NEW YORK, July 3, 2018 /PRNewswire/ -- Seven Stars
Cloud Group, Inc. (NASDAQ: SSC) ("SSC" or the "Company"), a leading
global fintech firm focusing on digital asset production and
distribution, announced today that it will be establishing its
global headquarters for technology and innovation called Chain
Valley, in Connecticut,
transforming UConn's former campus in
West Hartford into a thriving
center for research, training, and business development. The
$283 million project is expected to
create 330 jobs over the next five years.
"Thanks to our best-in-the-nation workforce, high-quality
education system, and forward-looking vision, Connecticut has the potential to be a hub for
investment in fintech and other high-tech industries," Governor
Malloy said. "SSC's commitment to our state shows that
our strategy for recruiting and retaining cutting-edge employers is
working. When companies like SSC decide to locate and grow
here, combined with unprecedented investments in making our
communities more livable and walkable, it makes Connecticut a more attractive place to live
and work. Today's announcement is a major economic milestone
for the entire Hartford
region."
"We are thrilled to have found such a wonderful spot right here
in central Connecticut,"
Bruno Wu, Executive Chairman
& CEO of SSC, said. "It is here that the first
students to ever leave China, the
Mission Boys, settled in the late 1800s to study Western science
and engineering. It is in the spirit of these students that
we will build a facility so modern and dynamic that it will attract
the best talent and companies, making this site the blockchain
capital of the U.S. and the world. This fantastic location
provides access to a highly skilled workforce, as well as more than
40 institutions of higher learning, and several major metropolitan
areas all in proximity of this site. It is an ideal location
for our firm to write our next chapter, and we could not be more
excited to soon join this wonderful community in West Hartford."
SSC expects this project to be an environmentally friendly,
community-minded development effectively bringing global technology
leadership to West Hartford's
thriving business community. SSC has partnered with the team
that led the building and development of Level 39, one of the
largest Fintech and Smart City hubs in Europe for fast-growth technology companies.
Together they will make Chain Valley one of the world's most
impressive technology and innovation hubs.
The agreement is contingent on SSC purchasing UConn's former campus in West Hartford, which consists of two
contiguous properties located at 1700 and 1800 Asylum Avenue.
The purchase of the property will require approval of both
UConn's Board of Trustees and
West Hartford's Town Council,
which are anticipated to consider the sale at upcoming
meetings. SSC's plans for the site include a smart and
aesthetically pleasing combination of, rehabilitation of existing
structures, the razing of others, and modest new construction. The
company intends the site's redevelopment to maintain the open look
and feel of the campus.
The Department of Economic and Community Development (DECD),
through Governor Malloy's First Five Plus program, is supporting
the project with a $10 million loan
for capital renovations to the site's existing structures.
The loan may be forgiven if job targets are reached.
"Connecticut continues to build
an impressive roster of innovative, cutting-edge companies that are
choosing to call our state home," DECD Commissioner Catherine Smith said. "Seven Stars
Cloud Group's vision for a thriving technology centered business
campus at this site is one I enthusiastically support as it will be
a great benefit to the greater Hartford region and will continue to promote
the area as a center for tech talent."
About Seven Stars Cloud Group, Inc.
(http://www.sevenstarscloud.com/)
SSC is aiming to become a next generation
Artificial-Intelligence (AI) & blockchain-powered, fintech
service company, focusing on digital asset production and
distribution. The Company facilitates and enables the
transformation from traditional financial markets into the asset
digitization era. SSC acts as the manager and service
provider of an ecosystem for securitization and digital currency
tokenization as well as trading system integration.
Safe Harbor Statement
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, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such 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 those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its 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 factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Media Contact
Eric Soderberg
Forefront Communications for SSC
eric@forefrontcomms.com
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SOURCE Seven Stars Cloud Group, Inc.