Huitao Technology Announces Name Change to Color Star Technology and Completion of Disposition of its Ready-Mix Concrete Materials Business

NEW YORK, May 7, 2020 /PRNewswire/ -- Huitao Technology Co., Ltd.) (Nasdaq: HHT) (the "Company", "we" or "HHT"), an innovative education service provider, today announced that on May 4 the Company has changed name to Color Star Technology Co., Ltd. and it has completed the disposition of its legacy ready- mix concreate business. The proceeds from the disposition will be used for strategic business development in education services and technologies.

Management believes that the disposition of the concrete material business is the most sustainable path for its next phase of growth. Upon completion of the disposition and elimination of a large amount of liabilities on its balance sheet, HHT will be able to focus solely on development of our innovative education business more efficiently.

"I am thrilled to start the next chapter of business growth," said Yang Sean Liu, Chief Executive Officer of HHT, "name change to Color Star Technology and completion of deposition of concrete business is the major milestone. Now that we have completed our business transformation to an innovative education provider, we are excited to focus on education services development that will offer differentiated courses to our students in both digital and physical channels."

About Color Star Technology Co., Ltd.

Color Star Technology (formerly known as Huitao Technology Co., Ltd.) is a holding company which has undergone a shift to become a dedicated education services provider, offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries CACM Group NY, Inc. ("CACM"), Sunway Kids International Education Group Ltd. ("Sunway Kids"), Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entities, Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. Through Baytao LLC, a newly formed joint venture, the Company also anticipates providing tutoring programs in New York which includes online learning via a platform being built by CACM.

Safe Harbor / Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE Color Star Technology