertainties related to the COVID-19 pandemic may impact operations and demand.
- Forward-looking statements carry inherent risks and uncertainties affecting future performance.
NEW YORK, Sept. 2, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT") today announced that its wholly owned subsidiary, Color China Entertainment Limited ("Color China") has officially reached a long-term strategic agreement with the China-Korea Culture and Art Exchange Association in based in Seoul, Korea. In the future, the two parties will leverage each other's advantages to develop cooperation on online star education, brand promotion, peripheral products, and offline training sites.
Korean entertainment market is renowned for strong foundation to groom top-notch Asian stars and artists. Entertainment industry in Korea is mature and equipped with substantial resources to breed stars. We provide a global online training and education platform for the Korean artists and singers to expand their markets coverage and at the same time, the Company is benefited in its overall brand image and market impact.
Mr. Biao Lu, CEO of Color Star Technology Co., Ltd. comments, "it is a fantastic opportunity for Color China to strategically tap on the richly potential and lucrative Korean entertainment market. The profound establishment of the entertainment industry there shall bring tremendous long-term benefits to the company while Korean stars and celebrities will further thrive on our global online platform. Furthermore, stars are carrying along commercially strong peripheral merchandises which will generate meaningful revenues for the company."
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. The Company routinely posts important information on its website. 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.
Contact: Investor Relations
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