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NEW YORK, Sept. 23, 2020 /PRNewswire/ --Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the businesses of providing online and offline knowledge-paid services for music and entertainment industries globally, today announced that it, through its wholly owned subsidiary, Color China Entertainment Co., Ltd., entered into a memorandum of understanding (the "MOU") onSeptember 21,2020with FENT Co. Ltd. ("FENT"), a South Korean K-pop entertainment and artist agency service company, to acquire 100 percent equity interest in FENT (the "Proposed Transaction").
FENT, also known as Fascino Entertainment, is a South Korean-based live entertainment company that engages in: i) talentdevelopment andmanagement in the music, film and fashion industries; ii) live concerts and events; iii) music and video production, distribution, and licensing; iv) public relations, media outreach and brand management. FENT also sells cosmetics (e.g., lipsticks) and fashion products through its online channels. Fanatics, a highly popular K-pop group with fans and followers in South Korea, Brazil, Argentina, Mexico, and Indonesia, is represented by FENT.
Both parties agree to negotiate in good faith with no broker, agent or other intermediary being involved, and intend to finalize a definitive agreement by the end of the year. The entry into a definitive agreement for the Proposed Transaction is subject to thesatisfactoryresults of a due diligence process and board authorization and appropriate shareholder approval, if necessary, by HHT.
Luke Lu, Chairman and Chief Executive Officer of HHT, commented, "The Proposed Transaction to acquire FENT gives HHT a unique opportunity to leap into the live entertainment and artist agency service industry where we believe tremendous opportunities exist, and to expand our geographic footprint into the South Korea market. This comes at a time when K-pop is gaining increasing popularity internationally. We are excited about the opportunity and looking forward to working with the FENT team to finalize the transaction promptly."
Posted In: HHT
