NEW YORK, September 16, 2021 / PRNewswire / – Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as “Color Star” or the “Company”), an entertainment technology company with a global network focused on the application of technology and artificial intelligence (AI) in entertainment industry, announces that its wholly owned subsidiary, Color China, has signed a memorandum of understanding to acquire Guangzhou Elephant Interactive Network Technology Co., Ltd. (hereinafter referred to as “Elephant Games”) to use their respective advantages to jointly develop online mobile games for the international market. The two companies will cooperate globally in the areas of game development, copyright distribution and the sale of peripheral products. Color China will benefit from the strategic layout and overseas SEO experiences of its parent company, Color Star, which provides a diverse interactive gaming experience to hundreds of millions of gamers globally.
Elephant Games specializes in the development and operation of online games with local characteristics. Founded in 2017, the company’s core team is staffed with management talents from well-known game companies such as Tencent, NetEase, Boya, China Mobile Games, Entertainment (CMGE), and 4399 Network. The team provides a reliable and experienced business strategy, product development, operations, marketing and other know-how to the company. Elephant Games has developed a number of 3D chess and card games with local characteristics and has independent intellectual property rights.
Color Star’s acquisition of Elephant Games will establish a close cooperation between the platforms of the two companies, creating a strategic win-win and lasting partnership. In order to gain market share in the global online mobile games market, Color Star has also established a strategic partnership with other well-known game companies. The Company believes that as network technology continues to improve, more and more people will choose the virtual entertainment experience in the future, especially in Asia, where network technology has already penetrated everyday life. With billions of players around the world, the mobile gaming market offers enormous opportunities for growth. Color Star will use its own technology and business advantages to create entertainment products with exclusive intellectual property rights for celebrities.
Sir. Basil Wilson, CEO of Color Star, commented: “In Asia, the mobile game market is an important market segment, which is driving the creation of world-class mobile game companies. Our cooperation with such a company will not only lead to the creation of the most sensational and best-selling gaming products, but also the creation of our own IP products. We will also develop a range of commercial content, including esports competitions, themed hotels and digital copyright, among other products. We believe that when each business segment operates independently and collaboratively, it will generate more profit. “
Color Star’s strategic cooperations and corporate layout decisions are based on macro factors including the global market for precise positioning. We believe that online mobile games will continue to experience explosive growth in the future. With a large global user base and growing demand, Color Star strives to continuously innovate and develop the best gaming experience for its users, and achieve greater profits in the mobile game market for users. investors.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an entertainment and education company providing online entertainment shows and online music education services. Its business activities 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 education and entertainment platform. More information about the Company can be found at www.colorstarinternational.com
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, and assumptions underlying statements and other statements that are other than statements of historical fact. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or similar phrases that do not relate solely to historical matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties which may cause actual results to differ materially from the expectations of the Company discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the objectives and strategies of the Company; the future business development of the Company; demand and acceptance of products and services; technological changes; economic conditions; the growth of the education and training services market in China and other countries where CSCW operates; 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 risks and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in documents filed by the Company with the United States Securities and Exchange Commission, which are available for review at www.sec.gov. The Company assumes 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.