NEW YORK, Sept. 23, 2021
/PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW)
(hereinafter referred to as "Color Star" or the "Company"), an
entertainment technology company with a global network that focuses
on the application of technology and artificial intelligence (AI)
in the entertainment industry, announces that its wholly-owned
subsidiary, Color China, has officially signed an agreement of
intent to acquire Wuhan Chujing Esports Culture Communication Co.,
Ltd. (hereinafter known as "Chujing Esports"). The two companies
will collaborate in developing a global esports pan-entertainment
sector combining their respective industry advantages. Color
Star will also include this new sector as a essential part
of its business.
The mergee, Chujing Esports, is an innovative cultural
enterprise that focuses on internet "esports+". The company
integrates new platforms, new traffic, new culture and creativity,
and new ideas related to the development of esports
concepts in the new era. It adopts the online and offline
dual-channel business model, actively engages in sustainable and
eco-friendly initiatives, and promotes college students'
innovation, entrepreneurship, and employment in the field of
internet esports. So far, Chujing Esports has successfully
created many top domestic traffic IPs in the esports field, with
overall traffic volume reaching 100 million. The company has
long-term, in-depth cooperation with many companies across
China, including Tencent, DouYu, Huya TV, TikTok, Jinri Toutiao,
and Zhangyou. In the future, Chujing Esports will also strive
to make outstanding contributions to realize regional, new-economy
growth goals.
With rapid advancement of network technology in recent years,
online mobile games have become the primary source of leisure and
entertainment for young people. The popularity of various live
short-video broadcast platforms have led to the emergence of
esports experts and IPs who are well-known for their live esports
broadcasts and esports competition. In Asia, the embrace of new forms of
entertainment by the younger generation, combined with the
universalization of gaming, are leading to rapid market growth
as well as intense esports competition and increasing demand
for esports experts.
Through the merger and acquisition of Chujing Esports, Color
Star and Chujing Esports will fully integrate their online and
offline platforms while cultivating and developing more
esports influencers, esports IPs, esports competitions, and other
esports products and services. The two companies will also
undertake industry synergies and comprehensive platform
integration, and lay out a new business strategy for the
global market. Color Star will fully utilize the diversity of its
celebrity interactive platform Color Star APP, while
utilizing the experience and advantages of Chujing Esports in
the esports industry. The merger of celebrity entertainment
and esports will benefit Color Star on many levels, including
assisting with the creation of live esports shows, esports expert
competitions, and other related IP, attracting more fans to
join its membership base, and achieving greater profit
potential.
Mr. Basil Wilson, CEO of Color
Star, commented: "Our strategy to develop a global esports
pan-entertainment cultural sector is not limited to the
development and distribution of esports products. The series of
related business synergies that can be derived from combining
entertainment and esports will create many more
profit possibilities. The combination of online and
offline models will allow Color Star to fully explore new
business opportunities. In this regard, our merger and acquisition
of Chujing Esports is highly compatible and desirable.
Together, the two companies will jointly promote the global esports
pan-entertainment sector."
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an
entertainment and education company that provides online
entertainment performances and online music education services. 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. More information about
the Company can be found at www.colorstarinternational.com
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.