CHANGSHA, China, July 13,
2021 /PRNewswire/ -- Bit Brother Limited (the
"Company," "we" or "Bit Brother") (NASDAQ: BTB), today announced it
has entered into a non-binding letter of intent (the "LOI"),
to acquire 51% of Angelo's Pizza 1697 Inc., 1279 1st
Avenue LLC, and 60th Street Restaurant Corporation
(collectively as "Angelo's Pizza"). Angelo's Pizza has been
around as a family-style boutique restaurant for 30 years, later
pivoting to a chain restaurant for another 90 years. With a
combined history of 120 years, Angelo's Pizza has accumulated a
strong brand recognition and excellent customer reviews. Upon
the completion of the acquisition, all three chain restaurants will
begin to accept cryptocurrency as a form of payment.
Angelo's Pizza plans to expand into rapidly growing
international markets such as Canada, Japan, South
Korea, China, Singapore, Australia, and New
Zealand. The overseas branches will be focusing on providing
takeout and delivery services, with limited dine-in seating. With
the number of advantages including relatively low rent, less
build-out, and easy to scale up to takeout types of restaurants,
Angelo's Pizza is aiming to open up 1,000 branches overseas within
the next five years. All branches in other countries
outside of China will accept
Bitcoin amongst other payment methods to allow customers to
take advantage of a secure and rapidly growing payment network.
Under the terms of the LOI, the total consideration for 51% of
equity interest in Angelo's Pizza is $12.5
million, of which 50% shall be paid in cash and 50% shall be
paid in the Company's ordinary shares. The parties agree to enter
into a definitive agreement after due diligence is completed.
Mr. Xianlong Wu, CEO of Bit Brother, commented, "With Bit
Brother's experience in the catering industry, and Angelo's Pizza's
rich history, we believe this opportunity will bring growth to all
parties involved. Along with our plans to expand a restaurant with
decades of success to have a global reach, we will be able to
continue to grow our Bitcoin payment business."
About Bit Brother Limited.
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the
British Virgin Islands as a
company with limited liability on November
28, 2011. Our business currently consists of the
distribution and retail of specialty tea products. For more
information, please visit: http://ir.h-n-myt.com/investor.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
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SOURCE Bit Brother Limited