NEW
YORK, July 30, 2021 Code Chain New Continent
Limited (the "Company," or "Code Chain" or "We") (NASDAQ: CCNC), a
leading eco-technology company, is pleased to announce that it has
completed the previously announced acquisition (the "Acquisition")
of all asset of Doo Limited ("Doo"), a Filecoin ("FIL") mining
service provider, pursuant to an asset purchase agreement dated
July 28, 2021 by and between the
Company and Doo, for an aggregate purchase price of RMB 106,388,672.43 (approximately USD$16,442,109.95), payable in the form of
7,647,493 shares of the Company's common stock, valued at
USD$2.15 per share. As a result
of the closing of the Acquisition, Doo will become a wholly owned
subsidiary of the Company.
Doo, with its headquarters in Hongkong, China, engages in the FIL mining business with
mining centers located in Shanghai. Doo owns 10PiB of FIL computing
power and 100,000 digital currency units, accounting for 0.221% of
FIL digital currency globally. Through the acquisition of Doo, the
Company's business will involve Filecoin mining in addition to the
current cryptocurrency mining operation.
David (Weidong) Feng, Co-CEO of
the Company, commented, "I like to welcome the Doo team to the Code
Chain family officially. This acquisition is in line with our
cryptocurrency expansion strategy of building a scale with
accretive merger and acquisition prospects. We expect to make
substantial progress executing our integration plan to unlock
additional revenue growth potentials."
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 by using
Code Chain technology. The electronic tokens are unique, tradable,
and inheritable digital assets and cannot be tampered with. 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. The Company has recently
diversified its business into Bitcoin mining and is committed to
becoming a vertically integrated cryptocurrency miner.
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