CHANGSHA, China, June 15, 2021 /PRNewswire/ -- Urban Tea, Inc. ("Urban Tea" or the
"Company"), (NASDAQ: MYT), is pleased to
announce that effective on June 16,
2021, the Company will change its name to "Bit Brother
Limited" (the "Name Change"), as well as its ticker symbol
from "MYT" to "BTB" (the "Symbol Change").
Xianlong (Jack) W, CEO of the Company, commented, "We believe
that blockchain technology will have a bright future, and will
become an irreplaceable experience for its participants. An
increasing number of people will begin to understand and start to
use blockchain and cryptocurrency as they gain further awareness of
the technology, which brings opportunities for the Company. We plan
to seize this opportunity and move forward as planned, contributing
human resources, material resources and capital to develop
blockchain-based software, applications, and service systems."
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.