Why won't this code change the color of the GUI?

This code is in a Script which is inside a Frame. It runs through the code perfectly, yet it won't show the changes when I test it.

Here is the code:

local obj = script.Parent
obj.BackgroundColor3 = Color3.new(0, 0, 0)
number = 0

while true do
	print("Looping...")
	color1 = Color3.new(0,29/255,36/255)
	wait(0.3)
	color1 = Color3.new(0,28/255,35/255)
	wait(0.3)
	color1 = Color3.new(0,27/255,34/255)
	wait(0.3)
	color1 = Color3.new(0,26/255,33/255)
	wait(0.3)
	color1 = Color3.new(0,25/255,32/255)
	wait(0.3)
	color1 = Color3.new(0,24/255,31/255)
	wait(0.3)
	color1 = Color3.new(0,23/255,30/255)
	wait(0.3)
	color1 = Color3.new(0,22/255,29/255)
	wait(0.3)
	color1 = Color3.new(0,21/255,28/255)
	wait(0.3)
	color1 = Color3.new(0,20/255,27/255)
	wait(0.3)
	color1 = Color3.new(0,19/255,26/255)
	wait(0.3)
	color1 = Color3.new(0,18/255,25/255)
	wait(0.3)
	color1 = Color3.new(0,17/255,24/255)
	wait(0.3)
	color1 = Color3.new(0,16/255,23/255)
	wait(0.3)
	color1 = Color3.new(0,15/255,22/255)
	wait(0.3)
	color1 = Color3.new(0,14/255,21/255)
	wait(0.3)
	color1 = Color3.new(0,13/255,20/255)
	print("Waiting...")
	wait(4)
	print("Continued.")
	color1 = Color3.new(0,14/255,21/255)
	wait(0.3)
	color1 = Color3.new(0,15/255,22/255)
	wait(0.3)
	color1 = Color3.new(0,16/255,23/255)
	wait(0.3)
	color1 = Color3.new(0,17/255,24/255)
	wait(0.3)
	color1 = Color3.new(0,18/255,25/255)
	wait(0.3)
	color1 = Color3.new(0,19/255,26/255)
	wait(0.3)
	color1 = Color3.new(0,20/255,27/255)
	wait(0.3)
	color1 = Color3.new(0,21/255,28/255)
	wait(0.3)
	color1 = Color3.new(0,22/255,29/255)
	wait(0.3)
	color1 = Color3.new(0,23/255,30/255)
	wait(0.3)
	color1 = Color3.new(0,24/255,31/255)
	wait(0.3)
	color1 = Color3.new(0,25/255,32/255)
	wait(0.3)
	color1 = Color3.new(0,26/255,33/255)
	wait(0.3)
	color1 = Color3.new(0,27/255,34/255)
	wait(0.3)
	color1 = Color3.new(0,28/255,35/255)
	wait(0.3)
	color1 = Color3.new(0,29/255,36/255)
	wait(4)
	number = number+1
	print(" Completed Cycle #"..number)
end

When you define color1, you set it as the background color.

When you change color1, you only change color1, as it's just a variable.

You need to change the background color, like so: script.Parent.BackgroundColor3 = Color3.new(0,29/255,36/255)

Also I recommend doing it like this since it's much cleaner looking:

function c3(r,g,b)
	return Color3.new(r/255, g/255, b/255)
end

local color = c3(0, 29, 36)

repeat
	wait(0.3)
	color = c3(0, color.g - 1, color.b - 1)
	script.Parent.BackgroundColor3 = color
until color == c3(0, 13, 20)
wait(4)
repeat
	wait(0.3)
	color = c3(0, color.g + 1, color.b + 1)
	script.Parent.BackgroundColor3 = color
until color == c3(0, 29, 36)