WENZHOU, China, March 24, 2021 /PRNewswire/ -- ZK International Group Co.,
Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the
"Company"), is pleased to announce that the Company has formed a
new wholly-owned subsidiary, xSigma Entertainment Limited, with the
intent of acquiring online gaming assets.
The formation of, xSigma Entertainment was created to acquire
assets that will increase shareholder value by targeting businesses
that are in growth industries, that have the ability to grow in
scale, and that will allow the Company and its shareholders to
realize additional growth alongside its existing core business.
Currently, the Company has engaged in several discussions and
negotiations regarding an investment in an online gaming company.
The Company is evaluating several assets with the focus on
Management, Approved Licenses, IP, and Branding. In addition, the
Company is keen to enter the online gaming industry in the US and
thus its focus on an investment will be weighted to companies that
have access to the US gaming market, which is poised to grow as
legalization occurs state by state.
The current legislation framework for online betting in
the United States allows only
bookmakers licensed in Nevada,
Pennsylvania, Delaware, and New
Jersey to operate legally, as these are the four states
where online betting is regulated. However, six states had online
gaming legislation on the 2020 election ballot in November, and all
six voted in favor. To top it off, President Joe Biden has gone on record indicating that his
administration "doesn't support adding unnecessary restrictions to
the gaming industry", which is a positive sign for gaming
companies.
According to Gambling Compliance, an independent research firm,
"the U.S. betting market will range between $5.9 billion and $8.2
billion by 2024. Morgan Stanley believes the U.S. sports
betting market could hit $10 billion
annually by 2025; globally, it sees sports betting topping
$100 billion. BofA Securities sees
the U.S. market hitting $24 billion
by 2030." 1
Jiancong Huang, Chairman of the
Company, stated, "as we evaluate exciting opportunities being
presented to the Company, one cannot hold back the excitement that
the Company is about to enter one of the fastest growing sectors in
the market, which is motivating us to add value to our core
business and our shareholders."
1
https://www.kiplinger.com/investing/stocks/stocks-to-buy/601471/best-sports-betting-stocks-to-wager-on
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer,
engineer, manufacturer and supplier of patented high-performance
stainless steel and carbon steel pipe products that require
sophisticated water or gas pipeline systems. The Company owns 28
patents, 21 trademarks, 2 Technical Achievement Awards, and 10
National and Industry Standard Awards. ZK International is
preparing to capitalize on the $850 Billion commitment made by
the Chinese Government to improve the quality of water, which in
its current supply state is 70% unfit for human contact. ZK
International is Quality Management System Certified (ISO9001),
Environmental Management System Certified (ISO1401), and a National
Industrial Stainless Steel Production Licensee that is focused on
supplying steel piping for the multi-billion dollar industries of
Gas and Water sectors. ZK has supplied stainless steel pipelines
for over 2,000 projects, which include the Beijing National
Airport, the "Water Cube" and "Bird's Nest", which were venues for
the 2008 Beijing Olympics. Emphasizing superior properties and
durability of its steel piping, ZK International is providing a
solution for the delivery of high quality, highly sustainable,
environmentally sound drinkable water to not only to
the China market but to international markets such
as Europe, East Asia and Southeast Asia.
For more information please
visit www.ZKInternationalGroup.com. Additionally,
please follow the Company on Twitter, Facebook, YouTube,
and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
About XSigma Corporation
XSigma Corporation, is a wholly-owned subsidiary of ZK
International Group Co., Ltd. Together with ZK International, has
launched xSigma as a research and development lab back in 2018 to
solve real-world infrastructure challenges. Its mandate was to
explore new opportunities in smart contracts, supply chain
management and other blockchain-based solutions. XSigma has since
pivoted to decentralized finance, focusing on decentralized
exchanges, stablecoins and lending protocols. The research lab is
now actively working on its ecosystem of products beginning with
its DeFi protocol. The ultimate objective is to build a range of
financial tools and products for the flourishing decentralized
finance industry. The xSigma team that are being assembled are on
the leading edge of blockchain research and development that
intersects decentralized finance, supply chain management, IoT, and
infrastructure. The DeFi protocol is one of many decentralized
finance projects xSigma plans to launch over the next 12 months. It
will feed into a growing network of DeFi products for enterprise
and consumer markets. Any blockchain protocol is subject to a
degree of risk; xSigma's DeFi protocol has implemented
tamper-resistant programming, but is still subject to potential
hacks.For further information about xSigma, please visit its
website at www.xsigma.com and www.xsigma.fi
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Without limiting the generality of the foregoing, words
such as "may," "will," "expect," "believe," "anticipate," "intend,"
"could," "estimate" or "continue" or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances are forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict and many of which are
beyond the control of ZK International. Actual results may differ
from those projected in the forward-looking statements due to risks
and uncertainties, as well as other risk factors that are included
in the Company's filings with the U.S. Securities and Exchange
Commission. Although ZK International believes that the
assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
in forward-looking statements will be realized. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by ZK International or
any other person that their objectives or plans will be achieved.
ZK International does not undertake any obligation to revise the
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Investor Contact:
Sherry
Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
View original
content:http://www.prnewswire.com/news-releases/zk-international-forms-xsigma-entertainment-with-the-intention-of-acquiring-online-gaming-assets-301254836.html
SOURCE ZK International Group Co., Ltd.