Color Star Technology Co., Ltd. Announces Memorandum of Understanding with Movie Planet LLC and Youa Group to Launch Joint Development of Non-Fungible Token (NFT) for Film Databases

NEW YORK, May 20, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company") announced the signing of a Memorandum of Understanding ("MOU") on April 23 through its wholly-owned subsidiary, Color China Entertainment Co., Ltd., Movie Planet LLC (hereinafter referred to as "Movie Planet"), and a South Korea-based company, Youa Group (hereinafter referred to as "Youa Group"). Pursuant to the MOU and subject to definitive agreements, the three parties will aim to jointly develop a NFT application for the Hollywood Film Festival and International Film Festival databases.

Movie Planet is a Hollywood-based company that focuses on the development of film copyrights. It currently owns the copyrights of many international award-winning films. It also holds large-scale international film exhibitions and has good relationships with the world's top film actors, film production teams, and screenwriter teams. Youa Group is a global blockchain firm. It owns among others, several blockchain related companies, including a blockchain technology company, a blockchain entertainment company "K-play contents," a blockchain industry media company, a digital asset exchange named "Coinrism," and a blockchain investment fund.

Mr. Luke Lu, Color Star's CEO, commented: "We look forward to finalizing the cooperation with Movie Planet and Youa Gorup. The opportunity to work with a top Hollywood entertainment company and a Korean technology company will accelerate our own technology developments. The discussion about exchange and profit realization of entertainment copyrights have been going on for a long time in the industry. The cooperation among us will be a benchmark, and I believe our future product will soon be available to the public."

About Color Star Technology

Color Star Technology Co, Ltd. (Nasdaq CM: 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; 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.

For more information, please contact:

William Tu
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: [email protected] 

SOURCE Color Star Technology Co., Ltd.