Sino-Global to Acquire Majority of Blockchain Infrastructure Developer in $5 Million Stock Transaction

Rhea-AI Summary

Sino-Global Shipping America, Ltd. (NASDAQ: SINO) has announced its agreement to acquire a 60% stake in blockchain infrastructure developer Super Node LLC for an all-stock transaction worth $5 million. Super Node is based in Wilmington, Delaware, and specializes in developing decentralized applications on the CyberMiles network. CEO Lei Cao expressed that this acquisition will enhance Sino-Global's capabilities in the growing cryptocurrency market and expand opportunities in the NFT sector.

Positive

• Acquisition of 60% of Super Node LLC enhances Sino-Global's position in the cryptocurrency market.
• Partnership with Super Node's developers opens additional opportunities in NFTs.

Negative

• None.

ROSLYN, N.Y., March 25, 2021 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global," the "Company" or "We") today announced it has agreed to acquire a 60% ownership of blockchain infrastructure developer Super Node LLC in an all stock transaction valued at $5 million. The transaction is subject to the satisfaction of warranties and representations under the purchase agreement.

Based in Wilmington, Delaware, Super Node LLC is a privately held, blockchain infrastructure software developer and service provider. It operates multiple CyberMiles nodes and develops decentralized applications on the CyberMiles network, a powerful, high-performance CyberMiles public chain.

Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented, "The addition of Super Node further strengthens our capabilities and accelerates the buildout of our business as we pursue major opportunities in the rapidly growing cryptocurrency market and digital economy.  We are particularly excited to be partnering with Super Node's proven team of developers, which will open additional opportunities to us in NFTs (non-fungible tokens), which have rapidly surged in popularity, market value, and breadth of digital products created."

About Sino-Global Shipping America, Ltd. (NASDAQ: SINO)

Founded in the United States in 2001, Sino-Global Shipping America, Ltd. has been diversifying into the fast growing cryptocurrency and NFT (non-fungible tokens) markets, while continuing to support and grow its core shipping, chartering, logistics and related services business. Headquartered in New York, Sino-Global has offices in Los Angeles, Mainland China, Australia, Canada and Hong Kong. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.net.  

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include SINO's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on SINO's operations, the demand for SINO's products and services, global supply chains and economic activity in general. Moreover, the value of cryptocurrencies may fluctuate significantly over time. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. SINO's SEC filings are available publicly on the SEC's website at www.sec.gov. SINO disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Sino-Global Shipping America, Ltd.

FAQ

What is the value of Sino-Global's acquisition of Super Node LLC?

The acquisition is valued at $5 million.

What percentage of Super Node LLC is Sino-Global acquiring?

Sino-Global is acquiring a 60% ownership stake in Super Node LLC.

What does Super Node LLC specialize in?

Super Node LLC is a blockchain infrastructure developer that operates CyberMiles nodes and develops decentralized applications.

How will the acquisition impact Sino-Global's business?

The acquisition is expected to enhance Sino-Global's capabilities in the cryptocurrency and NFT markets.

When was the acquisition announced by Sino-Global?

The acquisition was announced on March 25, 2021.