ROSLYN, N.Y., March 3, 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 the execution of a purchase agreement (the "Agreement") of
2,783 digital currency operation servers (the "Products") for
RMB 30 million (approximately
USD 4.6 million) from Hebei Yanghuai
Technology Co., Ltd. ("Yanghuai"), reaching a total of 50,440 t/s
in computing power. This purchase is another step in the Company's
recent strategic expansion into the digital currency market.
Under the terms of the Agreement, Sino-Global anticipates owning
2,783 units of Products, which consist of 449 units of model
Love Core A1, 150 units of model
Core Motion T2T, 500 units of Ant S9, and 1,684 units of model
Avalon 910/910S. After the transaction is completed, Yanghuai will
manage and operate the Products at Yanghuai's site with no further
charge for three years, after which time Sino-Global may engage
Yanghuai to continue providing service for a fee.
The first cash payment of RMB 6
million (approximately USD
926,612) will be paid within 15 days after the date of
signing the Agreement and the second cash payment of RMB 6 million (approximately USD 926,612) will be paid within 15 days after
the date of acceptance of the Products. The remaining payment of
RMB 18 million (approximately
USD 2,780,000) will be paid quarterly
within 10 days following the filing of Form 10-K or Form 10-Q,
subject to reductions if Yanghuai falls below aggregate monthly
committed net profit of approximately RMB
2.37 million (approximately USD 0.37
million).
Mr. Lei Cao, Chief Executive Officer of Sino-Global,
commented, "We are excited to announce the purchase order, which
demonstrates the efficiency of our management team's ability to
pivot and execute a new venture into cryptocurrencies. To provide
transparency on the mining operations and daily probabilities to
our shareholders, the Company will disclose the digital currency
wallet addresses once they are available. We are confident with the
opportunity presented to us from the digital currency industry and
our capability to capture the growth in furtherance of our strategy
to maximize our shareholder value."
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 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
View original
content:http://www.prnewswire.com/news-releases/sino-global-announces-purchase-of-2-783-digital-currency-operation-servers-301239145.html
SOURCE Sino-Global Shipping America, Ltd.