ROSLYN, N.Y., June 28, 2021 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global," the "Company"
or "We") today announced it has signed a nonbinding letter of
intent to acquire Clamour, Southeast
Asia's first online high-end artworks and collections
trading platform. Upon entering a definitive purchase
agreement, Sino-Global expects to acquire 100% of Clamour's equity
interest for approximately $3 million
dollars in cash and stock.
Clamour offers considerable advantages to buyers and sellers
over traditional auction houses. This includes Clamour's
lower commission, flexible pricing, secured payment through smart
contract with blockchain technology, and secured intellectual
property. Clamour also curates art collections that belong to
its customers. Blockchain servers track each transaction,
payment and order details. All artwork listing
information and history is stored on blockchain, with each listing
encrypted and serving as a blockchain node. Headquartered in
Singapore, Clamour also operates
in Hong Kong, Indonesia and China.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented,
"We are very excited about the opportunity with Clamour. We
are also pleased to have structured this transaction as a cash and
stock deal, which will help incentivize the Clamour team to
continue its aggressive growth drive. The Clamour team has
built a leading platform based on blockchain, with the potential to
further expand market share, as Clamour builds on its market
position in Southeast Asia. The art trading market is known to
be highly fragmented with recuring quality, security and product
integrity issues. Clamour addresses these critical issues with
its simple to use but elegant digital platform. We are also
excited about working together to bring NFT technology to Clamour's
platform."
Mr. Lei Cao, continued, "Sino-Global has already made a series
of investments in blockchain infrastructure and NFT companies, as
we expand our capabilities and extend our reach. We are eager
to integrate Clamour into our network alongside our other assets
and partners, including our CyberWorld V0.1 NFT platform, which is
already providing a critical link between the virtual blockchain
world and the physical world."
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 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
ability to successfully close its transaction with Clamour and to
integrate the business into SINO, 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.