Sino-Global Shipping America [NASDAQ: SINO] reported that the company is going to process the execution of the purchase agreement. The company purchased 2783 digital currency operation servers from Hebei Yanghuai Technology. The transaction cost was nearly US $4.6 million. The acquisition of the operation servers is another step for the company’s strategic expansion into the digital currency market.
Under contract terms, Sino will own 2783 operation servers. Out of 2783, 449 models are of love core A1, 150 models of Core Motonn T2T, 500 of Ant s9. The rest of the 1684 operation servers are of model Avalon 910/910S. After the completion of the transaction, Yanghuai will oversee and operate the Products at Yanghuai’s site with no further charge for 3 years.
Sino-Global will pay the initial installment of RMB 6 million within 15 days of consenting to the contract. The company will pay a second money installment of RMB 6 million within 15 days of acknowledgment of the Products. The company will pay the rest of the installment of RMB 18 million quarterly within 10 days following the recording of Form 10-K or Form 10-Q.
Mr. Lei Cao, CEO of Sino-Global, states “We are eager to report the purchase order. It exhibits the effectiveness of our management team’s capacity to rotate and execute another endeavor into digital currency. We are certain of the opportunity that the cryptocurrency industry introduces us. Moreover, we are confident in our ability to catch the development in the encouragement of our methodology to augment our stockholder value .”