Code Chain New Continent Announces Letter of Intent to Acquire Filecoin Mining Assets
NEW YORK, September 14, 2021 – Code Chain New Continent Limited (the “Company” or “Code Chain” or “We”) (NASDAQ: CCNC), a leading eco-technology company, announced today that it has entered into a non-binding letter of intent (the ‘ LOI ‘) with Shenzhen Jindeniu Electronics Limited (‘ Jindeniu ‘).
Under the LOI, Code Chain agrees to purchase certain assets from Jindeniu, including Filecoin (“FIL”) servers, PiB computing power for FIL digital currencies, and FIL digital currency (“Target Assets”). The total purchase price is approximately $ 15.9 million, payable in cash.
After executing the LOI, Code Chain will cause its employees, agents and consultants to perform due diligence on the target assets. Upon completion of the due diligence and the company’s satisfaction with the results, the two parties will enter into a definitive asset purchase agreement within five days. The definitive purchase agreement for assets should be concluded by December 31, 2021 at the latest.
David (Weidong) Feng, Co-CEO of the company, said: ‘The LOI is an important step in the Filecoin success of Code Chain. We are excited to continue our efforts to expand our Filecoin footprint following the acquisition of the Chinese Filecoin miner. Filecoin is the native token of the Filecoin Network, a decentralized data exchange platform that offers a thriving ecosystem of independent storage providers while removing barriers. I am confident that this will be the number one trend for the industry and that Code Chain will position itself ahead of the competition. ‘
About Code Chain New Continent Limited
Code Chain New Continent Limited is engaged in the research, design and development of electronic tokens using the five W elements (when, where, who, why, what), geographic location via the Beidou satellite system and identity information from code chain combine technology. The electronic tokens are unique, tradable and inheritable digital assets and cannot be tampered with. The electronic tokens are based on and stored in the code chain system and can be used to monitor and document all types of consumer behavior that involve code scanning. The company recently diversified its business into Bitcoin mining and is committed to becoming a vertically integrated cryptocurrency miner.
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Disclaimer of liability
Code chain New Continent Ltd. published this content on September 14, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on September 14, 2021 21:21:05 UTC.