Benzinga | May 20, 2021 09:29AM EDT

Color Star Technology's Movie Planet Unit Reports Deal With Youa Group For Launch Of Joint Development For Non-Fungible Token For Film Databases, No Terms Disclosed

Color Star Technology Co., Ltd. (NASDAQ:CSCW) (hereinafter referred to as "Color Star" or the "Company") announced the signing of a Memorandum of Understanding ("MOU") on April 23 through its wholly-owned subsidiary, Color China Entertainment Co., Ltd., Movie Planet LLC (hereinafter referred to as "Movie Planet"), and a South Korea-based company, Youa Group (hereinafter referred to as "Youa Group"). Pursuant to the MOU and subject to definitive agreements, the three parties will aim to jointly develop a NFT application for the Hollywood Film Festival and International Film Festival databases.

Movie Planet is a Hollywood-based company that focuses on the development of film copyrights. It currently owns the copyrights of many international award-winning films. It also holds large-scale international film exhibitions and has good relationships with the world's top film actors, film production teams, and screenwriter teams. Youa Group is a global blockchain firm. It owns among others, several blockchain related companies, including a blockchain technology company, a blockchain entertainment company "K-play contents," a blockchain industry media company, a digital asset exchange named "Coinrism," and a blockchain investment fund.

Mr. Luke Lu, Color Star's CEO, commented: "We look forward to finalizing the cooperation with Movie Planet and Youa Gorup. The opportunity to work with a top Hollywood entertainment company and a Korean technology company will accelerate our own technology developments. The discussion about exchange and profit realization of entertainment copyrights have been going on for a long time in the industry. The cooperation among us will be a benchmark, and I believe our future product will soon be available to the public."