SINO - Sino-Global inks LOI for acquiring 51% of computing power center company

Sino-Global Shipping America (SINO) traded 8.6% higher premarket after signing a letter of intent for acquiring 51% of Inner Mongolia Nine-Chain Intelligent Big Data Park Service for ~$8.5M.Sino-Global is required to pay an earnest money deposit of $1M to a third party escrow agent after LOI signing date.The purchase agreement may contain additional award payments based on the post-investment performance of the computing power center.Nine-Chain Intelligent focusses on fields including big data cloud computing, blockchain technology R&D and application, artificial intelligence R&D, and other core technology fields.Currently, its computing power center has ~150K KW*hour capacity for Bitcoin mining; total Bitcoin computing power reaches 4500P.Also, it has 50K KW*hour capacity for Ethereum mining with total Ethereum computing power reaches 28T."Recently, cryptocurrency mining has evolved rapidly with scalability and infrastructure. This investment will provide Sino-Global a foundation to develop the mining project efficiently," CEO Mr. Lei Cao commented.No assurance that the transaction will be consummated.

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Sino-Global inks LOI for acquiring 51% of computing power center company