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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, today announced it is officially changing its NASDAQ ticker symbol to "ADD", officially taking effect today. This marks an important milestone for the Company after years of continuous efforts and the remarkable achievements it has achieved in the fields of software development and artificial intelligence applications. Following the symbol change, the Company will rise to a higher level and assemble a brand new team of core personnel. The Company will increase its efforts in artificial intelligence, metaverse and mobile communications segments, and also commence its offline entertainment business as the global environment continues to recover in order to increase profits for partners and shareholders.
Since its successful listing on NASDAQ, Color Star has grown rapidly. Particularly, the Company's ColorWorld Metaverse platform ("Color World") has become a famous metaverse social platform with over one million registered users worldwide, combining new technologies and top celebrities. Currently, the Company has assembled a core technical team to handle software development, optimization, and security. Color World will continue to create new content.
Moreover, the mobile communications segment of Color Star has become another major business focus of the Company. The DONOphone metaverse smartphone ("DONOphone" or "the Phone"), which is jointly created with an international company, has been launched. In addition to the conventional smartphone functions, the biggest highlight is that it comes pre-installed with the Color World app, which aims to break the barrier between users and the metaverse, allowing users to work, study, socialize, and entertain themselves freely whenever and wherever. In order to ensure the quality of the Phone, DONOphone complies with the Environmental, Social, and Government ("ESG") criteria. The Phone's materials and service life aim to have a positive impact on the environment. The Phone also boasts advanced security features providing robust protection from hacking; user payments and data are tightly secured. In the future, it also plans to roll out its own digital wallet service, "Dono", and distributed cloud storage service, "Dinbin". The Color Star team will also provide full technical support towards the development of these services.
In addition to the aforementioned business segments, the offline entertainment business, including large-scale exhibitions, celebrity performances and ticket sales, will also become a focus of the Company. As the situation worldwide gradually returns to normal, and the entertainment and performance industries gradually recover, Color Star will take advantage of its resources to produce various cultural events. Color Star will continue to cooperate with top international celebrity artists, produce concerts and celebrity courses online and offline, and produce virtual concerts in the metaverse. The Company will also begin to cooperate with large international consulting companies to co-organize exhibitions, etc. The once booming offline business will once again become the focus of public entertainment.
Color Star's new ticker symbol signifies that, under the leadership of the new team, the Company will be elevated to new heights. The steady progress of the new business will bring a fresh wave of energy to the Company. Combined with the revival of the offline entertainment business, partners and stockholders will be able to see the prospects and profitability, invariably driving Color Star's development and market value.
Farhan Qadir, CEO of Color Star, said: "Color Star has been developing steadily since its listing, and every change will bring more surprises to the world. This ticker symbol change marks the beginning of the Company's next stage of development. Believe us, we will be following up with some surprising big news in both our technology segments and physical businesses. We will always adhere to our "colorful world, colorful life, colorful planet" motto. Just wait and see."
