NEW YORK, Jan. 4, 2021 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) (hereinafter referred to as "Future
Fintech", "FTFT" or "Company" ") a leading blockchain e-commerce
company and a service provider for financial technology, today
announced it has signed a term sheet ("Term Sheet") with Blocknance
Financial International SRL("Blocknance"), a company incorporated
in the Dominican Republic and the selling shareholders of
Blocknance on December 30, 2020. Pursuant to the Term Sheet,
the Company plans to acquire 60% of the total issued and
outstanding shares of Blocknance.
Blocknance provides services for transactions between
Bitcoin and other cryptocurrencies and fiat currencies, such
as Dominican Peso, US dollar, Euro and Russian Ruble
for customers through Bitcoin ATM machines and physical
offices. All ATMs and physical offices are currently located
in Santo Domingo, Punta Cana, La Romana, and Santiago de los Caballeros in the Dominican Republic.
Blocknance is headquartered in the Dominican Republic. Its subsidiary Cryptocana
SRL works with financial consulting companies to help clients buy,
rent and sell residential, commercial, local and international real
estate using cryptocurrencies; another subsidiary Blockchain
Finance International Inc. is registered in Wyoming, US and officially registered as a
Money Service Business (MSB) which is regulated and administered by
the Financial Crimes Enforcement Network (FinCEN). According to the
framework agreement, the current total valuation of Blocknance is
$1.6 million. Future FinTech or its
wholly-owned subsidiary plans to acquire 60% of Blocknance through
cash and shares with a purchase price of US $960,000. Future FinTech reserves the right to
purchase additional shares from the seller.
Emmy Jude Fortune, the General Manager of Blocknance,
stated, "Blocknance is one of
the most advanced, semi-decentralized cryptocurrency exchange
platforms on the market today. It provides a safe way to
exchange Bitcoin and cryptocurrency with fiat currencies for
individuals who want to use them to buy and sell goods or services
and is the largest Bitcoin transaction service provider in the
Caribbean. With the help of our
new ATMs, more and more people use cryptocurrency for transactions.
Our Punta Cana and Santiago office
provides services to more than 10,000 tourists every
year, because most tourists do not have local bank accounts.
Our physical offices or ATMs provide convenient two-way exchange
services of Bitcoin and other cryptocurrency to fiat currencies for
tourists. Blocknance plans to increase the number of Bitcoin ATMs
and expand them to Europe,
Asia and other regions pursuant to
local regulatory requirements in 2021. FTFT has a great management
team in financial services and blockchain technology. The union
with FTFT can rapidly expand our operations, continuously improve
customer experience and satisfaction, increase service scenarios,
and meet the needs of more and diversified customers. "
Shanchun Huang, Chief Executive
Officer of Future FinTech said, "Blockchain technology and its
application is an important strategic segment and business
component of FTFT. Building a complete blockchain financial service
system is an important development plan of FTFT. We have been
looking for valuable blockchain technology companies to dock with
our existing resources. When Bitcoin holders could convert Bitcoin
into cash at ATM as Blocknance does in Dominican Republic, cryptocurrency will be
gradually accepted by more and more people. We believe that the
investment in Blocknance can further expand our business, bring
additional income to the Company, and we hope to eventually create
a channel that can connect Bitcoin and other cryptocurrencies with
the services of mainstream financial institutions under applicable
laws and regulations. "
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,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
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 our other reports and
filings with SEC. 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.
IR Contact:
Future FinTech Group Inc.,
Tel: +1-888-622-1218
Email: ir@ftftex.com
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SOURCE Future FinTech Group Inc.