NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ:CSCW) (hereinafter referred to as "Color Star" or the"Company"), today announced a private placement of $26 million at price of $1.30 per share. The proceeds from this placement will be used toward the development of Artificial Intelligence (AI), Augmented Reality (AR), and Mixed Reality (MR) technologies to create virtual communities for the Company's software application (hereinafter referred to as the "Color Star APP").

Since its launch in September 2020, the Color Star APP has already acquired a registered user base exceeding 1 million and growing, and is also the first online software that focuses on interactions with celebrities. The Company is currently collaborating with Silicon Valley software engineers and a Chinese technology R&D company to create AI with blockchain technology. Specifically, the collaboration will focus on the development and application of 3D virtual reality (VR) technology to online concerts, in the hope of recreating these concerts as "live" concerts, and resolving the solitary and non-interactive nature of online concerts. The Company's goal is to transform the experience of an online concert to that comparable to watching it in-person. Towards this end, the company has also invested heavily in MR, which is an extension of VR and AR. The creation of MR scenes gives the audience, who are sitting in front of their screens at home, a similar experience to being at a live concert, where they are immersed in 3D scenes with their senses activated. At the same time, they can communicate with other participants from around the world through virtual communications, and interact with celebrities in real time. MR technology also allows other benefits, such as allowing for real-time on-site seat selection, so that there will no longer be a single ticket price for online concerts, but different seats reflecting different viewing angles and price levels, which creates an overall more customized and realistic experience.

Because the Company's existing 2D products are unable to resolve the issue of dizziness for the audience, it will launch a more futuristic naked-eye 3D vision technology, allowing audiences to nearly replicate the experiences of live scenes. The Company also plans to develop a wireless Bluetooth headset technology that allows for real-time, high-quality, surround-sound to complement and enhance the virtual experience.

The CEO of Color Star, Mr. Luke Lu, commented: "The upgrade and development of AI and AR technology will be a revolution for the Company. We are collaborating with many top research institutions and technical professionals to create an AI that is unique to Color Star which combines AR and MR technologies. This integration of AR and MR will create a realistic virtual world, and demonstrates that Color Star is not only an internet company but also a high-technology company. The Company has plans to establish a center in Silicon Valley that focuses on the research and development of VR, which will be integrated into the Company's various businesses, including offline and online concerts, celebrity education, and peripheral product sales, so that users are not only 'viewing' a web page on 2D, but actually merging parts of VR with reality."

Forward-Looking Statement

For more information, please contact:

SOURCE Color Star Technology Co., Ltd.