NEW YORK, April 26, 2021 /PRNewswire/ -- Code Chain New
Continent Limited (the "Company," or "Code Chain" or "We") (NASDAQ:
CCNC), a leading eco-technology company, today announced the
execution of a Letter of Intent ("LOI") to acquire 100% of
Doo Limited ("Doo"), a Filecoin ("FIL") mining service
provider.
Headquartered in Hong Kong, Doo
engages in the FIL mining business. With mining centers located in
Shanghai, Doo owns 10PiB of FIL
computing power and 100,000 units of the digital currency,
accounting for 0.221% of FIL digital currency globally.
Under the terms of LOI, the preliminary purchase price for Doo
is $79.8 million, adjustable based on
asset appraisal, which shall be paid by issuance of the Company's
common stock. The parties plan to enter into a definitive equity
transfer agreement after asset appraisal and due diligence are
completed. The price of the common stock will be determined based
on the market price as of the date of the definitive equity
transfer agreement, and the amount of issuance shall not be more
than 19.99% of the Company's outstanding shares.
David (Weidong) Feng, Co-CEO of
the Company, commented, "We are thrilled to expand our footprint in
Filecoin mining by signing the LOI to acquire Doo, one of the
earliest and most successful Filecoin miners in China."
He continued, "Being one of the most prominent coins in the
cryptocurrency storage sector, Filecoin is garnering much
institutional interest. Its price and market capitalization have
rocketed to new heights, recently breaking into the top 10
cryptocurrencies by market capitalization. The management team sees
tremendous potential to invest in Filecoin, in addition to our
current Bitcoin mining efforts, to fulfill its growth strategy in
the cryptocurrency mining business."
About Code Chain New Continent Limited
Code Chain New Continent Limited engages in the research, design
and development of electronic tokens that combine the five-W
elements (when, where, who, why, what), geographic location via the
Beidou satellite system and identity information using Code Chain
technology. The electronic tokens are unique, tradable, and
inheritable digital assets and cannot be tampered. The electronic
tokens are based on and stored in the Code Chain system and can be
used to monitor and document all kinds of consumer behaviors that
involve code-scanning. Recently, the company has also diversified
its business into Bitcoin mining.
Safe Harbor Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. These forward-looking statements may include, but
are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "expects," "intends", "future" and
"guidance" or similar expressions. These forward-looking statements
speak only as of the date of this press release and are subject to
change at any time. These forward-looking statements are based upon
management's current expectations and are subject to a number of
risks, uncertainties and contingencies, many of which are beyond
the Company's control that may cause actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The
Company's actual results could differ materially from those
contained in the forward-looking statements due to a number of
factors, including those described under the heading "Risk Factors"
in the Company's public filings with the Securities and Exchange
Commission, including the Company's annual report on 10-K. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required under applicable
law.
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SOURCE Code Chain New Continent Limited
