Color World Plans to Kick-Start Service Industries as Famed Auto Repair Shop Joins the Metaverse Platform

NEW YORK, Nov. 7, 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, recently announced that its metaverse platform, ColorWorld Metaverse ("Color World" or the "Metaverse"), will be opening up a series of service-oriented businesses on its platform. The first business joining the platform will be a well-known auto repair and service company. Color World users within the service range will be able to directly access the auto repair company through Color World and book an appointment to have their cars serviced, greatly saving users' time and allowing them to quickly and accurately find mechanics in emergency situations. In the future, Color World will bring in more service companies. Through this software, users can have their service needs fulfilled just like in real life.

It is reported that Color Metaverse Pte. Ltd. ("Color Metaverse"), a subsidiary of Color Star, has reached a business cooperation agreement with Hemma International Auto Repairing ("Hemma"), a famous auto repair company in the Middle East. Color Metaverse will design and create an auto repair center in Color World. The repair center's certain offline services will be available online as well, using the platform to attract new customers. So far, most of the businesses on the platform are brands, but few are part of the service industry. The cooperation with Hemma is Color Star's attempt to gradually improve the variety of products offered on the platform. Users can use Color Coins to purchase services, and can also book appointments at the physical center. One big highlight for service centers in the Metaverse is that users will always be directed to the real physical store, which will greatly help the rapid recovery of the service industry caused by the decline due to the pandemic. Color Star will continue to improve and expand the service sector in the Color World platform to also include beauty, housekeeping, renting and housing, food delivery, etc. Color World will not stray away from its focus on fulfilling the needs of the public. Through technology, the Company will work to gradually meet all the needs that people may have in terms of working, education, social entertainment and life through refined design and development.

Color Star believes that technology can change lives, and Color World will definitely be more than just a meaningless metaverse platform. The real "Color World" is not a pompous and vain platform, but one that is aware of people's interests and needs. Artificial intelligence is a crucial tool in attracting people to the Metaverse, and the contents of the Metaverse should be the biggest attractions of the platform.

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.