HONG
KONG, July 12, 2022 /PRNewswire/ -- BIT
Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a
leading technology-driven cryptocurrency mining company, today
announced that the Company entered into a share sale and purchase
agreement (the "Sale and Purchase Agreement") with an unaffiliated
third party (the "Buyer"), pursuant to which the Company agreed to
sell, and the Buyer agreed to purchase approximately 51% of the
total issued share capital of Loto Interactive Limited ("Loto
Interactive"), representing 279,673,200 shares of Loto Interactive
at the price of HK$0.28 per share (the "Sale Price") for the
total consideration of HK$78,308,496
(the "Transaction"). After the Transaction, the Company's
share ownership in Loto Interactive will decrease to 8.79%.
The Transaction is subject to the satisfaction of the conditions
set out in the Sale and Purchase Agreement. In addition, the terms
of the Transaction may be amended further subject to comments from
the applicable regulatory authorities as necessary.
"Following our strategy to focus on developing in the U.S., we
believe this is the right decision to sell a majority of our shares
of Loto Interactive and devote our resources more extensively to
the North American market," commented Mr. Xianfeng Yang, CEO of the Company. "Going
forward, with the North American market as our center of
excellence, we will continue to invest in technology, innovation,
and high-quality mining resources worldwide. At the same time, we
will constantly improve operational efficiency as we expand our
business to build a strong foundation across the cryptocurrency
ecosystem."
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading technology-driven
cryptocurrency mining company, with a long-term strategy to create
value across the cryptocurrency industry. Its business covers
cryptocurrency mining, mining pool, and data center operation. The
Company owns the world's top blockchain browser BTC.com and the
comprehensive mining pool business operated under BTC.com,
providing multi-currency mining services including BTC, ETH and
LTC. The Company also owns a 7-nanometer cryptocurrency mining
machine manufacturer, Bee Computing, completing the Company's
vertical integration with its supply chain, increasing its
self-sufficiency and strengthening its competitive position.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of 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. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Important factors that could cause BIT
Mining's actual results to differ materially from those indicated
in the forward-looking statements. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
The Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For further information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited