Code Chain Announces Completion of Filecoin Mining Asset Purchase

Rhea-AI Summary

Code Chain New Continent Limited (NASDAQ: CCNC) announced the completion of an asset purchase agreement with Shenzhen Jindeniu Electronics Limited, valued at USD 15.9 million. This acquisition, finalized on September 27, 2021, includes storage servers for cloud computing, enhancing the Company's mining operations. Co-CEO David Feng expressed optimism about the transaction's potential to drive growth and create shareholder value. The Company aims to strengthen its cryptocurrency portfolio and is focusing on market opportunities with favorable governance.

Positive

• Acquisition of assets valued at USD 15.9 million to enhance mining operations.
• Successful completion of the agreement may drive future growth and shareholder value.

Negative

• None.

NEW YORK, Oct. 4, 2021 /PRNewswire/ -- 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 entered into an asset purchase agreement (the "Agreement") with Shenzhen Jindeniu Electronics Limited on September 27, 2021.

The purchased assets are valued at USD 15.9 million, which includes storage servers for cloud computing. These assets have been delivered and the transaction completed as of September 27, 2021.

David (Weidong) Feng, Co-CEO of the Company, stated, "With the successful completion of the asset purchase, Code Chain plans to continue searching the mining opportunities to expand our presence and enriching our cryptocurrency portfolio."

He Continued, "We believe the Company is well-positioned for this next phase of growth. This transaction will provide enhancements to the current mining operation, drive meaningful growth, and create shareholder value. Going forward, the management hopes to further concentrate its business in market environment with friendly governance."

For more details about the asset purchase agreement, please see the Current Report on Form 8-K filed with the SEC on October 1, 2021, which may be viewed at www.sec.gov.

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 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.

View original content:https://www.prnewswire.com/news-releases/code-chain-announces-completion-of-filecoin-mining-asset-purchase-301391432.html

SOURCE Code Chain New Continent Limited

FAQ

What is the recent asset purchase by Code Chain (CCNC)?

Code Chain entered into an asset purchase agreement on September 27, 2021, with Shenzhen Jindeniu Electronics Limited for assets valued at USD 15.9 million.

When was the asset purchase agreement completed for Code Chain (CCNC)?

The asset purchase agreement was completed on September 27, 2021.

How much was the asset purchase by Code Chain (CCNC) worth?

The asset purchase by Code Chain was valued at USD 15.9 million.

What are the plans of Code Chain (CCNC) after the asset purchase?

Code Chain plans to focus on expanding its cryptocurrency mining operations and enhancing its portfolio.

Where can I find more details about Code Chain's (CCNC) asset purchase?

More details can be found in the Current Report on Form 8-K filed with the SEC on October 1, 2021.