Color Star Technology Co., Ltd. (NasdaqCM:ADD) announced that it has entered into a non-binding letter of intent, LOI, for the planned acquisition of Yi Ti Technology. Color Star CEO, Louis Luo, explained, "The due diligence process is now underway as we're working on planned acquisition of Yi Ti. After analyzing Yi Ti's audit report, we noticed that their annual revenue is continuing to grow.

At this year's 2022 Asian Games taking place in Hangzhou, China, Yi Ti provided their A.I. technology services and support, which shows they are continuing to develop and grow. This planned acquisition will be a major step forward for Color Star in the field of sports technology. Color Star hopes to contribute and participate in many more international sporting events in the future." Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive agreement, satisfaction of the conditions negotiated therein including the approval of the Company's Board of Directors and the satisfaction of other customary closing conditions.