NEW YORK, Oct. 9, 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 it has entered into a non-binding letter of intent ("LOI") for the planned acquisition of Yi Ti Technology Ltd. ("Yi Ti").

Founded in 2015, Yi Ti is a sports technology solutions provider that organizes sporting events, builds sporting venues, provides training, sports data, and other services, with the aim to digitally empower the industry and to provide an efficient service platform and solutions. Yi Ti has been involved in the Winter Olympics, the World Cup, college sports, and other large international sporting events, providing them with technology and A.I. solutions.

Color Star CEO, Louis Luo, explained, "The due diligence process is now underway as we're working on planned acquisition of Yi Ti. After analyzing Yi Ti's audit report, we noticed that their annual revenue is continuing to grow. At this year's 2022 Asian Games taking place in Hangzhou, China, Yi Ti provided their A.I. technology services and support, which shows they are continuing to develop and grow. This planned acquisition will be a major step forward for Color Star in the field of sports technology. Color Star hopes to contribute and participate in many more international sporting events in the future."

Mr. Qiu, president of Yi Ti, said, "Yi Ti's rapid development is undoubtedly one of the fastest in the industry. According to market research, the entire sports smart technology industry is expecting a revenue of between 4 to 5 hundred billion RMB in 2025, and Yi Ti believes that it will occupy a high market share as one of the leading companies. Our planned acquisition by Color Star is a mutually beneficial deal. The transaction will grant us more funds to invest into R&D and operations, which will help increase our market share. At the same time, we will also provide the latest sports technology products to Color Star, allowing them additional leverage when negotiating with sports companies in Europe and North America. Currently, the two companies have entered into a LOI.

Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive agreement, satisfaction of the conditions negotiated therein including the approval of the Company's Board of Directors and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction are non-binding.

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.

About Yi Ti Technology Co., Ltd.

Founded in 2015, Yi Ti is a sports technology solutions provider that organizes sporting events, builds sporting venues, provides training, sports data, and other services, with the aim to digitally empower the industry and to provide an efficient service platform and solutions.

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.

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SOURCE Color Star Technology Co., Ltd.

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