Color Star Technology (CSCW) Acquires Elephant Games

Color Star Technology Co., Ltd. (NASDAQ: CSCW) announces that its wholly-owned subsidiary, Color China, signed an memorandum of understanding to acquire Guangzhou Elephant Interactive Network Technology Co., Ltd. (hereinafter referred to as "Elephant Games") to utilize their respective advantages for jointly developing online mobile games for the international market. The two companies will cooperate globally in the areas of game development, copyright distribution, and peripheral product sales. Color China will benefit from the strategic layout and overseas listing experiences of its parent company, Color Star, which provides a diverse interactive game experience for hundreds of millions of players worldwide.

Elephant Games specializes in the development and operation of online games with local characteristics. Founded in 2017, the company's core team is equipped with management talent from well-known game companies such as Tencent, NetEase, Boya, China Mobile Games, Entertainment (CMGE), and 4399 Network. The team provides reliable and experienced business strategy, product development, operations, marketing, and other know-how to the company. Elephant Games has developed a number of 3D chess and card games with local characteristics, and boasts independent intellectual property rights.

Color Star's acquisition of Elephant Games will establish close cooperation between the platforms of both companies, creating a win-win, sustainable strategic partnership. In order to acquire market share in the global online mobile game market, Color Star has also partnered strategically with other well-known game companies. The Company believes that as network technology continues to improve, more people will choose the virtual leisure experience in the future, especially in Asia, where network technology has already penetrated into daily life. With billions of players around the world, the mobile game market has tremendous opportunities for growth. Color Star will utilize its own technology and entertainment business advantages to create entertainment products with exclusive celebrity intellectual property rights.

Mr. Basil Wilson, CEO of Color Star, commented: "In Asia, the mobile game market is a large market segment, which spurs the creation of world-class mobile game companies. Our cooperation with such a company will lead not only to the creation of the world's most sensational and best-selling game products, but also creation of our own IP products. We will also develop a series of business content, including e-sport competitions, theme hotels, and digital copyrights, among other products. We believe that when each business segment operates independently as well as collaboratively, this will allow for more profit generation."

Color Star's strategic cooperations and business layout decisions are based on macro factors including the global market for precise positioning. We believe that online mobile games will continue to show explosive growth in the future. With a large, global user base and increasing demand, Color Star strives to continually innovate and develop the best gaming experience for its users, and obtain greater profits in the mobile game market for investors.

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