NEW YORK, April 1, 2021 /PRNewswire/ -- Future FinTech Group
Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future FinTech",
"FTFT" or "the Company"), a leading blockchain-based e-commerce
business and a fintech service provider, announced today that the
Company and the shareholders (the "Sellers") of Nanjing Ribensi
Electronic Technology Co., Ltd. ("Nanjing Ribensi") have signed an
acquisition framework agreement (the "Framework Agreement") to
acquire Nanjing Ribensi which currently operates a bitcoin mining
farm with a capacity to operate 30,000 bitcoin mining machines.
Bitcoin mining farms are data centers that are equipped to host
mining machines to mine bitcoins or other cryptocurrencies and can
require substantial technical, energy and other resources. The
Company's target bitcoin mining farm is located in Yajiang County,
Sichuan Province, China, and it has all the necessary
governmental approvals. The Frame Agreement is non-binding
except for the 'Confidentiality and Exclusivity' and 'Applicable
Law and Dispute Resolution' sections of the agreement.
According to the Frame Agreement, FTFT
will pay the Sellers a total of RMB 60
million (approximately $9.1
million) for the acquisition of Nanjing Ribensi.
The Sellers guarantee that the net profit of Nanjing Ribensi
shall not be less RMB 15 million
(approximately $2.3 million) for
2021, RMB 20 million (approximately
$3.0 million) for 2022 and
RMB 25 million (approximately
$3.8 million) for 2023. If these
financial targets are not met, the Sellers will bear any shortfalls
attributable to these figures and make the Company whole as to
these projected net profit results. The Sellers also guarantee
that the target mining farm will maintain normal operations for at
least six to eight years, and that the current operation team of
Nanjing Ribensi will continue to be responsible for the operation
of the mining farm including maintenance, management and updating
of the mining equipment, as well as attracting additional
investment in the mining farm as needed.
Mr. Shanchun Huang, Chief
Executive Officer of Future FinTech, commented, "We have formed an internal Company
committee, the FT Bitcoin Mining Hash Rate Committee, to oversee
and manage the potential acquisition, maintenance and operation of
all of our bitcoin mining related development. The bitcoin mining
farm that we have targeted for potential acquisition not only
enables us to deploy advanced bitcoin mining machines, but to
potentially generate profits due to the expected low energy cost of
the target mining farm since it uses local low cost of
hydroelectricity to run the mining machines."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce company and a
service provider for financial technology incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects. The Company is
also engaged in the development of blockchain based e-Commerce
technology as well as financial technology. For more information,
please visit http://www.ftftex.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
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"could," "intend," "target" and other similar words and expressions
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All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31,
2019 and otherwise in our SEC reports and
filings, including the final prospectus for our offering. Such
reports are available upon request from the Company, or from the
Securities and Exchange Commission, including through the SEC's
Internet website at http://www.sec.gov. We have no
obligation and do not undertake to update, revise or correct any of
the forward-looking statements after the date hereof, or after the
respective dates on which any such statements otherwise are
made.
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SOURCE Future FinTech Group Inc.