CHANGSHA, China, May 13, 2021 /PRNewswire/ -- Urban Tea Inc. (the
"Company", "we" or "Urban Tea")
(NASDAQ: MYT), announces the establishment of a new
wholly-owned subsidiary in China
under the name of Hunan Bit Brother Holding Limited ("Hunan Bit
Brother"). Hunan Bit Brother shall conduct the Company's planned
business including but not limited to global cryptocurrency mine
distribution, HashRate leasing, global cryptocurrency
cross-regional payment and settlement system, cryptocurrency
mining pool building and running, cryptocurrency deposit and loan,
non-homogeneous tokens, and cryptocurrency exchange services. Hunan
Bit Brother shall begin applying for the required licenses and
certifications in different countries and regions. Taking advantage
of the current market awareness, we believe that our planned
business through Hunan Bit Brother will bring in revenue and growth
for the Company and its shareholders.
Urban Tea's Chief Executive
Officer Mr. Xianlong (Jack) Wu
commented, "We are gradually implementing our strategy to get into
the cryptocurrency and blockchain industry. Mr. Liu who has a solid
background in the blockchain field will bring new blood into our
Company. Together with the establishment of the new subsidiary, I
am optimistic about the rolling out of our cryptocurrency and
blockchain business."
About Urban Tea, Inc.
Urban Tea, Inc. (formerly known
as Delta Technology Holdings Ltd, and prior to that as CIS
Acquisition Ltd.) was incorporated in the British Virgin Islands as a company with
limited liability on November 28,
2011. We have become a retailer and distributor of specialty
tea products in China (also
referred to as "PRC") since November
2018, and have fully completed the disposition of our fine
and specialty chemical manufacturing business in April 2019. Our business currently consists of
the distribution and retail of specialty tea products. We have
recently decided to start operations in the business of blockchain
technology and cryptocurrency mining. We anticipate utilizing our
newly formed subsidiary Hunan Bit Brother Holding Limited to
conduct research and development of blockchain-based software and
applications and the commercialization of such application, as well
as cryptocurrency mining. For more information, please
visit: http://ir.h-n-myt.com/investor.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website
(http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors. Other
than as required under the applicable securities laws, the Company
does not assume a duty to update these forward-looking
statements.
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SOURCE Urban Tea Inc.
