New YorkAnd Jan 21 2022 /PRNewswire/ – Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as “Lone Star “O “The Company”), a global network entertainment technology company focused on the application of technology and artificial intelligence (AI) to the entertainment industry, today announced a private placement of 16 million shares in 1 dollar per share, worth 16 million dollars, to its largest shareholder, Hou Sing International Business, Ltd. (hereinafter referred to as “HSIB”).
As an entertainment technology company, Color Star will continue to invest more in developing projects such as non-fungible (NFT) tokens. In this regard, the company’s interactive global celebrity platform, the Color Star app, will be upgraded to a new “metaverse entertainment” platform in January 2022. Users will be able to “settle” in this metaverse and become residents of the Color Star world, where they can purchase land, build homes and design their homes, their cars, and even their clothes. All these design products will be in NFT format and are tradable. The launch of the entertainment metaverse of Color Star will bring a whole new experience to its global users.
An HSIB spokesperson commented: “We have always been very optimistic about Color Star’s business outlook. Since the pandemic, with entertainment and the global economy in decline, Color Star has nonetheless been able to spot the unique opportunity amid the crisis. Company fiscal year 2021 results show that the company continues to grow Quickly. We believe Color Star will perform better in the future, so we are ready to increase our holdings with a private placement at a premium of 100% over the current stock price. We will continue to support and closely follow the company’s growth and development.”
Proceeds from this position will be used to develop metaverse products as Color Star strives to provide better and improved products and experiences to users around the world.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an entertainment and education company that provides online entertainment offerings and online music education services. Its business operations are conducted through its wholly owned subsidiary, Color China Entertainment Ltd. and CACM Group NY, Inc.. The company’s education is provided online through its music and entertainment education system Color World. More information about the company can be found at www.colorstarinternational.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding plans, goals, objectives, strategies, events or future performance, underlying assumptions, and statements other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “expect,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, They make forward-looking statements. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that could cause actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. Such statements are subject to uncertainties and risks including, but not limited to, the following: Company objectives and strategies; development of the company’s future business, including the development of the metaverse project; ordering and accepting the product and service; changes in technology; economic conditions; Growth of the international education and training services market where CSCW does business; reputation and brand; Impact of competition and pricing. government regulations; Fluctuations in general economic and business conditions and assumptions underlying or associated with any of the foregoing and other risks contained in reports submitted by the Company to the Securities and Exchange Commission. For these reasons, among other things, investors are cautioned not to place undue reliance on any forward-looking statements in this press release. Additional factors are discussed in the company’s filings with the US 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 arising after the date of this Contract unless required by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.
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