Urban Tea, Inc. Announces Name Change to Bit Brother Limited and Upcoming Trading Symbol Change to BTB
Urban Tea, Inc. (NASDAQ: MYT) announced a name change to Bit Brother Limited, effective June 16, 2021, along with a ticker symbol change to BTB. CEO Xianlong (Jack) W expressed optimism about the future of blockchain technology, stating that the company plans to invest in blockchain software, applications, and cryptocurrency mining. This shift marks a strategic pivot from its previous focus on specialty tea distribution towards the rapidly evolving blockchain sector, positioning the company to capitalize on emerging opportunities.
- Strategic pivot towards blockchain technology and cryptocurrency mining.
- Plans to develop blockchain-based software and applications.
- None.
CHANGSHA, China, June 15, 2021 /PRNewswire/ -- Urban Tea, Inc. ("Urban Tea" or the "Company"), (NASDAQ: MYT), is pleased to announce that effective on June 16, 2021, the Company will change its name to "Bit Brother Limited" (the "Name Change"), as well as its ticker symbol from "MYT" to "BTB" (the "Symbol Change").
Xianlong (Jack) W, CEO of the Company, commented, "We believe that blockchain technology will have a bright future, and will become an irreplaceable experience for its participants. An increasing number of people will begin to understand and start to use blockchain and cryptocurrency as they gain further awareness of the technology, which brings opportunities for the Company. We plan to seize this opportunity and move forward as planned, contributing human resources, material resources and capital to develop blockchain-based software, applications, and service systems."
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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