NEW YORK, March 29, 2021 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future
FinTech", "FTFT" or "the Company"), a leading blockchain-based
e-commerce business and a fintech service provider, announced today
that on March 26, 2021, the Company
signed a framework agreement (the "Frame Agreement") with Nanjing
Shunru Electronic Technology Co., Ltd. ("Nanjing Shunru") to
purchase approximately 20,000 Antminer bitcoin mining machines,
which will provide a combined 200 Petahash per second (PH/s) hash
rate, which accounts for about
0.12% of Bitcoin's total hash rate capacity. Mining hash rate is an
important security metric in terms of verifying bitcoin
transactions; high hashing or computing processing power means
greater system security for Bitcoin transactions. The Frame
Agreement is non-binding except for the 'Confidentiality and
Exclusivity' and 'Applicable Law and Dispute Resolution' sections
of the agreement.
According to the Frame Agreement, Nanjing Shunru will
provide no less than 20,000 Antminer mining machines to Future
FinTech and guarantees a total Bitcoin hash rate of at least 200
PH/s for at least 180 days per year. Should the hash rate be less
than 200 PH/s, Nanjing Shunru must supplement the
corresponding hash rate with additional Antminer mining machines
within a five-day period with no additional cost to FTFT. The
mining machines will be delivered pending further due diligence on
the part of the Company and a
definitive agreement by the parties. The purchase price of such
Antminer miner machines is RMB 50
million (approximately $7.6
million), of which RMB 10
million (approximately $1.5
million) will be paid in cash, and the remaining
RMB 40 million (approximately
$6.1 million) will be paid in FTFT
common stock.
Mr. Shanchun Huang, Chief
Executive Officer of Future FinTech, commented, "The recent sharp
increase in the price of Bitcoin has provided us with the
opportunity and economic incentive to develop an encrypted digital
currency mining business. The signing of the mining machine
acquisition frame agreement is the first step for us to move into
the bitcoin mining field. We will continue to optimize the
Company's comprehensive platform in the field of cryptocurrency
mining and blockchain technology services to maximize returns to
our shareholders."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce company and a
service provider for financial technology incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects. The Company is
also engaged in the development of blockchain based e-Commerce
technology as well as financial technology. For more information,
please visit http:/www.ftftex.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31,
2019 and otherwise in our SEC reports and filings,
including the final prospectus for our offering. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Future FinTech Group Inc.