DONO Metaverse Phone Makes Advances in Cyber Security Technology as Color Star Stresses Importance of Network Security

NEW YORK, Sept. 29, 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 its official entry into the mobile communications industry. The co-developed metaverse smartphone, DONO phone, has been born and will soon be available for purchase all over the world. After the phone was revealed, it quickly became a hot topic of interest inside and outside the industry, and the public was interested in the metaverse phone concept in addition to the advanced security system of the smartphone.

With the increasing use of communications technology and artificial intelligence, the metaverse has become one of the hottest topics for major technology companies to research and develop. At the start of this year, Color Star's previous Color World mobile application was successfully transformed into ColorWorld Metaverse ("Color World"). The virtual locations, avatars and NFT products found in the newly rebirthed app were applauded by many users and the number of downloads subsequently skyrocketed, prompting the Color Star team to strengthen the application's security to fend off hackers. Now, Color Star's DONO phone will act as the conduit between users and the metaverse, trying to ensure it is never out of reach. It is a small smartphone that will open the gates to the metaverse technology and effortless communication and interaction made possible through artificial intelligence.

Regarding the software of the DONO phone, Color World will be pre-installed on every DONO phone, capable and optimized for VR, IR, AR and 5G technologies. Mobile device security is Color Star's top priority, and its technology team will be providing extensive support to the research and development of the security system, trying to ensure that the phone will receive regular security updates to fend off the latest hacks and exploits. The DONO phone will utilize a distributed file storage system and a decentralized storage server to make it an almost impossible task for hackers. Future plans also include introducing a digital wallet feature "Dono", and cloud storage service "Dinbin".

Farhan Qadir, CEO of Color Star, said: "Color Star is a technology company, so there are two things we value highly: one is software development, and the other is cyber security. Our upcoming DONO phone is aimed at the global market, and our priority is to ensure exceptional user safety and software stability. Our own Color World app will also introduce more people to the metaverse experience. We will provide more technology services and front-end projects in the future."

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.

SOURCE Color Star Technology Co., Ltd.