Color Star and Villarreal Renew Partnership to Achieve More Footballing Success

NEW YORK, Oct. 24, 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, officially announced that the Company will renew its business partnership with European soccer powerhouse Villarreal CF ("Villarreal") and continue writing footballing history together.

Finishing in the semifinals of the 2021-2022 UEFA Champions League season, Villarreal can be said to have made a big splash this year. At the beginning of the year, Color Star and Villarreal reached a business partnership agreement. Through its stunning performances, the soccer team has cemented its status in the world of soccer, which also allowed Color Star to receive some public attention as well, thanks to the club's strong appeal, raising the Company's popularity around the world. Its metaverse platform, ColorWorld Metaverse ("Color World"), has seen a surge in user number and a much higher number of views in the sports segment. The partnership between Color Star and Villarreal is a potent one, and both sides have been developing very well. Following the expiration of the first partnership agreement, Color Star has decided to renew their partnership with the La Liga powerhouse, and the Company hopes to further increase their partnership efforts. The soccer team was also very cooperative and said they will reward their partners and fans with better results.

Villarreal is known affectionately by their fans as the "Yellow Submarine". They have numerous honors and achievements to their name throughout the history of soccer, which includes beating Manchester United to win the UEFA Europa League competition, winning the UEFA Intertoto Cup twice, two-time UEFA Champions League semi-finalists, European Super Cup runner-up, and La Liga runner-up. This year in particular, they have managed to beat both Juventus and Bayern Munich to reach the semi-finals in the Champions League, which has been highly praised and admired by the soccer world. The Italian star, Tachinardi, has said that Villarreal is a team that is not afraid of strong opponents. From here onwards, the team will write even more soccer fairytales, and as a partner, Color Star will fully support them on their journey. At the same time, Color Star will continue to grow their metaverse sports segment, create more soccer content, NFT products and virtual spaces linked to Villarreal.

Farhan Qadir, chief executive officer of Color Star, said: "We are also very happy that Color Star and Villarreal can continue to work together, which also means that our partnership is sincere and enjoyable. This time, the two sides will have an even deeper understanding of each other, leading to a more productive partnership. We are very much looking forward to it. For Color World, which is already online, it will also be able to enjoy more media attention and a growing user count brought by the partnership."

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 Metaverse Pte. 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.