Color Star Technology Co., Ltd. (NASDAQ: CSCW) Plans to Establish an International Business Unit to Seize Opportunities in the Metaverse
NEW YORK, September 13, 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, officially announces plans to establish an international business unit in Dubai as part of its strategy to deepen high-tech efforts in capturing metaverse opportunities. While using virtual reality (VR) and augmented reality (AR) technologies, the Company will continue to develop smart technologies to enhance the Color Star virtual universe.
The word “metaverse” was originally created by science fiction writer Neil Stephenson in the 1992 novel Avalanche, which refers to a life-like virtual world that parallels the real world. People may reasonably spend most of their time in such a world. The concept of metaverse is similar to virtual reality, but surpasses virtual reality in terms of the grandeur and special meaning. With the ever-changing rules of global markets and impact of the pandemic, metaverse has become the focus of capital markets; more well-known, global technology companies are transforming into the metaverse. Renowned companies have begun to fight for market share as many people seem to have discovered the “New World” of metaverse.
As early as February this year, having received private equity funding, Color Star began research and development on a metaverse software, known as Color Star Metaverse, and continues to acquire software companies to form professional teams for collaboration in development and design of virtual communities and products. The goal of Color Star is not only to build a “parallel reality experience”, but also to create customized virtual characters and virtual scenes for Color Star Metaverse, where one can become his or her ideal self, and have experiences mimicking the real world. Color Star will also integrate the resources of celebrity artists and continue to host performances, interactions, product sales and other related content on Color Star Metaverse. At present, the Company has completed the first phase of Color Star Metaverse. With the establishment of the Dubai business division, the second phase of Color Star Metaverse will include the launch of VR scenes and complementary products that allow users to build various social, entertainment, daily life, and other visual experience scenes for their virtual self.
Mr. Basil Wilson, CEO of Color Star, commented: “We have already set foot in the metaverse field. While completing the first phase of the Color Star Metaverse, the Company also issued a series of merger announcements which are crucial to the establishment of a professional team and subsequent work on the Color Star Metaverse. We believe the Color Star Metaverse will present infinite possibilities for enterprises and the public, and all of this will be realized on our Color Star APP.”
As Color Star continues to make efforts and investments in new technologies, the Company has already created several technology products, including metaverse and non-fungible token (NFT); the R&D department is currently working to combine these two technologies. Color Star will soon launch metaverse products related to NFT, so that more entertainment scenes can be presented to the public through advanced technology.
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
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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