Home Bitcoin News Bitcoin Mining Future Fintech Announces Framework Agreement to Acquire Bitcoin Mining Farm

Future Fintech Announces Framework Agreement to Acquire Bitcoin Mining Farm

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NEW YORK, April 1, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter known as Future FinTech”, “FTFT” or “the Firm”), a number one blockchain-based e-commerce enterprise and a fintech service supplier, introduced right now that the Firm and the shareholders (the “Sellers”) of Nanjing Ribensi Digital Know-how Co., Ltd. (“Nanjing Ribensi”) have signed an acquisition framework settlement (the “Framework Settlement”) to amass Nanjing Ribensi which presently operates a bitcoin mining farm with a capability to function 30,000 bitcoin mining machines. Bitcoin mining farms are knowledge facilities which are geared up to host mining machines to mine bitcoins or different cryptocurrencies and may require substantial technical, vitality and different sources. The Firm’s goal bitcoin mining farm is situated in Yajiang County, Sichuan Province, China, and it has all the required governmental approvals. The Body Settlement is non-binding apart from the ‘Confidentiality and Exclusivity’ and ‘Relevant Regulation and Dispute Decision’ sections of the settlement.

In line with the Body Settlement, FTFT pays the Sellers a complete of RMB 60 million (roughly $9.1 million) for the acquisition of Nanjing Ribensi.

The Sellers assure that the online revenue of Nanjing Ribensi shall not be much less RMB 15 million (roughly $2.3 million) for 2021, RMB 20 million (roughly $3.0 million) for 2022 and RMB 25 million (roughly $3.8 million) for 2023. If these monetary targets will not be met, the Sellers will bear any shortfalls attributable to those figures and make the Firm entire as to those projected web revenue outcomes. The Sellers additionally assure that the goal mining farm will keep regular operations for a minimum of six to eight years, and that the present operation group of Nanjing Ribensi will proceed to be liable for the operation of the mining farm together with upkeep, administration and updating of the mining gear, in addition to attracting further funding within the mining farm as wanted.

Mr. Shanchun Huang, Chief Govt Officer of Future FinTech, commented, “We’ve got shaped an inner Firm committee, the FT Bitcoin Mining Hash Price Committee, to supervise and handle the potential acquisition, upkeep and operation of all of our bitcoin mining associated improvement. The bitcoin mining farm that now we have focused for potential acquisition not solely allows us to deploy superior bitcoin mining machines, however to probably generate income because of the anticipated low vitality value of the goal mining farm because it makes use of native low value of hydroelectricity to run the mining machines.”

About Future FinTech Group Inc.

Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Firm”) is a number one blockchain e-commerce firm and a service supplier for monetary know-how integrated in Florida. The Firm’s operations embody a blockchain-based on-line shopping center platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based mostly utility initiatives. The Firm can also be engaged within the improvement of blockchain based mostly e-Commerce know-how in addition to monetary know-how. For extra info, please go to http://www.ftftex.com/.

Protected Harbor Assertion

Sure of the statements made on this press launch are “forward-looking statements” inside the which means and protections of Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Trade Act of 1934, as amended, or the Trade Act. Ahead-looking statements embody statements with respect to our beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future efficiency, and contain identified and unknown dangers, uncertainties and different components, which can be past our management, and which can trigger the precise outcomes, efficiency, capital, possession or achievements of the Firm to be materially completely different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. All statements aside from statements of historic truth are statements that might be forward-looking statements. You possibly can determine these forward-looking statements by way of our use of phrases reminiscent of “could,” “will,” “anticipate,” “assume,” “ought to,” “point out,” “would,” “consider,” “ponder,” “count on,” “estimate,” “proceed,” “plan,” “level to,” “venture,” “might,” “intend,” “goal” and different comparable phrases and expressions of the longer term.

All written or oral forward-looking statements attributable to us are expressly certified of their entirety by this cautionary discover, together with, with out limitation, these dangers and uncertainties described in our annual report on Kind 10-Okay for the 12 months ended December 31, 2019 and in any other case in our SEC reviews and filings, together with the ultimate prospectus for our providing. Such reviews can be found upon request from the Firm, or from the Securities and Trade Fee, together with by way of the SEC’s Web web site at http://www.sec.gov. We’ve got no obligation and don’t undertake to replace, revise or right any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements in any other case are made.

SOURCE Future FinTech Group Inc.

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