Business
Sino-Global Announces LOI to Acquire 51% of Computing Power Center Company
ROSLYN, N.Y., Feb. 16, 2021 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global," the "Company" or "we"), a non-asset based global
About this update from Singularity Future Technology Ltd.
[{"type":"text","content":"ROSLYN, N.Y., Feb. 16, 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 that it has signed a Letter of Intent (\"LOI\") to acquire 51% of Inner Mongolia Nine-Chain Intelligent Big Data Park Service Co., Ltd. (\"Nine-Chain Intelligent\"). \nFounded in 2018, Nine-Chain Intelligent, which is located in Erenhot city of Inner Mongolia Autonomous region, engages in big data related sector with a focus on fields that pave the way for the future. Some of these fields include big data cloud computing, blockchain technology R&D and application, artificial intelligence R&D, and other core technology fields. Its mission is to build a new energy micro-grid to improve the data industry chain and ecosystem through big data infrastructure and service provision. \nBased on the information furnished to the Company, Nine-Chain Intelligent's computing power center currently has about 150,000 KW*hour capacity for Bitcoin mining. The total Bitcoin computing power reaches 4500P. In addition, the center has 50,000 KW*hour capacity for Ethereum mining. The total Ethereum computing power reaches 28T.\nUnder the terms of the LOI, the total consideration for 51% of equity interest in Nine-Chain Intelligent is expected to be approximately RMB55.2 million (approximately $8.5 million), subject to completion of a third-party valuation. Sino-Global is required to pay an earnest money deposit of $1,000,000 to a third party escrow agent after the signing date of the LOI, which will be applied to the final purchase price upon entry into the material definitive purchase agreement. The purchase agreement may contain additional award payments based on the post-investment performance of the computing power center.\nMr. Lei Cao, Chief Executive Officer of Sino-Global, said, \"We are extremely excited to execute an LOI to help us strategically expand our business to Bitcoin and Ethereum mining. Recently, cryptocurrency mining has evolved rapidly with scalability and infrastructure. This investment will provide Sino-Global a foundation to develop the mining project efficiently. We look forward to partnering with Nine-Chain Intelligent to work diligently to develop a leading integrated crypto mining bus...