Companies Commit to Building a Total of 1GW of Bitcoin
Mining Sites in the US
GREAT
NECK, N.Y., April 11,
2022 /PRNewswire/ -- Singularity Future
Technology Ltd. ("Singularity" or the "Company") (NASDAQ: SGLY) and
Golden Mainland Inc. ("Golden
Mainland") announced today the formation of a Bitcoin mining
site joint venture.
The joint venture (the "Joint Venture") plans to invest up to
$250 million over time to build a
total of 1GW of mining sites in Texas, Ohio,
and other states, with capacity for up to 300,000 Bitcoin miners,
each with 3,400 watts/hour in energy consumption. Singularity is a
global logistics and blockchain technology company engaged in
shipping, chartering, logistics services and technology services.
Golden Mainland is a company engaged
in the provision of electricity services in North America.
Under the terms of the Joint Venture, Singularity will own 51%,
and Golden Mainland will own 49%,
with each party contributing capital in accordance with its
ownership interest. Singularity expects to make its initial capital
contribution of approximately $10
million to the Joint Venture from available cash.
Mr. Yang "Leo" Jie, Chief Executive Officer of Singularity
Future Technology, commented, "We are excited to partner with
Golden Mainland in this Joint
Venture. We believe that investing in and building out sites with
Bitcoin mining capacity will provide a platform with the scale to
support the demand levels in the industry."
About Golden Mainland Inc.
Golden Mainland is a company
engaged in power services in North
America. The company's business includes: supply of
electricity, power infrastructure, transformers, power station
mergers and acquisitions, and greenhouse agricultural functions.
Golden Mainland owns nuclear power,
hydropower, wind energy, solar energy, geothermal energy, biomass
energy, etc. The company operates 10+GW of power resource use
rights, and has diversified investment portfolios in the United States, Canada and other countries. For more
information visit www.globalmainland.com.
About Singularity Future Technology Ltd.(NASDAQ:
SGLY)
On January 3, 2022, the Company
changed its name from Sino-Global Shipping America, Ltd. to
Singularity Future Technology Ltd. (NASDAQ: SGLY). Since 2020, it
has been developing a presence in the revolutionized Blockchain
supply management area by focusing on innovative solutions for
globally interconnected networks and establishing state-of-the-art
crypto mining pools. As the Blockchain landscape constantly shifts,
the Company strives to provide frictionless involvement and a
growth-enabling ecosystem for its clients in this ever-changing
space. The Company is building on its long track record of success
as a global logistics and ship management services company, founded
in 2001 in New York, with
subsidiaries in New York,
Houston, Montreal, Hong
Kong, Shanghai, and
Ningbo, China. The Company has
provided customers throughout the world with all of their shipping
logistics and agency needs as a full-service provider. Additional
information about the Company can be found on the Company's
corporate website at www.singularity.us.
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 that are not statements of
historical matters. Such forward-looking statements include SGLY'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 SGLY's
operations, the demand for SGLY's products and services, global
supply chains and economic activity in general. Moreover, the value
of cryptocurrencies may fluctuate significantly over time, and the
success of the JV and its products are not assured. 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,
2021. SGLY's SEC filings are available publicly on the SEC's
website at www.sec.gov. SGLY disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/singularity-future-technology-and-golden-mainland-form-bitcoin-mining-joint-venture-301522553.html
SOURCE Singularity Future Technology Ltd.