Color Star and Banger Have Reached a Strategic Cooperation Agreement Involving Game Development and Technical Maintenance

NEW YORK, Nov. 10, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: ADD) ("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, has announced that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse''), officially reached a strategic cooperation agreement (the "Agreement") with Banger Games S.L. ("Banger"). In the future, the two parties will cooperate closely on metaverse game development, digital copyrights and related technologies.

Banger is a gaming platform that empowers gamers to monetize their time, challenge themselves, trade, improve their skills, and take full advantage of their gaming experience, in addition to developing a module for in-game achievement management, a cloud gaming platform and an anti-cheat platform. As a social platform with "artificial intelligence + celebrity entertainment" at its core, Color Star's ColorWorld Metaverse platform ("Color World") also has a game development segment.

The subsidiary company Color Metaverse is focused on developing its business of digital commerce and products in the metaverse and the gaming platform that unifies both Web2 and Web3 games and empowers users throughout ownership, income and self-expression. After the Agreement is reached, the two parties will not only conduct joint development of metaverse games and establish a technology partnership, but will also take full advantage of their respective platforms and networks, combining gamification, cryptocurrency, NFT blockchain technology, etc. to create a new business model.

Farhan Qadir, CEO of Color Star, said: "Color World has a rich variety of content, and uses new technology to make it a fresh new metaverse platform. The most important thing here is to continuously develop new content, and the gaming segment must also become a point of focus. Its continuous improvement and update will bring us hundreds of millions of young users around the world, and we hope that users can not only enjoy a new experience, but also freely trade and do business. The cooperation between Color Star and Banger is to make this dream a reality. As the world's first game center to provide monetization tools, Banger has an incredible advantage, especially in terms of cyber security, and can provide users with robust protection of their data. I believe that the cooperation between our two companies will not only bring more benefits and surprises to our game segment, but will also increase the amount of users for both companies, bringing more benefits to users."

About Color Star Technology Co., Ltd.

Color Star Technology Co., Ltd. (Nasdaq: ADD) 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 Metaverse Pte. 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 ADD 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.

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SOURCE Color Star Technology Co., Ltd.