BEIJING, March 30, 2020 /PRNewswire/ -- Huitao Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the businesses of producing advanced ready-mix concrete materials and providing education services, announced today that its wholly owned subsidiary, CACM Group NY, Inc. ("CACM") has entered into a Cooperation Agreement (the "Agreement") with Color China Entertainment Co., Ltd. ("Color China"), who will provide online music courses to the Company's online education platform which is being deployed. Such cooperation will allow the Company's platform to give students all over the world a chance to connect with renowned music artists. As the COVID-19 pandemic evolves every day, school education has become an unresolved challenge for worldwide students and educators alike. Our online education platform is expected to offer new learning opportunities where students can have access to high-quality education straight from their homes.
Registered in Hong Kong, Color China is an integrated media company operating in multiple segments of the entertainment sector, with massive media assets in music production, songwriting, musical instruments and performing arts. Color China is planning to open a global learning center in New York to launch a virtual entertainment community for online learning and aims to become the world's leading music course provider with a combination of online and offline courses, as well as impact on celebrity-fan dynamic.
"We are pleased to partner with Color China to roll out the new online learning initiative as we share the same vision and excitement to move our strategy forward together. With our collective resources, the collaboration will help bring our online course offerings to the next level and benefit our students over the long-term," said Mr. Yang (Sean) Liu, the Chief Executive Officer of HHT.
Mr. Xin (Muze) Wu, Chairman of Color China commented, "We are honored to join HHT's efforts to build a powerful online education platform and provide a wide range of online music courses. The signing of the Agreement is a significant milestone in developing a competitive online learning platform for our students. We are confident the partnership will strengthen our capability to grow and expand our market share."
About Huitao Technology Co., Ltd.
The Company is a holding company whose primary business operations are conducted through its wholly-owned subsidiaries CACM Group NY, Inc., Xin Ao Construction Materials, Inc. ("Xin Ao"), Beijing Ao Hang Construction Materials Technology Co., Ltd., Sunway Kids International Education Group Ltd. ("Sunway Kids"), Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entities, Beijing Xin Ao Concrete Group and Chengdu Hengshanghui Education Consulting Co., Ltd. Xin Ao engages in the production of advanced construction materials for large scale infrastructure, commercial and residential developments, primarily focused on engineering, producing, servicing, delivering and pumping a comprehensive range of advanced ready-mix concrete materials for highly technical, large scale, and environmental-friendly construction projects. 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. The Company also anticipates providing an after-school tutoring program in New York via Baytao, a newly formed joint venture and provide online learning via a platform being built by CACM. For more information, please visit https://www.china-acm.com.
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.
The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on HHT's operations, the demand for the HHT's products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT.
Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT's SEC filings are available publicly on the SEC's website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
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