Urban Tea Appoints New COO and Independent Director to Drive Expansion in Blockchain and Cryptocurrency Mining Business
Urban Tea Inc. (NASDAQ: MYT) has appointed Fengdan Zhou as Chief Operating Officer and Dr. Yunfei Song as an independent director, effective immediately. This strategic move aims to advance the Company's expansion into the blockchain and cryptocurrency mining sectors. Ms. Zhou brings substantial experience from the blockchain data center industry, while Dr. Song offers expertise in blockchain applications and cryptocurrency management. CEO Yi Long expressed optimism about leveraging their skills to add shareholder value through this new business direction.
- Appointment of experienced COO and independent director enhances leadership team.
- Strategic focus on blockchain and cryptocurrency sectors is expected to drive growth.
- Expertise of new appointees may lead to successful implementation of mining initiatives.
- Transition to blockchain may divert focus from core tea business.
- Potential risks associated with entering a highly volatile cryptocurrency market.
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.
FAQ
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