New York, NY, December 20, 2022 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company” or “MFH”) (Nasdaq: MFH), a digital fintech group powered by blockchain technology, announced today that on December 15, 2022, it entered into an asset purchase agreement (the “Agreement”) with Huangtong International Co., Ltd. (“Huangtong International”), which provides for the Company’s acquisition and purchase of Web3 decentralized storage infrastructure, including cryptocurrency mining servers, cables and other electronic devices, for an aggregate consideration of $5,980,000, payable in the Company’s common stock. The investment is made with the aim of owning mining machines capable of collecting, processing and storing huge amounts of data, and to further strengthen the company as a pioneer in the creation of the Web3 framework.
Pursuant to the agreement, MFH would make the payment for the above equipment in the form of its common shares, at a fixed price of $0.0022 per share, in an aggregate amount of 2,718,181,818 shares. Ownership of the crypto mining equipment will be transferred to MFH after the company issues purchase price shares to Huangtong International. Huangtong International will continue to be responsible for the installation of all mining equipment at locations designated by the company and will also undertake routine maintenance of the units for one year.
“We are pleased to announce that today our company took another big step towards the goal of maintaining our position as a leader in Web3 with the investment in an advanced machine park,” said the company’s CEO Shi Qiu. “As the core infrastructure for the future of Web3, the entire Web3 infrastructure must be built over the coming years, and our company continues to position itself to not only contribute significantly to its creation, but also to profit significantly from this exciting and ever-expanding space. We believe that these machines have high storage capacity and low latency, which makes them perfect for creating Web3 infrastructure. Meanwhile, we expect the infrastructure to increase the efficiency of our current mining operation and the related cryptomining activities to add new revenue stream to the company . We will continue to advance our vision of Web3 infrastructure, which helps set the stage for achieving our revenue and profitability goals.”
About Mercurity Fintech Holding Inc. Limited
Mercurity Fintech Holding Inc. is a digital fintech group powered by blockchain technology. The company’s primary business scope includes digital asset trading, asset digitization, cross-border transfers and other services, providing compliant, professional and highly efficient digital financial services to its clients. The company recently started limiting itself to Bitcoin mining, digital currency investment and trading and other related fields. This shift has enabled the company to deepen its involvement in all aspects of the blockchain industry, from production to circulation.
Forward-looking statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and forecasts of future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or expressions such as “may”, “will”, “expect”, “anticipate”, “target”, “estimate”, “intend”, “plan”, “believe” “potential”, “continue”, “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Phone: +1(646) 866-7989
Email: [email protected]
