Color Star Sets Up Operations in Europe and Revenue of Digital Entertainment Will Increase from the European and American Markets

NEW YORK, April 19, 2022  /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, recently announced that their Singaporean subsidiary, Color Metaverse Pte. Ltd., has officially entered a strategic cooperation agreement with Versatile Music International Ltd. (hereinafter referred to as "Versatile Music"). As a high-tech company, Color Star will cooperate deeply with Versatile Music in the field of online digital entertainment.

The band of the British company Versatile Music, Versatile Brass, is one of the world's leading brass bands. The brass band has had the honor of playing for His Royal Highness Prince Edward and His Holiness the Pope, as well as participating in various important performances and events. Soon, the band will also display their artistic talent and deliver legendary performances to users worldwide on the Color World metaverse platform. Following the cooperation agreement, Versatile Music will join the Color World metaverse platform and establish its own exclusive online company. At the same time, both parties will focus on the production of online concerts and celebrity masterclasses. This will help Color Star to expand further into the European and American markets, consequently attracting more European and American users to join the platform. While on the other hand, Versatile Music will also use its influence in the UK to promote Color World. Not only that, based on Color World's current selection of celebrity courses, more famous celebrities from Europe and the United States will join the platform to become Color Star tutors in the future. This resulting influx of new courses, virtual merchandise, and other digital products will start a chain reaction resulting in endless new content for the platform. This will likely increase Color World's number of diverse revenue channels.

For Color Star's geographic expansion strategy, the European and American markets are obviously very important. Their diverse population and market environment will bring unlimited development potential to the Company. Color Star has set up a professional team to carry out market analysis and research and cooperation negotiations with the hopes that through the Color World metaverse platform, global art and cultures can be displayed, while also allowing more enterprises and businesses to earn revenue and improve outlook.

Lucas Capetian, CEO of Color Star, said: "The main goal of our cooperation with our numerous partners has always been to be mutually beneficial to both parties. This cooperation with Versatile Music allows both of our companies to have better business development by utilizing our respective resources and assets. At the same time, online digital entertainment and related products will also bring revenue. And through this, Versatile Music will help us attract more European and American users and business partners."

About Color Star Technology Co., Ltd.

Color Star Technology Co., Ltd. (Nasdaq: 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, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally 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.