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, announces that its wholly-owned subsidiary, Color China, signed an memorandum of understanding to acquire Guangzhou Elephant Interactive Network Technology Co., Ltd. (hereinafter referred to as "Elephant Games") to utilize their respective advantages for jointly developing online mobile games for the international market. The two companies will cooperate globally in the areas of game development, copyright distribution, and peripheral product sales. Color China will benefit from the strategic layout and overseas listing experiences of its parent company, Color Star, which provides a diverse interactive game experience for hundreds of millions of players worldwide.