Urban Tea Announces the Establishment of New Subsidiary for its Planned Blockchain and Cryptocurrency Mining Business
Urban Tea Inc. (NASDAQ: MYT) has established a new wholly-owned subsidiary in China, named Hunan Bit Brother Holding Limited, to venture into the cryptocurrency industry. This subsidiary will focus on various activities such as global cryptocurrency mine distribution, HashRate leasing, and cryptocurrency exchange services. The Company plans to apply for required licenses in multiple regions to facilitate these operations. CEO Jack Wu expressed optimism about this strategic move, anticipating revenue growth and innovation through their entry into the blockchain and cryptocurrency sectors.
- Establishment of Hunan Bit Brother, a subsidiary for cryptocurrency and blockchain business.
- Diverse planned activities including cryptocurrency mining, leasing, and exchange services.
- CEO's positive outlook on revenue growth and strategic market entry.
- None.
CHANGSHA, China, May 13, 2021 /PRNewswire/ -- Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), announces the establishment of a new wholly-owned subsidiary in China under the name of Hunan Bit Brother Holding Limited ("Hunan Bit Brother"). Hunan Bit Brother shall conduct the Company's planned business including but not limited to global cryptocurrency mine distribution, HashRate leasing, global cryptocurrency cross-regional payment and settlement system, cryptocurrency mining pool building and running, cryptocurrency deposit and loan, non-homogeneous tokens, and cryptocurrency exchange services. Hunan Bit Brother shall begin applying for the required licenses and certifications in different countries and regions. Taking advantage of the current market awareness, we believe that our planned business through Hunan Bit Brother will bring in revenue and growth for the Company and its shareholders.
Urban Tea's Chief Executive Officer Mr. Xianlong (Jack) Wu commented, "We are gradually implementing our strategy to get into the cryptocurrency and blockchain industry. Mr. Liu who has a solid background in the blockchain field will bring new blood into our Company. Together with the establishment of the new subsidiary, I am optimistic about the rolling out of our cryptocurrency and blockchain business."
About Urban Tea, Inc.
Urban Tea, Inc. (formerly known as Delta Technology Holdings Ltd, and prior to that as CIS Acquisition Ltd.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. We have become a retailer and distributor of specialty tea products in China (also referred to as "PRC") since November 2018, and have fully completed the disposition of our fine and specialty chemical manufacturing business in April 2019. Our business currently consists of the distribution and retail of specialty tea products. We have recently decided to start operations in the business of blockchain technology and cryptocurrency mining. We anticipate utilizing our newly formed subsidiary Hunan Bit Brother Holding Limited to conduct research and development of blockchain-based software and applications and the commercialization of such application, as well as cryptocurrency mining. 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.
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