A Member of the UAE Royal Family Joins the Color Star Family

Rhea-AI Summary

Color Star Technology (Nasdaq: ADD) announced that His Highness Shaikh Humaid Abdulla Rashed Ahmed Almualla, a member of the UAE royal family, has joined the company as an independent director. As a core member of the Umm Al-Quwain Emirate's ruling family and nephew of the current UAE President, his appointment brings strategic value to the entertainment technology company.

In June 2023, His Highness launched the UAE Royal HH Investment Fund, gaining support from royal families and government officials across multiple Gulf nations. This appointment is expected to strengthen Color Star's Middle Eastern ties, unlock new investment opportunities, and accelerate the company's planned investments in AI entertainment technologies.

Positive

• Addition of UAE royal family member to board of directors strengthens Middle Eastern connections
• Access to UAE Royal HH Investment Fund network could bring new investment opportunities
• Strategic position to expand in Middle Eastern markets through royal family connections

Negative

• None.

News Market Reaction – ADD

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+0.47% News Effect

On the day this news was published, ADD gained 0.47%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Dec. 24, 2024 (GLOBE NEWSWIRE) -- 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, announces today that His Highness Shaikh Humaid Abdulla Rashed Ahmed Almualla, a prominent member of the United Arab Emirates royal family, has officially joined the company as an independent director of the Company’s board of directors. This appointment not only introduces strong leadership to Color Star but also strengthens the company's ties with the Middle East, particularly the UAE.

His Highness Shaikh Humaid Abdulla Rashed Ahmed Almualla is a distinguished figure in UAE politics, wielding considerable influence in the Al Mualla region. As a core member of the ruling family of the Umm Al-Quwain Emirate, he plays a vital role on the UAE's political stage. Born in Ajman, the nation's capital, His Highness Shaikh Humaid is also the nephew of the current UAE President, a connection that underscores his esteemed reputation both domestically and internationally.

The Al Mualla family, one of the oldest royal lineages in the Middle East, has historically governed the Umm Al-Quwain Emirate.

In June 2023, His Highness Shaikh Humaid spearheaded the launch of the UAE Royal HH Investment Fund, a venture that garnered enthusiastic support from royal families and government officials in Saudi Arabia, Oman, Kuwait, and Qatar. Beyond his financial achievements,

His Highness Shaikh Humaid’s appointment as an independent director on Color Star’s board of directors brings fresh perspectives and strategic insights to the company.

Having a member of the UAE royal family join Color Star is expected to unlock new investment opportunities and project support, accelerating Color Star's continuous planned investment and innovation in AI entertainment and related technologies. Leveraging these resources, Color Star aims to develop cutting-edge technologies and deliver richer, more innovative entertainment experiences to global audiences. His Highness Shaikh Humaid ’s extensive network will undoubtedly energize Color Star's globalization strategy, paving the way for even greater success on the international stage.

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.

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 concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate  solely to historical matters, it is making forward-looking statements. Forward-looking statements are not  guarantee of future performance and involve risks and uncertainties that may cause the actual results to  differ materially from the Company's expectations discussed in the forward-looking statements. These    statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and    pricing; government regulations; the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI nothereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against Color Star or other parties to the    LOI following announcement of the LOI and transactions contemplated therein; the ability of Color Star to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; the inability to complete the transactions contemplated by the LOI due to the failure to meet certain closing conditions; risks that the proposed transaction disrupts current plans and  operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; the ability of the combined company to meet its financial and  strategic goals, due to, among other things, competition, the ability of the combined company to grow    and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the combined company may be adversely affected by other economic, business, and/or   competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. For these reasons, among others, investors are cautioned not to    place undue reliance upon any forward-looking statements in this press release. Additional factors are     discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

For more information, please contact:

Color Star Investor Relations

Office Number No. 1003, 9th Floor,

7 World Trade Center, Suite 4621

New York NY 10007
Office: (212) 410-5186
Email ir@colorstarinternational.com

FAQ

What impact will the UAE royal family member's appointment have on Color Star (ADD) business strategy?

The appointment is expected to unlock new investment opportunities, strengthen Middle Eastern ties, and accelerate Color Star's planned investments in AI entertainment technologies through access to His Highness's extensive network and the UAE Royal HH Investment Fund.

When did Color Star (ADD) announce the appointment of the UAE royal family member?

Color Star announced the appointment of His Highness Shaikh Humaid Abdulla Rashed Ahmed Almualla as an independent director on December 24, 2024.

What is the connection between Color Star's (ADD) new director and the UAE leadership?

The new director, His Highness Shaikh Humaid, is a member of the Umm Al-Quwain Emirate's ruling family and the nephew of the current UAE President.

What investment initiative did Color Star's (ADD) new director launch in June 2023?

His Highness Shaikh Humaid launched the UAE Royal HH Investment Fund in June 2023, which received support from royal families and government officials in Saudi Arabia, Oman, Kuwait, and Qatar.