NEW YORK, March 8, 2021 /PRNewswire/ — Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as “Color Star” or the “Company”), today announced the establishment of a long-term strategic partnership with Guangxi, China-based Yinmiao Culture Development Co., Ltd. (hereinafter referred to as “Yinmiao”), a Chinese piano-education institution. The two companies agreed to work together in the areas of piano competition, art festival coordination, online and offline training, as well as artificial intelligence (AI) piano hardware research and development (R&D), production and sales, thereby contributing to the concept of a “diversified entertainment and sharing economy.”
Yinmiao is a professional firm that focuses on piano-related industries, specializing in piano sales, piano training and education, piano competition operations, and cultural communication. In terms of scale, Yinmiao’s BOYA Piano Festival has become the “Piano Olympiad”, boasting the most influential piano instructors and highest number of participants, and is the largest concentration of Chinese piano festival intellectual property (IP). In addition, Yinmiao’s offline flagship piano training institutions can be found in many domestic first-tier and second-tier cities, and is expected to expand to 100 stores in 2021. Meanwhile, Yinmiao will continue to expand off-speculation training, dual-teacher classroom, and one-on-one training in its online education business, and has accelerated its R&D investment and production and sales of AI smart pianos, in order to enhance its core competitiveness.
Given the aforementioned business advantages, Color Star and Yinmiao plan to jointly develop the urban market. By combining Color Star APP’s online celebrity tutors, online broadcasts, and cultural and creative platforms with Yinmiao’s business through membership exchange and interaction, the partnership may greatly benefit both companies’ online presence. In the offline arena, Color Star has abundant professional experience in planning and organizing live shows and may help introduce and promote Chinese art festival IPs globally. For Color Star, the partnership with Yinmiao is also a perfect opportunity for development of augmented reality (AR), where the technology can be applied to piano lessons and sales in the early stage, so users may experience a more comprehensive learning modality. With the implementation of AR technology to “Piano Olympiads”, these festivals can overcome the limitations of locality and allow piano lovers around the world to participate.
As a technology company that emphasizes “cultural sharing” at its core, Color Star recently begun preparations for its NASDAQ Dubai listing and the application of AR technology, which should give the Company more potential for development while also attracting additional investor attention. Meanwhile, the partnership between Color Star and Yinmiao is based on mutual benefit and is expected to help both companies reach new heights. The CEO of Color Star, Mr. Luke Lu, commented: “The partner we choose to cooperate with is usually the best in the sector, and we integrate our partners in the development of the cultural sharing space. In the global market, different cultures attract different people, and diversified culture is even more attractive.” As the world‘s largest consumer market, China has always been one of the key markets in which Color Star strives to expand. As such, we believe that diversified cross-industry partnerships will greatly enhance the Chinese user base of Color Star APP. In the future, Color Star will look for more partnerships in the high-technology and professional technology sectors. At the same time, the Company welcomes potential firms and institutions from around the world to get in touch, with the hope of finding and expanding mutual collaborations for business, entertainment, and educational benefit.”
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.
SOURCE Color Star Technology Co., Ltd.