NEW YORK, Nov. 22, 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 Color Metaverse Pte. Ltd., a subsidiary company of Color Star, has formally entered into a strategic cooperation agreement with MOREMOON CARTOON Cultural Diffusion Co. Ltd. (Shenzhen) (“MOREMOON”). The two sides will collaborate on creating new metaverse contents, metaverse IPs and a metaverse theme park.

MOREMOON is a cultural diffusion company focused on self-operation and self-promotion of their original IP, Zombies Cat. It has already gathered a big public following and established a market and a customer base. Zombies Cat is a geeky alien hailing from the fictional planet ZC66.  A deceptively evil-looking alien who is actually kind-hearted, Zombies Cat, devours negative energy, with a unique pair of eyes that can discern negative energy in humans. Zombies Cat can also spontaneously transform into a fighter, mage, or healer in order to protect humans, accompanying them through times of peril and difficulty. Understandably so, the Zombies Cat IP was warmly received at launch by both the younger demographic and the market. Since its inception in 2013, Zombies Cat has licensed products in over a hundred different categories including clothing, 3C products, home furniture, luggage bags, teas and beverages, fast-moving consumer goods, dolls, and so on. They are sold in thousands of physical partner stores and nearly 100 specialty stores in high-end shopping centers. The negative-energy devouring Zombies Cat has become a highly sought-after IP and beloved by the younger generations in Asia, making it one of the most promising and popular original IPs in the region.

Zombies Cat is joining the ColorWorld Metaverse platform (“Color World”) to not only set up its own metaverse headquarters, but also to collaborate with Color Star’s team of developers to create the world’s first Zombies Cat theme park in the metaverse. The concept is similar to that of Disneyland, to dedicate an entire area to the Zombies Cat IP, fully equipped with roads, restaurants, theme parks, virtual characters, etc. The establishment of the theme park will allow Color World to attract users around the world with an interest in animation, art and quirky original characters. Digital products and experiences in Color World can be accessed by spending Color Coins. This partnership with Zombies Cat will undoubtedly kick-start Zombies Cat’s metaverse career, and also give the company an opportunity to announce itself to the rest of the world.

By creating the first metaverse theme park, Color Star once again highlights the futuristic and innovative direction that the Color World metaverse is taking, whilst also capturing more public attention. By creating a theme park based on an existing IP, Color World is pioneering a new concept for metaverses. A large number of users will come to experience the theme park out of curiosity, allowing companies to continuously create new digital products and virtual scenes to increase profits. Color Star can also quickly increase their user count through converting fans of Zombies Cat into Color World members, in addition to the incoming flow of fans from the other segments of the platform. These circumstances will allow Color World to continuously improve its user experience and allow more businesses to see the business potential in the metaverse and join 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.