NEW YORK, September 29, 2022 /PRNewswire/ — Color Star Technology Co., Ltd. (Nasdaq: CSCW) (“Color Star” or the “Company”), a globally networked entertainment technology company focused on the application of technology and artificial intelligence in the entertainment industry, has recently announced its formal entry into the mobile communications industry. The co-developed metaverse smartphone, DONO phone, has been born and will soon be available for purchase worldwide. After the reveal of the phone, it quickly became a hot topic of interest inside and outside the industry, and the public became interested in the metaverse phone concept in addition to the advanced security system of the smartphones.
With the increasing use of communication technologies and artificial intelligence, the metaverse has become one of the hottest research and development topics for major tech companies. At the beginning of this year, Color Star’s previous Color World mobile application was successfully transformed into ColorWorld Metaverse (“Color World”). The virtual locations, avatars and NFT products found in the newly born app won applause from many users, and the number of downloads subsequently skyrocketed, prompting the Color Star team to strengthen the app’s security to repel the pirates. Now Color Star’s DONO phone will act as a conduit between users and the metaverse, trying to ensure it’s never out of reach. It is a small smartphone that will open the doors of metaverse technology and effortless communication and interaction made possible by artificial intelligence.
As for DONO phone software, Color World will be pre-installed on every DONO phone, capable and optimized for VR, IR, AR and 5G technologies. Mobile device security is Color Star’s top priority, and its technology team will provide extensive support for research and development of the security system, trying to ensure that the phone will receive regular security updates to fend off the latest hacks and exploits. The DONO phone will use a distributed file storage system and a decentralized storage server to make it an almost impossible task for hackers. Future plans also include the introduction of a “Dono” digital wallet feature and a “Dinbin” cloud storage service.
Farhan QadirCEO of Color Star, said, “Color Star is a technology company, so there are two things we value very much: one is software development and the other is cyber security. Our next DONO phone is aimed at the global market, and our priority is to provide exceptional user security and software stability. Our very own Color World app will also introduce more people to the metaverse experience. We will provide more technology services and front-end projects in the future.
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: CSCW) is an entertainment and education company that provides online entertainment shows and online music education services. Its business activities are conducted through its wholly owned subsidiaries, Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is delivered through its Color World music and entertainment education platform. 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 regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intends”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates” or similar expressions that do not relate solely to historical matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s objectives and strategies; the future business development of the Company, including the development of the metaverse project; requesting and accepting products and services; changes in technology; economic conditions; the growth of the international education and training services market in which CSCW operates; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or relating to any of the foregoing and other risks contained in the Company’s filings with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the United States Securities and Exchange Commission, which may be viewed at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof, except as required by applicable laws, regulations or rules.
SOURCE Color Star Technology Co., Ltd.
