Color Star Technology Co., Ltd. (NASDAQ: CSCW) Signs Cooperation Agreement with NBA Legendary Superstar Shaquille O'Neal as Celebrity Mentor

NEW YORK,Aug. 24,2021 -- Color Star Technology Co.,Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"),an entertainment technology company devoted to the application of technology and artificial intelligence (AI) in the entertainment industry,announced today the signing of a cooperation agreement between Color China Entertainment Co.,Ltd. (hereinafter referred to as "Color China"),a wholly-owned subsidiary of Color Star,and Shaquille O'Neal (also known as "Big Shark"),a world-class basketball player and NBA Hall of Fame star. The two parties formally reached an agreement on March 29,2021 for Shaquille O'Neal to become a celebrity instructor on the entertainment sharing and interactive platform of Color Star,known as Color Star APP. He will teach basketball-related content online,as well as share his experiences as a basketball star.

Better known as "Shaq," Shaquille O'Neal played for the Orlando Magic,Los Angeles Lakers,Miami Heat,Phoenix Suns,Cleveland Cavaliers and Boston Celtics. During his NBA career,he was selected to the NBA All-Star team 15 times and won championship 4 times. He won 1 regular season Most Valuable Player (MVP) award,3-time finalist for MVP,3-time All-Star Game MVP,and was selected to the NBA's best team of the year 15 times. O'Neal became one of the most dominant centers in the NBA and was selected as one of the NBA's Top 50 Superstars. In the summer of 1994,he led the U.S. men's basketball team Dream Team II to win the World Championship gold medal and personally won the World Championship MVP. Two years later,he led Dream Team III to win the 1996 Atlanta Olympic gold medal,becoming the only player in NBA history with 6 basketball top honors,including the world championship gold medal,the world championship MVP,the Olympic gold medal,the regular season MVP,the All-Star game MVP,and the finals MVP. In 2016,O'Neal was formally inducted into the Naismith Memorial Basketball Hall of Fame.

The cooperation between Color Star and O'Neal is a prelude to collaboration between the Color Star APP and sports stars. As an internationally recognized basketball superstar,O'Neal will be able to attract more fans to the Color Star APP,and as a celebrity entertainment interactive platform,Color Star will encompass celebrities in the entertainment industry as well as in the sports arena. In the future,Color Star APP will have opportunities for in-depth collaboration with more celebrities in other industries. With the addition of new celebrities,the Company believes there will be new breakthrough and increases in the number of APP users.

The CEO of Color Star,Mr. Basil Wilson,commented: "We are particularly pleased to be able to invite legendary NBA stars such as Mr. O'Neal to join our platform. What he brings to this collaboration is not only in-depth basketball knowledge,but also more sports fans to the Color Star platform. In the future,we will continue to invite more world-class athletes to join our Color Star team,so that our members can access broader knowledge sharing."

As an entertainment technology company,Color Star seeks to integrate and promote multicultural industries together with intelligent technology. From entertainment performances to augmented reality,to sports events,Color Star is constantly meeting the needs of its members. This is particularly obvious in its Color Star APP,which sets it apart from other platforms. On the one hand,Color Star focuses on professionalism and influence by inviting industry stars and elites to become mentors on the platform,providing the most comprehensive knowledge to its current members while attracting new users through celebrity events. On the other hand,the Company offers diversified content that greatly enhances the satisfaction of its members,including entertainment,art,sports,technology,among others,giving users a multifaceted experience. Finally,through online and offline interactions,the Company enhances users' cultural sharing and interactive experiences,forming a closed loop of "user - online services - enhanced experience" that ensures the steady operation of its related businesses while providing solid foundation for the Company's current and future value creation.

About Color Star Technology

Color Star Technology Co,Ltd. (Nasdaq CM: CSCW) 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 China Entertainment 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 atwww.colorstarinternational.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; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons,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 atwww.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:

William Tu

SkylineCorporateCommunicationsGroup,LLC

OneRockefellerPlaza,11thFloor

NewYork,NY10020

Office:(646)893-5835

Email:wtu@skylineccg.com

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