ROSLYN, N.Y., Feb. 16, 2021 /PRNewswire/ — Sino-International Transport America, Ltd. (NASDAQ: SINO) (“Sino-International,” the “Firm” or “we”), a non-asset based mostly world delivery and freight logistical built-in options supplier, introduced at the moment that it has signed a Letter of Intent (“LOI”) to amass 51% of Internal Mongolia 9-Chain Clever Large Knowledge Park Service Co., Ltd. (“9-Chain Clever”).
Based in 2018, 9-Chain Clever, which is situated in Erenhot metropolis of Internal Mongolia Autonomous area, engages in large information associated sector with a deal with fields that pave the way in which for the longer term. A few of these fields embrace large information cloud computing, blockchain expertise R&D and utility, synthetic intelligence R&D, and different core expertise fields. Its mission is to construct a brand new power micro-grid to enhance the information business chain and ecosystem by means of large information infrastructure and repair provision.
Primarily based on the knowledge furnished to the Firm, 9-Chain Clever’s computing energy middle presently has about 150,000 KW*hour capability for Bitcoin mining. The full Bitcoin computing energy reaches 4500P. As well as, the middle has 50,000 KW*hour capability for Ethereum mining. The full Ethereum computing energy reaches 28T.
Underneath the phrases of the LOI, the whole consideration for 51% of fairness curiosity in 9-Chain Clever is predicted to be roughly RMB55.2 million (roughly $8.5 million), topic to completion of a third-party valuation. Sino-International is required to pay an earnest cash deposit of $1,000,000 to a 3rd occasion escrow agent after the signing date of the LOI, which shall be utilized to the ultimate buy worth upon entry into the fabric definitive buy settlement. The acquisition settlement could comprise further award funds based mostly on the post-investment efficiency of the computing energy middle.
Mr. Lei Cao, Chief Government Officer of Sino-International, mentioned, “We’re extraordinarily excited to execute an LOI to assist us strategically develop our enterprise to Bitcoin and Ethereum mining. Not too long ago, cryptocurrency mining has advanced quickly with scalability and infrastructure. This funding will present Sino-International a basis to develop the mining mission effectively. We sit up for partnering with 9-Chain Clever to work diligently to develop a number one built-in crypto mining enterprise.”
The transaction stays topic to completion of due diligence opinions, customary definitive documentation and ultimate approval by each Sino-International and 9-Chain Clever. In consequence, there is no such thing as a assurance that the transaction shall be consummated.
About Sino-International Transport America, Ltd.
Based in the USA in 2001, Sino-International Transport America, Ltd. is an organization engaged in delivery, chartering, logistics and associated providers. Headquartered in New York, Sino-International has workplaces in Los Angeles, Mainland China, Australia, Canada and Hong Kong. The Firm’s present service choices encompass delivery company providers, delivery and chartering providers, inland transportation administration providers and ship administration providers. Further details about Sino-International may be discovered on the Firm’s company web site at www.sino-global.web. The Firm routinely posts vital data on its web site.
Ahead-Trying Statements
Sure statements made herein are “forward-looking statements” inside the that means of the “secure harbor” provisions of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by way of phrases resembling “anticipate”, “consider”, “anticipate”, “estimate”, “plan”, “outlook”, and “mission” and different comparable expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. Such forward-looking statements embrace timing of the proposed cryptocurrency mining initiative; the enterprise plans, targets, and expectations of the Firm concerning the initiative, and SINO’s estimated and future outcomes of operations, enterprise methods, aggressive place, business setting and potential development alternatives. These forward-looking statements mirror the present evaluation of current data and are topic to numerous dangers and uncertainties. In consequence, warning have to be exercised in counting on forward-looking statements. As a result of identified and unknown dangers, our precise outcomes could differ materially from our expectations or projections. All forward-looking statements attributable to the Firm or individuals appearing on its behalf are expressly certified of their entirety by these components. Apart from as required underneath the securities legal guidelines, the Firm doesn’t assume an obligation to replace these forward-looking statements.
The next components, amongst others, may trigger precise outcomes to vary materially from these described in these forward-looking statements: there’s uncertainty in regards to the unfold of the COVID-19 virus and the affect it should have on SINO’s operations, the demand for SINO’s services and products, world provide chains and financial exercise on the whole. As well as, the worth of cryptocurrencies could fluctuate considerably over time. These and different dangers and uncertainties are detailed within the different public filings with the SEC by SINO.
Further data regarding these and different components that will affect our expectations and projections shall be present in our periodic filings with the SEC, together with our Annual Report on Type 10-Okay for the fiscal yr ended June 30, 2020. SINO’s SEC filings can be found publicly on the SEC’s web site at www.sec.gov. SINO disclaims any obligation to replace the forward-looking statements, whether or not on account of new data, future occasions or in any other case.
For extra data, please contact:
Tina (Tuo) Pan, Appearing Chief Monetary Officer
1-718-888-1814
[email protected]
SOURCE Sino-International Transport America, Ltd.
