NEW YORK, March 8, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), today
announced the establishment of a long-term strategic partnership
with Guangxi, China-based Yinmiao
Culture Development Co., Ltd. (hereinafter referred to as
"Yinmiao"), a Chinese piano-education institution. The two
companies agreed to work together in the areas of piano
competition, art festival coordination, online and offline
training, as well as artificial intelligence (AI) piano
hardware research and development (R&D), production and sales,
thereby contributing to the concept of a "diversified entertainment
and sharing economy."
Yinmiao is a professional firm that focuses on
piano-related industries, specializing in piano sales, piano
training and education, piano competition operations, and cultural
communication. In terms of scale, Yinmiao's BOYA Piano
Festival has become the "Piano Olympiad", boasting the
most influential piano instructors and highest number of
participants, and is the largest concentration of Chinese
piano festival intellectual property (IP). In addition,
Yinmiao's offline flagship piano training institutions can be found
in many domestic first-tier and second-tier cities, and is expected
to expand to 100 stores in 2021. Meanwhile, Yinmiao will continue
to expand off-speculation training, dual-teacher classroom, and
one-on-one training in its online education business, and has
accelerated its R&D investment and production and sales of AI
smart pianos, in order to enhance its core competitiveness.
Given the aforementioned business advantages, Color Star and
Yinmiao plan to jointly develop the urban market. By combining
Color Star APP's online celebrity tutors, online broadcasts, and
cultural and creative platforms with Yinmiao's business through
membership exchange and interaction, the partnership may greatly
benefit both companies' online presence. In the offline arena,
Color Star has abundant professional experience in planning and
organizing live shows and may help introduce and promote Chinese
art festival IPs globally. For Color Star, the partnership with
Yinmiao is also a perfect opportunity for development of augmented
reality (AR), where the technology can be applied to piano lessons
and sales in the early stage, so users may experience a more
comprehensive learning modality. With the implementation of AR
technology to "Piano Olympiads", these festivals can overcome the
limitations of locality and allow piano lovers around the world to
participate.
As a technology company that emphasizes "cultural sharing" at
its core, Color Star recently begun preparations for its NASDAQ
Dubai listing and the application of AR technology, which should
give the Company more potential for development while also
attracting additional investor attention. Meanwhile, the
partnership between Color Star and Yinmiao is based on mutual
benefit and is expected to help both companies reach new heights.
The CEO of Color Star, Mr. Luke Lu,
commented: "The partner we choose to cooperate with is usually the
best in the sector, and we integrate our partners in the
development of the cultural sharing space. In the global market,
different cultures attract different people, and diversified
culture is even more attractive." As the world's
largest consumer market, China has
always been one of the key markets in which Color Star strives to
expand. As such, we believe that diversified cross-industry
partnerships will greatly enhance the Chinese user base of Color
Star APP. In the future, Color Star will look for more partnerships
in the high-technology and professional technology sectors. At the
same time, the Company welcomes potential firms
and institutions from around the world to get in touch, with
the hope of finding and expanding mutual collaborations for
business, entertainment, and educational benefit."
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are
not guarantee of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the educational and training services market
in China and other countries where CSCW conducts its
business; reputation and brand; the impact of competition and
pricing; government regulations; fluctuations in general economic
and business conditions and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the Securities and Exchange Commission. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward–looking
statements to reflect events or circumstances that arise after the
date hereof unless required by applicable laws, regulations or
rules.
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SOURCE Color Star Technology Co., Ltd.