Color Star Announces NASDAQ Ticker Symbol Change from "CSCW" to "ADD", Beginning a New Business with a New Team

NEW YORK, Nov. 3, 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, today announced it is officially changing its NASDAQ ticker symbol to "ADD", officially taking effect today. This marks an important milestone for the Company after years of continuous efforts and the remarkable achievements it has achieved in the fields of software development and artificial intelligence applications. Following the symbol change, the Company will rise to a higher level and assemble a brand new team of core personnel. The Company will increase its efforts in artificial intelligence, metaverse and mobile communications segments, and also commence its offline entertainment business as the global environment continues to recover in order to increase profits for partners and shareholders.

Since its successful listing on NASDAQ, Color Star has grown rapidly. Particularly, the Company's ColorWorld Metaverse platform ("Color World") has become a famous metaverse social platform with over one million registered users worldwide, combining new technologies and top celebrities. Currently, the Company has assembled a core technical team to handle software development, optimization, and security. Color World will continue to create new content.

Moreover, the mobile communications segment of Color Star has become another major business focus of the Company. The DONOphone metaverse smartphone ("DONOphone" or "the Phone"), which is jointly created with an international company, has been launched. In addition to the conventional smartphone functions, the biggest highlight is that it comes pre-installed with the Color World app, which aims to break the barrier between users and the metaverse, allowing users to work, study, socialize, and entertain themselves freely whenever and wherever. In order to ensure the quality of the Phone, DONOphone complies with the Environmental, Social, and Government ("ESG") criteria. The Phone's materials and service life aim to have a positive impact on the environment. The Phone also boasts advanced security features providing robust protection from hacking; user payments and data are tightly secured. In the future, it also plans to roll out its own digital wallet service, "Dono", and distributed cloud storage service, "Dinbin". The Color Star team will also provide full technical support towards the development of these services.

In addition to the aforementioned business segments, the offline entertainment business, including large-scale exhibitions, celebrity performances and ticket sales, will also become a focus of the Company. As the situation worldwide gradually returns to normal, and the entertainment and performance industries gradually recover, Color Star will take advantage of its resources to produce various cultural events. Color Star will continue to cooperate with top international celebrity artists, produce concerts and celebrity courses online and offline, and produce virtual concerts in the metaverse. The Company will also begin to cooperate with large international consulting companies to co-organize exhibitions, etc. The once booming offline business will once again become the focus of public entertainment.

Color Star's new ticker symbol signifies that, under the leadership of the new team, the Company will be elevated to new heights. The steady progress of the new business will bring a fresh wave of energy to the Company. Combined with the revival of the offline entertainment business, partners and stockholders will be able to see the prospects and profitability, invariably driving Color Star's development and market value.

Farhan Qadir, CEO of Color Star, said: "Color Star has been developing steadily since its listing, and every change will bring more surprises to the world. This ticker symbol change marks the beginning of the Company's next stage of development. Believe us, we will be following up with some surprising big news in both our technology segments and physical businesses. We will always adhere to our "colorful world, colorful life, colorful planet" motto. Just wait and see."

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.

For more information, please contact:

Color Star Investor Relations
Office Number No. 1003, 9th Floor,
132 West 31st Street
New York, NY 10001
Office: (212) 410-5186
Email [email protected]

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SOURCE Color Star Technology Co., Ltd.