Color Star Technology Co., Ltd. (NASDAQ: ADD), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, announces today that it has entered into a non-binding letter of intent for the planned acquisition of Yi Ti Technology Ltd.
Founded in 2015, Yi Ti is a sports technology solutions provider that organizes sporting events, builds sporting venues, provides training, sports data, and other services, with the aim to digitally empower the industry and to provide an efficient service platform and solutions. Yi Ti has been involved in the Winter Olympics, the World Cup, college sports, and other large international sporting events, providing them with technology and A.I. solutions.
Color Star CEO, Louis Luo, explained, “The due diligence process is now underway as we’re working on planned acquisition of Yi Ti. After analyzing Yi Ti’s audit report, we noticed that their annual revenue is continuing to grow. At this year’s 2022 Asian Games taking place in Hangzhou, China, Yi Ti provided their A.I. technology services and support, which shows they are continuing to develop and grow. This planned acquisition will be a major step forward for Color Star in the field of sports technology. Color Star hopes to contribute and participate in many more international sporting events in the future.”
Mr. Qiu, president of Yi Ti, said, “Yi Ti’s rapid development is undoubtedly one of the fastest in the industry. According to market research, the entire sports smart technology industry is expecting a revenue of between 4 to 5 hundred billion RMB in 2025, and Yi Ti believes that it will occupy a high market share as one of the leading companies. Our planned acquisition by Color Star is a mutually beneficial deal. The transaction will grant us more funds to invest into R&D and operations, which will help increase our market share. At the same time, we will also provide the latest sports technology products to Color Star, allowing them additional leverage when negotiating with sports companies in Europe and North America. Currently, the two companies have entered into a LOI.
Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive agreement, satisfaction of the conditions negotiated therein including the approval of the Company’s Board of Directors and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction are non-binding.
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.com.
About Yi Ti Technology Co., Ltd.
Founded in 2015, Yi Ti is a sports technology solutions provider that organizes sporting events, builds sporting venues, provides training, sports data, and other services, with the aim to digitally empower the industry and to provide an efficient service platform and solutions.
