ROSLYN, NY, March 3, 2021 / PRNewswire / – Sino-Global Shipping America, Ltd. (NASDAQ: SINO) (“Sino-Global”, the “Company” or “we”), a non-asset-based global provider of freight and freight logistics integrated solutions, today announced the implementation of a Purchase Agreement (the “Agreement”) of 2783 Digital Currency Servers ( “products”) for RMB 30 million (approximately $ 4.6 million) from Hebei Yanghuai Technology Co., Ltd. (“Yanghuai”) and reaches a total of 50,440 tons / s of computer power. This acquisition is another step in the company’s latest strategic expansion in the digital currency market.
According to the terms of the agreement, Sino-Global expects to own 2783 units of products, consisting of 449 units model Love the core A1, 150 units of model Core Motion T2T, 500 units of Ant S9 and 1,684 units of model Avalon 910 / 910S. After the transaction is completed, Yanghuai will manage and operate the products on Yanghuai’s website at no additional cost for three years, after which Sino-Global may engage Yanghuai to continue providing services for a fee.
The first cash payment of RMB 6 million (approximately 926 612 USD) will be paid within 15 days of the signing of the agreement and the second cash payment of RMB 6 million (approximately 926 612 USD) will be paid within 15 days after the approval of the products. Remaining payment of 18 million RMB (approximately 2780 000 USD) will be paid quarterly within ten days of the submission of Form 10-K or Form 10-Q, subject to reductions if Yanghuai falls below the total monthly committed net profit of approximately 2.37 million RMB (approximately $ 0.37 million).
Lei Cao, CEO of Sino-Global, commented: “We are pleased to announce the purchase order, which shows the effectiveness of our management team’s ability to swing and implement a new investment in cryptocurrencies. To provide transparency in mining operations and daily probabilities for our shareholders will “We are convinced of the potential of the digital currency industry and our ability to capture growth to advance our strategy to maximize our shareholder value.”
About Sino-Global Shipping America, Ltd.
Sino-Global Shipping America, Ltd. was founded in the USA in 2001 and is a company that conducts shipping, chartering, logistics and related services. Sino-Global is headquartered in New York and has offices in Los Angeles, China, Australia, Canada and Hong Kong. The company’s current service offerings consist of shipping agencies, shipping and chartering services, land transport handling services and ship handling services. Further information about Sino-Global can be found on the company’s website at www.sino-global.net. The company routinely publishes important information on its website.
Some statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified using words such as “anticipate”, “believe”, “expect”, ” appreciate “,” plan “,” prospects “and” projects “and other similar terms that predict or indicate future events or trends or that are not statements on historical issues. Such forward-looking statements include the timing of the proposed initiative. the company’s business plans, goals and expectations regarding the initiative and SINO’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised when relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or forecasts. All forward-looking statements that can be attributed to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Except as required by securities law, the Company assumes no obligation to update these forward-looking statements.
The following factors may, inter alia, make the actual results differ significantly from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on SINO’s operations, demand for SINO products and services , global supply chains and economic activity in general. In addition, the value of cryptocurrencies can vary significantly over time. These and other risks and uncertainties are described in other public applications to the SEC by SINO.
Further information on these and other factors that may affect our expectations and forecasts can be found in our periodic applications to the SEC, including our annual report on Form 10-K for the financial year ended June 30, 2020. SINO’s SEC archives are publicly available at the SEC ‘s website at www.sec.gov. SINO waives any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
For more information please contact:
Tina (Tuo) Pan, Acting Chief Financial Officer
SOURCE Sino-Global Shipping America, Ltd.