Sino-World-wide Announces LOI to Acquire 51% of Computing Energy Middle Firm
ROSLYN, N.Y., Feb. 16, 2021 /PRNewswire/ — Sino-World-wide Transport America, Ltd. (NASDAQ: SINO) (“Sino-World wide,” the “Firm” or “we”), a non-asset primarily based worldwide shipping and freight logistical integrated answers company, introduced today that it has signed a Letter of Intent (“LOI”) to obtain 51% of Inner Mongolia Nine-Chain Clever Major Information Park Provider Co., Ltd. (“9-Chain Smart”).
Established in 2018, 9-Chain Clever, which is found in Erenhot town of Interior Mongolia Autonomous location, engages in significant details similar sector with a aim on fields that pave the way for the potential. Some of these fields involve large data cloud computing, blockchain technological innovation R&D and software, artificial intelligence R&D, and other core technologies fields. Its mission is to create a new strength micro-grid to boost the details field chain and ecosystem by way of massive facts infrastructure and services provision.
Based mostly on the information and facts furnished to the Business, Nine-Chain Intelligent’s computing electricity centre now has about 150,000 KW*hour ability for Bitcoin mining. The total Bitcoin computing ability reaches 4500P. In addition, the heart has 50,000 KW*hour capability for Ethereum mining. The total Ethereum computing energy reaches 28T.
Beneath the conditions of the LOI, the whole thing to consider for 51% of fairness desire in Nine-Chain Clever is envisioned to be close to RMB55.2 million (about $8.5 million), subject matter to completion of a 3rd-social gathering valuation. Sino-Global is needed to fork out an earnest cash deposit of $1,000,000 to a third social gathering escrow agent soon after the signing day of the LOI, which will be applied to the final purchase selling price upon entry into the substance definitive obtain agreement. The invest in agreement may well include more award payments based on the article-financial investment performance of the computing power heart.
Mr. Lei Cao, Chief Govt Officer of Sino-Worldwide, explained, “We are very enthusiastic to execute an LOI to support us strategically develop our organization to Bitcoin and Ethereum mining. Not long ago, cryptocurrency mining has evolved speedily with scalability and infrastructure. This financial investment will offer Sino-World wide a basis to develop the mining undertaking proficiently. We search ahead to partnering with Nine-Chain Smart to do the job diligently to establish a foremost integrated crypto mining business.”
The transaction continues to be matter to completion of thanks diligence testimonials, customary definitive documentation and ultimate approval by both of those Sino-World-wide and Nine-Chain Clever. As a final result, there is no assurance that the transaction will be consummated.
About Sino-Global Transport America, Ltd.
Launched in the United States in 2001, Sino-World-wide Delivery The us, Ltd. is a business engaged in shipping, chartering, logistics and relevant solutions. Headquartered in New York, Sino-International has workplaces in Los Angeles, Mainland China, Australia, Canada and Hong Kong. The Company’s recent assistance offerings consist of delivery agency products and services, delivery and chartering companies, inland transportation management providers and ship administration companies. Extra data about Sino-International can be located on the Firm’s corporate web page at www.sino-worldwide.web. The Organization routinely posts crucial information on its web page.
Ahead-Wanting Statements
Sure statements manufactured herein are “forward-looking statements” in just the that means of the “risk-free harbor” provisions of the Personal Securities Litigation Reform Act of 1995. Forward-searching statements might be identified by the use of words these types of as “foresee”, “believe that”, “expect”, “estimate”, “system”, “outlook”, and “venture” and other related expressions that forecast or show future gatherings or developments or that are not statements of historic matters. These kinds of forward-hunting statements contain timing of the proposed cryptocurrency mining initiative the business enterprise options, aims, and expectations of the Business concerning the initiative, and SINO’s estimated and potential effects of operations, business enterprise procedures, aggressive posture, industry atmosphere and prospective development options. These ahead-wanting statements reflect the current evaluation of existing data and are topic to several risks and uncertainties. As a consequence, warning should be exercised in relying on ahead-looking statements. Because of to recognized and unknown pitfalls, our actual benefits could differ materially from our anticipations or projections. All forward-looking statements attributable to the Company or individuals acting on its behalf are expressly skilled in their entirety by these factors. Other than as essential under the securities regulations, the Enterprise does not suppose a duty to update these forward-on the lookout statements.
The subsequent factors, among others, could induce real outcomes to vary materially from those described in these forward-wanting statements: there is uncertainty about the distribute of the COVID-19 virus and the effect it will have on SINO’s operations, the desire for SINO’s solutions and solutions, world-wide provide chains and financial exercise in normal. In addition, the worth of cryptocurrencies may well fluctuate appreciably about time. These and other dangers and uncertainties are comprehensive in the other public filings with the SEC by SINO.
More info concerning these and other aspects that may possibly affect our anticipations and projections will be located in our periodic filings with the SEC, like our Yearly Report on Variety 10-K for the fiscal year ended June 30, 2020. SINO’s SEC filings are available publicly on the SEC’s web site at www.sec.gov. SINO disclaims any obligation to update the forward-hunting statements, whether or not as a result of new information and facts, potential activities or in any other case.
For more information and facts, remember to contact:
Tina (Tuo) Pan, Performing Main Economical Officer
1-718-888-1814
[email protected]
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Source Sino-World Delivery America, Ltd.