NEW YORK, Sept. 23, 2020 /PRNewswire/ -- Color Star
Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or
"HHT"), a company engaged in the businesses of providing online and
offline knowledge-paid services for music and entertainment
industries globally, today announced that it, through its wholly
owned subsidiary, Color China Entertainment Co., Ltd., entered into
a memorandum of understanding (the "MOU") on September
21, 2020 with FENT Co. Ltd. ("FENT"), a South Korean
K-pop entertainment and artist agency service company, to acquire
100 percent equity interest in FENT (the "Proposed
Transaction").
FENT, also known as Fascino Entertainment, is a South
Korean-based live entertainment company that engages in: i)
talent development and management in the music, film and
fashion industries; ii) live concerts and events; iii) music and
video production, distribution, and licensing; iv) public
relations, media outreach and brand management. FENT also sells
cosmetics (e.g., lipsticks) and fashion products through its online
channels. Fanatics, a highly popular K-pop group with fans and
followers in South Korea,
Brazil, Argentina, Mexico, and Indonesia, is represented by FENT.
Both parties agree to negotiate in good faith with no broker,
agent or other intermediary being involved, and intend to finalize
a definitive agreement by the end of the year. The entry into a
definitive agreement for the Proposed Transaction is subject to
the satisfactory results of a due diligence process and
board authorization and appropriate shareholder approval, if
necessary, by HHT.
Luke Lu, Chairman and Chief
Executive Officer of HHT, commented, "The Proposed Transaction to
acquire FENT gives HHT a unique opportunity to leap into the live
entertainment and artist agency service industry where we believe
tremendous opportunities exist, and to expand our geographic
footprint into the South Korea
market. This comes at a time when K-pop is gaining increasing
popularity internationally. We are excited about the opportunity
and looking forward to working with the FENT team to finalize the
transaction promptly."
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: HHT) offers online
and offline knowledge-paid services for music and entertainment
industries globally. 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.
The Company also offers after-school entertainment tutoring
in New York via its joint venture entity Baytao LLC. 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. Specifically, the Company's
statements regarding the proposed acquisition of FENT are
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; product and
service demand and acceptance; changes in technology; economic
conditions; the growth of the educational and training services
market in China and other
countries where HHT 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.
For more information, please contact:
Tony Tian, CFA
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE Color Star Technology Co., Ltd.