NEW YORK, July 10, 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, together with the World Boxing Association (the "WBA") announces today that the "Color World Cup - World Boxing Association World Tour" has received international attention. The tournament is scheduled to kick off in Dubai on August 26, 2023, followed by stops in China, Thailand, South Korea, and Vietnam. A news conference is planned to take place to announce the tournament line-up.

Back in May 2023, Color Star announced that it had obtained the authorization from the WBA Association for the Color World Cup, and the news has attracted international attention. A prestigious boxing organization within 167 member countries, its gold championship belt is regarded by boxers as a symbol of a world champion. The WBA championship is back in full swing after a 3 year hiatus. The "Color World Cup - World Boxing Association World Tour" has a big international following as a leading boxing event. The first event is scheduled to take place in Dubai on August 26, 2023. The tournament will feature first-rate fighters from China, Thailand, the Philippines, Cameroon, India, Pakistan and Cuba. Three WBA intercontinental championship belts will be awarded on the night. The event will be accompanied by a news conference, which may feature WBA President and internationally renowned boxing promoter Liu Gang, as well as other key boxing figures.

The WBA believes that Asia is very passionate about boxing, and that putting in the positive efforts to promote and expand in the region is the correct direction.

"The Color World Cup - World Boxing Association World Tour is a competition for the gold championship belt in the truest sense, and we plan to gradually expand the competition to the whole world in the future," said Liu Gang, an internationally renowned boxing promoter and partner of the tournament. "Many of the world's top fighters will join our tournament, which we hope will be a great boost to our boxing culture."

Louis Luo, CEO of Color Star, said "We have organized various events in the past, which have greatly enhanced Color Star's brand awareness and commercial value. Ticket sale revenue and various commercial partnerships such as with TV broadcasters, e-commerce, advertising revenue, player endorsements, sponsorship partnerships, etc. all add to the profitability of Color Star and our partners. It is also an indication that we plan to organize and host more prestigious sporting events in the future to increase awareness and exposure for our brand."

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.