Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as “Color Star” or the “Company”), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (“AI”) in the entertainment industry, announced today that Color Sky Entertainment Limited, a subsidiary of Color Star has recently reached a strategic cooperative agreement with The Jade Construction Group (hereinafter referred to as “The Jade”), who will become the first international real estate company from Thailand to join the Color World app. In the future, the two sides will closely cooperate to integrate smart technology into the company’s development and pave a new path for the real estate industry.
The Jade is a comprehensive investment management group, involved in industries such as tourism, construction materials, import/export, Chinese radio, real estate and other wholly-owned companies. The cooperation between the two sides focuses on the real estate industry. Recently The Jade has constructed the largest recreational independent pool villa area in Hua Hin, Thailand, with an estimated investment of USD 60 million. So far, 70 buildings have been completed. As such, The Jade hopes that the rapidly developing online and smart technologies can facilitate the sales of these villas in the global housing market. The partnership with Color Star is considered a win-win.
Color Star currently has a team of some of the world’s best researchers and technology experts, and their independently developed “Color World” app is a combination of technology and artificial intelligence. Previously, Color World has already amassed more than a million users worldwide and the software will be transformed into a metaverse platform following a technical update at the end of this month. This also means that “Color World” will shift focus onto the development of virtual communities and the commercial operation of virtualized real-world products. Through close cooperation, both sides will mutually benefit by leveraging each other’s industry advantages to help each other develop in many areas. This will also hopefully place the two sides further ahead on the global industry ranking. Color Star will construct a virtual headquarter for The Jade, while also utilizing VR technology to vividly display information of properties for sale. Amidst this current pandemic, users can go through the entire house-purchasing process, from viewing to paying, all in VR and without stepping outside their homes. Online real estate sales, user conversion and flow, corporate brand enhancement, etc. will be the focus of the cooperation.
CEO of Color Star Technology, Lucas Capetian said, “There is lots of room for cooperation with The Jade Construction Group due to their profile as an international company with a presence in diverse industries. Smart technology is necessary for The Jade if they are targeting real estate buyers on a global scale. This is because potential buyers will not have to view properties in person, and all they need to do is to register as a member. Through advanced technology, buyers can intimately experience the structure and layout of a property. Through this service, both companies can deepen their understanding of their respective products and make improvements whilst simultaneously promoting their brands. At Color Star, we believe that Color World is a multifaceted platform. It does not matter whether it is real estate or other industries and we will not limit ourselves to one. Furthermore, we want to become a platform filled with variety of contents and products created by our users.”
As the brand new metaverse platform “Color World” features novel contents, Color Star regrets to announce that the latest version of APP is still under review at major App Stores. The company has been in close communication with the relevant App Stores, hoping to pass the review process as soon as possible to introduce the latest App to global users.