CHANGSHA, China, May 10, 2021 /PRNewswire/ -- Urban Tea Inc. (the
"Company", "we" or "Urban Tea")
(NASDAQ: MYT), announces acceptance of crypto-currency
payment, including Bitcoin, Ethereum, and Dogecoin, in all of its
stores managed by 39 Pu Tea Co. Ltd in China and all the restaurants managed by
Guokui Management Inc. in the U.S starting from this week.
As previously announced, the Company decided to start operations
in blockchain technology research and cryptocurrency mining.
Management anticipates utilizing a new subsidiary in China to conduct research and development of
blockchain-based software and applications and the
commercialization of such application as well as cryptocurrency
mining.
Urban Tea's Chief Executive
Officer Mr. Xianlong (Jack) Wu
commented, "Through the deployment of cryptocurrency payment,
Urban Tea plans to bring
cryptocurrency application scenarios into the customers' daily
life. We anticipate our crypto mining plan to be gradually
implemented and are hopeful for the promising prospect of this new
opportunity for the Company."
About Urban Tea, Inc.
Urban Tea, Inc. (formerly known
as Delta Technology Holdings Ltd, and prior to that as CIS
Acquisition Ltd.) was incorporated in the British Virgin Islands as a company with
limited liability on November 28,
2011. We have become a retailer and distributor of specialty
tea products in China (also
referred to as "PRC") since November
2018, and have fully completed the disposition of our fine
and specialty chemical manufacturing business in April 2019. Our business currently consists of
the distribution and retail of specialty tea products. We have
recently decided to start operations in the business of blockchain
technology and cyptocurrency mining. We anticipate utilizing a new
subsidiary to conduct research and development of blockchain-based
software and applications and the commercialization of such
application as well as cryptocurrency mining. 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 Urban Tea Inc.