ROSLYN, N.Y.,
Feb. 16, 2021 /PRNewswire/
-- Sino-Global Shipping America, Ltd. (NASDAQ: SINO)
("Sino-Global," the "Company" or "we"), a non-asset based
global shipping and freight logistical integrated solutions
provider, announced today that it has signed a Letter of
Intent ("LOI") to acquire 51% of Inner Mongolia Nine-Chain
Intelligent Big Data Park Service Co., Ltd. ("Nine-Chain
Intelligent").
Founded in 2018, Nine-Chain Intelligent, which is located
in Erenhot city of Inner Mongolia Autonomous region, engages in big
data related sector with a focus on fields that pave the way for
the future. Some of these fields include big data cloud computing,
blockchain technology R&D and application, artificial
intelligence R&D, and other core technology fields. Its mission
is to build a new energy micro-grid to improve the data industry
chain and ecosystem through big data infrastructure and service
provision.
Based on the information furnished to the Company, Nine-Chain
Intelligent's computing power center currently has about 150,000
KW*hour capacity for Bitcoin mining. The total Bitcoin computing
power reaches 4500P. In addition, the center has 50,000 KW*hour
capacity for Ethereum mining. The total Ethereum computing power
reaches 28T.
Under the terms of the LOI, the total consideration for 51% of
equity interest in Nine-Chain Intelligent is expected to be
approximately RMB55.2 million
(approximately $8.5 million), subject
to completion of a third-party valuation. Sino-Global is required
to pay an earnest money deposit of $1,000,000 to a third party escrow
agent after the signing date of the LOI, which will be
applied to the final purchase price upon entry into the material
definitive purchase agreement. The purchase agreement may contain
additional award payments based on the post-investment performance
of the computing power center.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, said,
"We are extremely excited to execute an LOI to help us
strategically expand our business to Bitcoin and Ethereum mining.
Recently, cryptocurrency mining has evolved rapidly with
scalability and infrastructure. This investment will provide
Sino-Global a foundation to develop the mining project efficiently.
We look forward to partnering with Nine-Chain Intelligent to work
diligently to develop a leading integrated crypto mining
business."
The transaction remains subject to completion of due diligence
reviews, customary definitive documentation and final approval by
both Sino-Global and Nine-Chain Intelligent. As a result,
there is no assurance that the transaction will be
consummated.
About Sino-Global Shipping America, Ltd.
Founded in the United States in 2001, Sino-Global
Shipping America, Ltd. is a company engaged in shipping,
chartering, logistics and related services. Headquartered
in New York, Sino-Global has offices in Los Angeles,
Mainland China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of shipping
agency services, shipping and chartering services, inland
transportation management services and ship management services.
Additional information about Sino-Global can be found on the
Company's corporate website at www.sino-global.net. The
Company routinely posts important information on its website.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed cryptocurrency mining initiative; the business
plans, objectives, and expectations of the Company regarding the
initiative, and SINO's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. 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.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on SINO's operations, the demand
for SINO's products and services, global supply chains and economic
activity in general. In addition, the value of cryptocurrencies may
fluctuate significantly over time. These and other risks and
uncertainties are detailed in the other public filings with
the SEC by SINO.
Additional information concerning these and other factors that
may impact our expectations and projections will be found in our
periodic filings with the SEC, including our Annual Report on
Form 10-K for the fiscal year ended June 30, 2020.
SINO's SEC filings are available publicly on
the SEC's website at www.sec.gov. SINO disclaims any
obligation to update the forward-looking statements, whether as a
result of new information, future events or otherwise.
For more information, please contact:
Tina (Tuo) Pan, Acting Chief
Financial Officer
1-718-888-1814
tinap@sino-global.com
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SOURCE Sino-Global Shipping America, Ltd.