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NEW YORK, May 7, 2020 /PRNewswire/ — Huitao Technology Co., Ltd.) (Nasdaq: HHT) (the “Company”, “we” or “HHT”), an innovative education service provider, today announced that on May 4 the Company has changed name to Color Star Technology Co., Ltd. and it has completed the disposition of its legacy ready- mix concreate business. The proceeds from the disposition will be used for strategic business development in education services and technologies.

Management believes that the disposition of the concrete material business is the most sustainable path for its next phase of growth. Upon completion of the disposition and elimination of a large amount of liabilities on its balance sheet, HHT will be able to focus solely on development of our innovative education business more efficiently.

“I am thrilled to start the next chapter of business growth,” said Yang Sean Liu, Chief Executive Officer of HHT, “name change to Color Star Technology and completion of deposition of concrete business is the major milestone. Now that we have completed our business transformation to an innovative education provider, we are excited to focus on education services development that will offer differentiated courses to our students in both digital and physical channels.”

About Color Star Technology Co., Ltd.

Color Star Technology (formerly known as Huitao Technology Co., Ltd.) is a holding company which has undergone a shift to become a dedicated education services provider, offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries CACM Group NY, Inc. (“CACM”), Sunway Kids International Education Group Ltd. (“Sunway Kids”), Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entities, Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. Through Baytao LLC, a newly formed joint venture, the Company also anticipates providing tutoring programs in New York which includes online learning via a platform being built by CACM.

Safe Harbor / Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and HHT’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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SEOUL, South Korea, April 16, 2020 /PRNewswire/ — In mid-March, GSIL, a member company of the Born2Global Centre, signed a new contract with the Korean conglomerate Samsung Engineering for the supply of GSIL’s smart safety management system to the construction site of Samsung Engineering’s Motor Control Center (MCC) at Green Building in Pyeong-taek, South Korea. The purpose of the contract is to implement safety policies and systems for employees who work in stuffy, airtight environments.

GSIL CI

GSIL independently developed a smart safety management system for the prevention of safety accidents and the elimination of safety “gray areas” at construction sites. The system features a function that can ascertain a worker’s current location as well as an SOS-enabled emergency rescue system.

The system that GSIL will be providing not only tracks worker locations but also uses a large-screen tablet PC, installed at the water tank at each work site, to allow workers to exchange information about their work environment and receive alarms in the event of an accident or other problem. The system collects data and transmits real-time updates on the work environment, providing information on oxygen, carbon monoxide, carbon dioxide, combustible gas, and hydrogen sulfide levels in the water tank. This quick information system makes it possible to prevent injury and fatal accidents related to low oxygen levels or the influx of harmful gases into an airtight setting.

GSIL’s system also provides a timeline of workers entering and exiting the water tank that can be viewed anytime and maintains records on individual workers, indicating whether each worker has completed safety training and has received his/her annual health check-up. The system also features a well-organized rescue system for emergency situations that only requires the worker to press the SOS button on his/her sensor, which then immediately sounds an SOS alarm on all connected mobile and web devices, ensuring that everyone can quickly be made aware of the situation.

On March 20, the Ministry of Land, Infrastructure and Transport (MOLIT) promulgated a revised version of the Enforcement Rule of the Construction Technology Promotion Act that expanded the list of safety management fees that are required for the introduction of smart safety equipment. The revised rule’s addition of establishment/operation fees for safety management systems that utilize wireless communications/equipment to the list of official safety management expenses creates the necessary foundations for the use of cutting-edge technology at construction sites, namely through the application of smart safety equipment (based on IoT, big data, etc.). When passing the revised legislation, the MOLIT stressed its commitment to prioritizing the safety of on-site personnel by establishing a “quick response” basis for the early detection and removal of construction site dangers. The revised enforcement rule is expected to diversify the environments that can be equipped with GSIL’s smart safety management system.

Lee Jung-woo, CEO of GSIL, said, “The Pyeongtaek-Godeok construction site is a very important location in terms of Samsung Electronics’ enlargement of its new semiconductor facilities, which are expected to increase in number over the next ten years. GSIL is anticipating that the construction site will expand through Green building 1 and 2, which are the targets of this most recent contract.” GSIL is preparing the safety management system which can be applied to the confined area, such as the Samsung Engineering Tangjeong site and Samsung Electronics’ wastewater treatment facility.

Founded in 2016, GSIL has established and is operating smart construction management systems for work sites affiliated with the Korea Rail Network Authority (Gangwon branch), Korea Midland Power, and Samsung Engineering. It is also preparing to enter the Middle Eastern market and has already signed an agent contract with a subsidiary of the Bayan National Construction Contracting Company, a general construction company that is based in Kuwait. GSIL is also currently involved in negotiations for the application of its safety system and/or collaborative endeavors related to the F1 circuit (Kuwait Motor Town) and a smart city in Kuwait, PEPCO in the USA, Long Son Petrochemical in Vietnam, and a power plant in Indonesia.

For more detailed information on GSIL, visit http://www.gsil.net/.

Media contact

Jane Shin
Manager, GSIL
jane@gsil.kr

Jina Lee
PR Manager, Born2Global Centre
jlee@born2global.com

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Huitao Technology Announces Name Change to Color Star Technology and Completion of Disposition of its Ready-Mix Concrete Materials Business

GSIL and Samsung Engineering Sign Contract for Smart Safety Management System

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