NEW YORK, Oct. 18, 2023 /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, announces today that its artificial intelligence (AI) virtual band plans to release its first digital music album, "Color World" around November 2023.

The "Vibrant Music Collective" is birthed from AI music technology developed by the Company's team. Every band member is designed using AI technology and the entire performance is also conducted through AI technology. The planned debut album "Color World" includes 12 songs of different musical styles. The Company has purchased and registered the copyrights to the lyrics and songs on the album.

Mr. Louis Luo, CEO of Color Star, said, "We have always been committed to the technological development of entertainment and sports. The creation of this AI band is a phenomenal music product created by the Company following extensive market analysis. As AI technology becomes more prominent in the music industry, our daily audiovisual experience will be revolutionized. AI will be able to generate all kinds of music in all sorts of musical genres, taking AI music concerts one step closer to perfection. Similarly, AI artists will gradually close the distance between virtual and reality, creating more application scenarios and commercial value. As reported earlier, YouTube announced in August that it is jointly launching YouTube Music AI Incubator together with artists, songwriters, and producers from Universal Music Group.^[1] Moreover, Warner Music signed the first virtual singer, Noonouri, in September.^[2] All of this suggests that AI music virtual idols is on its way to becoming the next big trend, and in response, we are launching our own virtual AI band."

The first song of the album is currently available for free on Color Star's official website at www.colorstarinternational.com. The Company welcomes all comments and suggestions, including messages for their favorite virtual idol.

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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 and www.colorstar.investorroom.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; the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against Color Star or other parties to the LOI following announcement of the LOI and transactions contemplated therein; the ability of Color Star to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; the inability to complete the transactions contemplated by the LOI due to the failure to meet certain closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. 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.

SOURCE Color Star Technology Co., Ltd.