Color Star Technology Announces Closing of Color China Acquisition
Pursuant to the Share Exchange Agreement the Company entered on May 7, 2020 with Color China, the Company issued 4,633,333 ordinary shares to Color China in exchange for all of Color China’s issued and outstanding shares. Following the completion of the acquisition, Color China has become a wholly-owned subsidiary of the Company and the business of Color China became a part of Color Star’s business.
“We are thrilled about the acquisition of Color China’s business which holds significant resources in the music performance and entertainment sector,” commented Yang Sean Liu, Chief Executive Officer of Color Star, “The Color China founders have unique experience in working with renowned artists, and the current market conditions reveal tremendous opportunity for our online education business. We believe that we will be able to provide truly innovative and unique online education services that strengthen our product offerings and develop a sustainable long term profitable business.”
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About Color China Entertainment
Color China is an emerging company in the performance support and music education business with a significant collection of music performance specific equipment. Color China’s management team has extensive experience in large-scale entertainment performance, equipment leasing and IP licensing. Color China’s founders have unique experience in working with many renowned artists and have also established good relationships with major record companies and entertainment agencies around the world. Leveraging its unique resources, Color China is building an online entertainment and music education platform featuring artists and professional producers as its lead instructors.
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