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Color Star Technology Co., Ltd. (Nasdaq: ADD) is an innovative entertainment and education company that harnesses the power of technology and artificial intelligence (AI) to transform the entertainment industry. The company operates globally through its fully owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc.
Color Star is renowned for its Color World music and entertainment education platform, through which it offers online entertainment performances and music education services. This platform enables users to engage with various educational programs tailored to the entertainment industry, fostering a new generation of artists and performers.
In a recent development, Color Star announced a non-binding letter of intent to acquire over 60% of shares in JingXiang (Australia) Pty. Ltd., a company specializing in digital services for esports hotels. JingXiang provides a supercomputing platform, an esports software as a service (SaaS), and a central reservation system (CRS) for hotels. These services are designed to enhance the gaming experience for hotel guests with features like low-latency streaming, high-definition graphics, and comprehensive room management systems.
JingXiang has acquired significant assets, including 3,000 cloud computer cases and 160+ servers, and holds multiple patents and software copyright certificates. The company's diskless architecture for cloud storage allows remote use of hardware and software, providing flexible storage solutions for end-users. Their CRS platform integrates various functionalities such as merchant integration, transactions, marketing events, and data analysis, creating an exclusive esports ecosystem for enthusiasts.
Color Star's CEO, Louis Luo, emphasizes the company's commitment to expanding into the esports industry. The combination of Color Star's celebrity network with esports events and concerts is expected to create synergies and open new revenue streams.
Additionally, Color Star is making strides in the AI music space with the upcoming release of its first digital music album, "Color World", by its AI virtual band, the Vibrant Music Collective. This album, featuring 12 songs of various genres, showcases the company's cutting-edge AI technology in music production. The band members and the entire performance are AI-generated, marking a significant step in the evolution of virtual entertainment.
Color Star Technology is a forward-looking company that is constantly exploring new avenues in entertainment and technology. For more information, visit their official website at www.colorstarinternational.com and their investor room at www.colorstar.investorroom.com.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) has announced the partnership with Spanish football legend Iker Casillas, enhancing its entertainment metaverse platform. Casillas, recognized as one of the greatest goalkeepers, aims to engage with fans through the Color Star app, where he will share his football expertise and skills. This collaboration is expected to strengthen Color Star's celebrity engagement and improve its online and offline business sectors, as stated by CEO Lucas Capetian. The addition of Casillas is positioned to attract more users and drive technological advancements in the metaverse space.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced a cooperation with the Philadelphia 76ers on December 15, 2021. This partnership focuses on advertising and entertainment technology, utilizing Color Star's metaverse platform to engage with basketball audiences globally. CEO Lucas Capetian expressed the company's intent to enrich the Color Star app's content through this collaboration. The alliance aims to enhance global recognition and potentially expand to other NBA teams, intertwining technology and sports entertainment.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced the resignation of its former Chairman and CEO, Basil Wilson, due to health issues. Sir Lucas Capetian has been appointed as the new Chairman and CEO. Capetian, a Harvard Business School alumnus, aims to enhance the Company's technological development in the metaverse and NFT products. Under Wilson's leadership, the Company achieved significant advancements, including an exponential increase in operating income and surpassing one million registered users on the Color Star app. The metaverse entertainment platform is set to launch soon.
Color Star Technology (NASDAQ: CSCW) has signed a memorandum of understanding with Alibaba Cloud to explore collaboration in cloud computing and AI. This partnership will be highlighted at the World Expo 2020 in Dubai on December 25-26, 2021. Alibaba Cloud is a leading cloud provider and will assist Color Star in enhancing its technological capabilities, including developments in the metaverse. The company emphasizes maintaining stable profits despite COVID-19 challenges, hinting at future business expansions in 2022 as they enhance their offerings.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced a private placement of 12.5 million shares at $0.8 per share, totaling $10 million, to its largest shareholder, Hou Sing International Business, Ltd. The proceeds will be used to develop metaverse products, enhancing the Color Star app into a new entertainment metaverse platform. Despite global economic challenges, Color Star has shown growth potential, with the shareholder expressing confidence in its future performance. This placement occurs at a 50% premium, indicating strong support from HSIB for Color Star's strategic initiatives.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced a cooperation memorandum with National Glory Holdings Limited to advance their business in the metaverse and non-fungible token (NFT) sectors. This partnership aims to leverage augmented and virtual reality technologies for innovative product development and enhanced business networks. CEO Basil Wilson emphasized the potential for rapid growth and international expansion.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced its participation in the Diamond Equity Research Emerging Growth Invitational virtual investor conference on November 16, 2021. The company will present from 10:20 am to 10:50 am EST, followed by a Q&A session. The conference aims to connect small-cap companies with investors and enhance visibility. CEO Basil Wilson expressed enthusiasm for raising awareness about recent developments at Color Star. For more details, investors can register at the provided links.
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced its commitment to developing metaverse entertainment products following strong 2021 fiscal results. The Color Star app, launched in December 2020, has over 300,000 registered paying users. The upcoming upgrade will introduce a new interface featuring virtual cities like Manhattan, Tokyo, and London, where users can engage in diverse activities. NFTs will also be integrated, allowing users to own digital scenes and music copyrights. CEO Basil Wilson emphasized the unique vision for an idealized metaverse experience.
Color Star Technology Co. (NASDAQ: CSCW) announced its audited financial results for the fiscal year ended June 30, 2021, reporting a remarkable 100% revenue increase to approximately $6.8 million, with gross profit also rising to about $2.6 million. The growth is attributed to the successful launch of its Color Star app, attracting over 300,000 paying users since its launch in December 2020. The Company plans to leverage its celebrity partnerships and upcoming metaverse technologies as future growth drivers in the post-pandemic landscape.
Color Star Technology Co. (NASDAQ: CSCW) announced on October 27, 2021, that it has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as its share price has been below $1.00 for 30 consecutive business days. The company has a 180-day compliance period until April 25, 2022, to meet the requirement. If successful, Nasdaq will confirm compliance. CEO Basil Wilson assured stakeholders of the company's commitment to regain compliance and maintain its Nasdaq listing.
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