CHANGSHA, China, Feb. 17, 2021 /PRNewswire/ -- Urban Tea Inc. (the
"Company," "we" or "Urban Tea")
(NASDAQ: MYT), a premier retailer of specialty teas and baked goods
based in Hunan, China, announced
today the appointment of Ms. Fengdan Zhou as Chief Operating
Officer and Dr. Yunfei Song as an
independent director, effective immediately. The new leadership
will lead and support the Company's critical strategic expansion in
blockchain and cryptocurrency mining.
Ms. Fengdan Zhou worked in blockchain data center companies in
Hong Kong and Singapore. Her expertise involves constructing
and managing of blockchain data centers (cryptocurrency mining
farms), cryptocurrency mining machine procurement and
maintenance, digital currency exchange platform construction and
operation, and digital currency hardware wallet development. Ms.
Zhou will serve as COO and spearhead the implementation of the
Company's blockchain and bitcoin business plan.
Dr. Yunfei Song is a scientist at
the Chinese Academy of Sciences. His prominent strategy model
achievement includes fields of blockchain technology application,
artificial intelligence, exchange quantification, and brick moving
robots. Additionally, Dr. Song has extensive experience in
cryptocurrency mining and digital asset management. He will
serve as an independent director and provide guidance to the
Company's blockchain development strategy.
Urban Tea Chief Executive Officer
Mr. Yi Long commented, "As
blockchain technology and cryptocurrency are gaining widespread
popularity, they are poised to go mainstream. The world's financial
experts and leaders in business, science, and politics have
demonstrated confidence in the future of blockchain technology and
cryptocurrency, leading to massive growth within the industry."
Mr. Yi Long continued, "To
generate greater value to shareholders, management team
underwent a thoughtful process of exploring, researching,
studying, and discussing, with the board's support, to enter into
the blockchain and cryptocurrency business. We are excited to
welcome Ms. Zhou and Dr. Song to the team to spearhead this new
business.
"We expect that their industry expertise, combined with our
growth strategy, will lead our expansion plan into the
cryptocurrency mining industry. Going forward, we expect
Urban Tea will start expanding into
blockchain ecology, such as cryptocurrency mining, blockchain mine
construction and maintenance, and cryptocurrency exchange
operations."
About Urban Tea,
Inc.
Urban Tea, Inc. is an emerging
specialty tea product distributer and retailer headquartered in
Changsha City, Hunan Province, China. Through its wholly owned subsidiary,
Mingyuntang (Shanghai) Tea Limited
which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and
Hunan 39 Pu Tea Co., Ltd., the
Company currently market a wide range of trendy tea drinks, light
meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on
not only their taste but also their aesthetic presentation and
health benefits. Our products are currently being offered via our
own stores. 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.
