WENZHOU, China, Nov. 23, 2020 /PRNewswire/ -- ZK
International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK
International" or the "Company"), a designer, engineer,
manufacturer, and supplier of patented high-performance stainless
steel and carbon steel pipe products primarily used for water and
gas supplies, today announced that it plans to fund its
wholly-owned subsidiary, xSigma Corporation, which was originally
created to focus on creating, servicing, and enabling technologies
in the blockchain ecosystem.
xSigma was originally created to give the Company the ability to
develop innovative solutions to support its core operations while
exploring new opportunities in the fields of smart contracts,
distributed ledgers, supply chain management, and other
efficiencies afforded by blockchain architecture. With the new
funding, xSigma plans to shift its focus into the decentralized
finance space, focusing on decentralized exchanges, stablecoins and
lending protocols. The xSigma research lab being funded is now
actively working on its ecosystem of products beginning with its
DeFi protocol. The ultimate objective is to build a range of
financial tools and products for the flourishing decentralized
finance industry. The xSigma plans to recruit a team of individuals
who are on the leading edge of blockchain research and development
that intersects decentralized finance, supply chain management,
IoT, and infrastructure.
Mr. Jiancong Huang, Chairman and
CEO of the Company, stated, "We are very excited about being able
to inject capital into xSigma signaling our commitment in the DeFi
space of which in the coming days we will unveil its new vision,
team, and website."
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer,
engineer, manufacturer and supplier of patented high-performance
stainless steel and carbon steel pipe products that require
sophisticated water or gas pipeline systems. The Company owns 28
patents, 21 trademarks, 2 Technical Achievement Awards, and 10
National and Industry Standard Awards. ZK International is
preparing to capitalize on the $850 Billion commitment made by
the Chinese Government to improve the quality of water, which in
its current supply state is 70% unfit for human contact. ZK
International is Quality Management System Certified (ISO9001),
Environmental Management System Certified (ISO1401), and a National
Industrial Stainless Steel Production Licensee that is focused on
supplying steel piping for the multi-billion dollar industries of
Gas and Water sectors. ZK has supplied stainless steel
pipelines for over 2,000 projects, which include the Beijing
National Airport, the "Water Cube" and "Bird's Nest", which were
venues for the 2008 Beijing Olympics. Emphasizing superior
properties and durability of its steel piping, ZK International is
providing a solution for the delivery of high quality, highly
sustainable, environmentally sound drinkable water to not only to
the China market but to international markets such
as Europe, East Asia and Southeast
Asia.
For more information please
visit www.ZKInternationalGroup.com. Additionally,
please follow the Company
on Twitter, Facebook, YouTube,
and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
About XSigma Corporation
XSigma Corporation, is a wholly-owned subsidiary of ZK
International Group Co., Ltd. Together with ZK International, has
launched xSigma as a research and development lab back in 2018 to
solve real-world infrastructure challenges. Its mandate was to
explore new opportunities in smart contracts, supply chain
management and other blockchain-based solutions. XSigma has since
pivoted to decentralized finance, focusing on decentralized
exchanges, stablecoins and lending protocols. The research lab is
now actively working on its ecosystem of products beginning with
its DeFi protocol. The ultimate objective is to build a range of
financial tools and products for the flourishing decentralized
finance industry. The xSigma team that are being assembled are on
the leading edge of blockchain research and development that
intersects decentralized finance, supply chain management, IoT, and
infrastructure. The DeFi protocol is one of many decentralized
finance projects xSigma plans to launch over the next 12 months. It
will feed into a growing network of DeFi products for enterprise
and consumer markets. For further information about xSigma, please
visit its website at www.xsigma.com and
www.xsigma.fi
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Without limiting the generality of the foregoing, words
such as "may," "will," "expect," "believe," "anticipate," "intend,"
"could," "estimate" or "continue" or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances are forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict and many of which are
beyond the control of ZK International. Actual results may
differ from those projected in the forward-looking statements due
to risks and uncertainties, as well as other risk factors that are
included in the Company's filings with the U.S. Securities and
Exchange Commission. Although ZK International believes that
the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
in forward-looking statements will be realized. In light of
the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by ZK International or
any other person that their objectives or plans will be achieved.
ZK International does not undertake any obligation to revise the
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Investor Contact:
Sherry
Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE ZK International Group Co., Ltd.