NEW YORK, April 1, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter known as Future FinTech”, “FTFT” or “the Firm”), a number one blockchain-based e-commerce enterprise and a fintech service supplier, introduced in the present day that the Firm and the shareholders (the “Sellers”) of Nanjing Ribensi Digital Know-how Co., Ltd. (“Nanjing Ribensi”) have signed an acquisition framework settlement (the “Framework Settlement”) to amass Nanjing Ribensi which presently operates a bitcoin mining farm with a capability to function 30,000 bitcoin mining machines. Bitcoin mining farms are knowledge facilities which can be outfitted to host mining machines to mine bitcoins or different cryptocurrencies and may require substantial technical, power and different assets. The Firm’s goal bitcoin mining farm is positioned in Yajiang County, Sichuan Province, China, and it has all the required governmental approvals. The Body Settlement is non-binding apart from the ‘Confidentiality and Exclusivity’ and ‘Relevant Regulation and Dispute Decision’ sections of the settlement.
Based on the Body Settlement, FTFT can pay the Sellers a complete of RMB 60 million (roughly $9.1 million) for the acquisition of Nanjing Ribensi.
The Sellers assure that the web revenue of Nanjing Ribensi shall not be much less RMB 15 million (roughly $2.3 million) for 2021, RMB 20 million (roughly $3.0 million) for 2022 and RMB 25 million (roughly $3.8 million) for 2023. If these monetary targets are usually not met, the Sellers will bear any shortfalls attributable to those figures and make the Firm entire as to those projected web revenue outcomes. The Sellers additionally assure that the goal mining farm will preserve regular operations for at the least six to eight years, and that the present operation crew of Nanjing Ribensi will proceed to be accountable for the operation of the mining farm together with upkeep, administration and updating of the mining tools, in addition to attracting further funding within the mining farm as wanted.
Mr. Shanchun Huang, Chief Government Officer of Future FinTech, commented, “We’ve got shaped an inner Firm committee, the FT Bitcoin Mining Hash Price Committee, to supervise and handle the potential acquisition, upkeep and operation of all of our bitcoin mining associated growth. The bitcoin mining farm that we’ve focused for potential acquisition not solely permits us to deploy superior bitcoin mining machines, however to probably generate earnings as a result of anticipated low power price of the goal mining farm because it makes use of native low price of hydroelectricity to run the mining machines.”
About Future FinTech Group Inc.
Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Firm”) is a number one blockchain e-commerce firm and a service supplier for monetary know-how included in Florida. The Firm’s operations embrace a blockchain-based on-line shopping center platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based mostly utility tasks. The Firm can also be engaged within the growth of blockchain based mostly e-Commerce know-how in addition to monetary know-how. For extra data, please go to http://www.ftftex.com/.
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SOURCE Future FinTech Group Inc.