Color Star Serves as Title Sponsor of European Soccer Tournament as Company Looks to Expand on Sports Content

NEW YORK, Dec. 29, 2022 /PRNewswire/ -- A few days ago, the 2022 Color Star European Winter Tournament was fully underway, with 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, serving as the title sponsor. Color Star's partner team, Villarreal Club de Fútbol, S.A.D. ("Villarreal"), went on to achieve stellar results during the tour, beating out Italian giants S.S.C. Napoli with a score line of 3-2, before also besting England's Aston Villa F.C. 1-0 on the road. Villarreal's strength requires no further proof; the team's goal is to be crowned as the champions of the Color Star Cup.

It is worth mentioning that this is the first time ever for Color Star to serve as the title sponsor of an international soccer tournament, demonstrating the Company's strength. More importantly, Color Star has previously announced an increase to the output of sporting content, and the deep cooperation with Villarreal and the signing of world-class players and stars have shown the world the rapid progression and growth of Color Star. Color Star will gather all the clips of exciting highlights at sponsored events and turn them into NFTs which fans may purchase.

Other than cooperating with the Villarreal team to arrange offline events and attract more teams and celebrities to join, Color Star is also making good use of its ColorWorld metaverse software ("Color World"), creating virtual worlds, games, online educational courses on the platform, as well as releasing platform-exclusive NFTs. The user flow between Color Star's offline and online contents produces a constant stream of users and development demand for the software.

Farhan, CEO of Color Star, said: "We are very pleased to serve as the title sponsor of the Color Star European Winter Tour, which will greatly enhance our brand's visibility. In addition, Color Star will also create tournament-related products and merchandises to be sold exclusively in Color World, which will attract more fans to pay attention and download our app. More users mean more demand, and we can develop and expand content to meet said demand. In the near future, people will see Color Star sponsoring many more important international sporting events and our software will be introducing more sports content."

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.