JM Global Holding: Press Release - Code Chain New Continent Limited Announces Purchasing Of 10,000 Bitcoin Mining Machines

The following excerpt is from the company's SEC filing.
Exhibit 99.1
Code Chain New
Continent Limited Announces Purchasing of 10,000 Bitcoin Mining Machines
NEW YORK, Feb. 23, 2021 -- Code
Chain New Continent Limited (the “Company” or “Code Chain”) (NASDAQ: CCNC), a leading eco-technology company,
today announced that the Company has entered into a purchase agreement (the “Agreement”) with Chengdu RiZhanYunJisuan
Co., Ltd. (the “Seller”) pursuant to which the Company will purchase 10,000 Innosilicon T2T Bitcoin mining machines for
approximately RMB 40 million (approximately USD 6.2 million). The closing of the transaction is subject to the completionof final valuation and due diligence by the Company. 
Under the term of the Agreement, a
total consideration of RMB 40 million to acquire 10,000 Innosilicon T2T mining machines will be paid on the closing
date. Upon the completion, the purchased machines will be stored and managed by the Seller. The daily net profit earned by miners
will be deposited into the Company’s digital account. Addition performance bonus in the form of Company’s shares shall be granted
to the Seller based on achievement of aggregate average daily net profit of RMB 200,000 during the one year period following
the closing date (“Valuation Period”).
David (Weidong) Feng, Co-CEO of the
Company, commented, “It is with great excitement to announce the purchase agreement which is a step forward in expanding to
cryptocurrency mining business. This quick action illustrates the efficiency of the management team’s execution. The recent tremendous
increase of Bitcoin prices presents us with a unique opportunity to establish mining operation to optimize the structure of our
offerings in the cryptocurrency industry value chain, as well as to bring the best value to our customers. We believe the partnership
with Chengdu RiZhanYunJisuan is a true win-win approach require combined effort and their commitment in achieving Bitcoin mining
daily net profit of RMB 200,000. We look forward to closing this transaction soon upon completion of our due diligence process.”
About Code Chain New Continent Limited
Founded in 2009, Code Chain New Continent
Limited engages in the research, development, and sale of solid waste recycling systems for the mining and industrial sectors,
the wholesale and sale of fuel materials, harbor cargo handling services and production and sales of coating materials in the PRC.
It provides end-users in these markets with a clean alternative to traditional waste disposal by significantly reducing solid waste
discharge into the environment and enabling such users to extract value from valuable metals and other industrial waste materials.
Upon completion of Sichuan Wuge Network Games Co., Ltd. (“Wuge”), the Company has also diversified its business. Wuge
was established in 2019 and is still in this early developing stage. Wuge produced electronic tokens that combine the five-W elements
(when, where, who, why, what), geographic location via the Beidou satellite system and identity information using Code Chain technology.
The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered. The electronic tokens are based
on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning.
Safe Harbor Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations,
goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may
include, but are not limited to, statements containing words such as “may,” “could,” “would,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,” “expects,”
“intends”, “future” and “guidance” or similar expressions. These forward-looking statements speak
only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon
management’s current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond
the Company’s control that may cause actual results, levels of activity, performance or achievements to differ materially from
any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The
Company’s actual results could differ materially from those contained in the forward-looking statements due to a number of factors,
including those described under the heading “Risk Factors” in the Company’s public filings with the Securities and Exchange
Commission, including the Company’s annual report on 10-K. The Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever JM Global Holding Co makes a similar move, sign up!

Other recent filings from the company include the following:

JM Global Holding Co Just Filed Its Quarterly Report: Earnings per share B... - May 16, 2022
Other preliminary proxy statements - May 13, 2022
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or - May 6, 2022

Auto Refresh