Defector

Color Star’s Metaverse Adventure continues its promise to make smartphones

Color Star Technology Co., Ltd. C., a Cayman Islands-registered, possibly Dubai-based ready-mix concrete company that has ditched its old business and recently launched its own digital metaverse, continues to struggle with CEO turnover. On August 5, Color Star quietly filed papers with the Securities and Exchange Commission noting that Biao Lu and Jihan Zip Khan had simultaneously resigned from their roles as co-CEOs of this strange company, and were replaced by a man named Farhan Kader. Even by the standards of the Color Star, which has now had seven CEOs in just over two years, this is surprising: Lu and Khan have been in business together for less than two months, not stepping back from support roles, but it looks like they’re leaving the company altogether. For the record, this is the second time that Piao Lu, who also resigned as the company’s chairman, has resigned from the position of CEO of Color Star.

Followers of this all-too-normal business story will remember Color Star’s stunning young CEO, Sir Lucas Captian, the man who spearheaded the company’s signature launch. world of colors app, abruptly resigned and left the company for “personal reasons” in June. In Defector, this was a heartbreaking development: We worked hard over months to establish contact with the Capetian, receiving nothing in return but a couple of curt emails and the threat of a lawsuit. Now, all of a sudden, the Capetian is completely out of our lives, replaced at the head of this strange company by not one but one person two New corporate officers. What a time we had: During an eventful Capetian tenure the Color Star entered into a notorious sponsorship partnership with the Philadelphia 76ers, and it was Capetian who went from a 76ers deal to partnering with La Liga’s Villareal. It was Capetian himself who announced to the world that Color Star had formed a strategic partnership with a true super-duper biotech company that could eventually deliver world of colors Users’ access to “cloned human organs”. To see this dreamer who had been abandoned from the company he had led in so many confused new directions, it was like watching a beautiful star in the night sky suddenly blink forever.

Biao Lu and Jihan Zip Khan didn’t immediately show off their predecessor’s flair at Slick Business. The First news update A post on the company’s unusually busted website (you’ve been warned) after the duo’s June takeover was titled “Stop wasting time! That’s enough~” and features another 30-second video ad for world of colors The app, with a strange and Cinquain-esque comment:

immersive visual experience,
New and fun new sections,
Entertainment star, technology intelligence and
expertise [color world] without leaving home.
Come on! Hurry up, log in to the App Store and
Download [chromeworld_metverse]

colorful star

attributed to him: Screenshot: Color Star
Ordinary company.

This ominous launch was ominous. Six days later, Lu and Khan resigned and were replaced by Kadir. Kader seems to be the mover and the shake-up: Just over two weeks after taking the job, Kader attended a luxury event in Dubai where the Color Star announced a “strategic collaboration” with so-called Emirates passengers. As with other Color Star partners, it is not at all clear what Emirates sells or does, but it is worth noting Color Star Press Release He says the event was attended by members of the royal family of the United Arab Emirates. salary! Then again, Color Star once announced that it would place an analogy for active 76ers in the ugly metaverse, an exaggeration that may have provided the 76ers organization the escape hatch they needed to parachute out of this ill-advised partnership agreement. One should not take at face value anything printed in a press release or advertisement for the Color Star.

The purpose of the new partnership is unclear, but Color Star says its bragging tech team within the company is busy building “the world’s first headquarters” for Emirati travelers, which is supposed to have the same. TurokGas station aesthetic like world of colors Shopping mall, announced in June:

attributed to him: colorful star
It is the mall.

A few days after the charmed Emirates passenger announcement, Kader is back, and on September 6 announced a “long-term strategic collaboration” with something called the Global Digital Club, which he describes as “a world-renowned professional digital investment club” with membership of “powerful corporate elites.” in the global field. In an astonishing development, the Global Digital Club . owns Active website And a little online footprint. In fact, they recently held an event for private investors that featured “business CEOs, venture capital funds, and investors” once again, ah, 9/11. It looks fun!

But the biggest development in Color Star’s business was announced on Monday, when the company issued a press release describing the upcoming launch of Color Star Technology Co. LTD brand smartphones. These tools will be manufactured in partnership with a company called Anex Korea, which Color Star describes as “a world-renowned enterprise.” The ‘DONO’ Metaverse mobile phone, as described in the ad, will come preloaded with world of colors The app, so users can instantly log in and wander through the dreary, empty, and eerie digital landscape full of purple. “The mobile market is our latest new business segment, and we are very happy with it, and we are confident that we will develop this segment to maturity in the next few years,” says Kader. Via press release. “While the outside world focuses on the functionality of the Metaverse, we will use mature and perfect technology means to accompany users.”

The bet seems to be that sooner or later, one of these churches is bound to bear fruit. Color Star recently implemented something called a “reverse stock split” of its common stock shares, in order to consolidate approximately 262 million shares of outstanding stock that had been distributed over many years and swaps of its business. A reverse stock split generally results in a stock price appreciation, as combinations of individual units with a given market value are converted into one larger unit, while maintaining the uniform market value. It’s a bit artificial, yes, but the Color Star’s arrow has been headed in the wrong direction for years, and desperate times call for desperate measures. Unfortunately, in the case of the Color Star, 40 individual shares worth nearly a dog shit are combined into one incredibly thick dog shit lot. Color Star’s most ambitious business moves to date have failed to generate enthusiasm among investors: CSCW stock has lost nearly 98 percent of its value over the past five years, and is now trading at a new low of $1.22 per share as of this afternoon. Tuesday. .

But just wait for the Color Star smartphones to hit the shelves. As their enthusiastic new CEO puts it, Color Star is “in no way a traditional tech company, and more than that we’ll be integrating our metaverse content with other companies, which will find a broader market environment for us, and anything is possible.” This is the spirit!

h/t Frederick

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