Color Star Technology Co., Ltd. (Nasdaq: CSCW) (“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 recently officially announced to the public that it will enter the mobile industry to cooperate on the development and manufacturing of a metaverse phone. This will not only become another key segment of Color Star’s future business, but also show that Color Star, as a NASDAQ-listed international technology company, is fully utilizing its technology and platform advantages to push for new advancements in metaverse and Internet+ technologies.
It is understood that Color Star is cooperating with leading international enterprises to develop and manufacture the DONO metaverse phone (“DONO”). The DONO phone is an ESG-compliant, eco-friendly smartphone, from its materials all the way to the lifespan of the device. Each device will have the Color Star logo printed on the back along with the ColorWorld Metaverse (“Color World”) software pre-installed. The phone is highly hack-resistant thanks to its state-of-the-art technology, guaranteeing high levels of security. The Color Star team will be providing full support to the development process, and the Color World platform will be used to advertise and generate publicity for the phone.
DONO is more than just a smartphone with communication functionalities; it links the user to the metaverse, allowing easy access to limitless entertainment, collaboration, and education content via a tap of a finger. Through the pre-installed Color World app, users can be among the first to experience new virtual locations, digital products, celebrity entertainment, and so on. Under the protection provided by Color Star, users can safely enjoy using the DONO phone without worrying about the safety of their privacy. DONO is expected to be officially unveiled in October at the 2022 Gulf Information Technology Exhibition (“GITEX”) to be held in Dubai.
Farhan Qadir, CEO of Color Star, said: “The mobile industry is our new business segment, and we are very excited and confident about developing this segment in the years to come. We are a technology company, and combined with our continuous development and optimization of our metaverse platform, our DONO phone will be a significant entry in the industry. While the public has been studying the features of our metaverse, we have been looking into user safety and protecting their privacy. Moreover, we will combine our metaverse with other services and businesses in order to widen our market. We are not your typical tech company. Here, everything is possible.”
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: CSCW) 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 China Entertainment 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.
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 CSCW 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.