NEW YORK, June 3, 2021 /PRNewswire/ -- Code Chain New
Continent Limited (the "Company," or "Code Chain" or "We") (NASDAQ:
CCNC), a leading eco-technology company, today announced that the
Company entered into a Joint Venture Agreement ("JV Agreement")
with Zhongyou Technology (Shenzhen) Co., Ltd. ("Zhongyou") on
June 1, 2021. This agreement
establishes a joint venture company, named "Carbon Zero Renewables
(Shenzhen) Co., Ltd." (the "JV
Company"), to pursue the development and operation of
cryptocurrency mining with zero carbon footprint.
Pursuant to the JV Agreement, JV Company's registered capital is
$1 million and will be contributed
100% in cash by Code Chain. Zhongyou will be responsible for
providing teams of technical experts and operating staff, as well
as intellectual property rights and know-how. Code Chain and
Zhongyou will each own 51% and 49% of the JV Company,
respectively.
The JV Company's mission is to use digital technology to open up
the renewable energy industry chain's upstream and downstream,
growing the renewables infrastructure portfolio in the process. The
scope of the business is to create a platform to achieve carbon
neutrality while upgrading industry transformation, boosting
revenues, and adapting to changing market dynamics and
volatility.
David (Weidong) Feng, Co-CEO of
the Company, commented, "We are pleased to partner with Zhongyou as
we continue our strategic transformation for using energy and
digital infrastructure growth platform in cryptocurrency mining. As
concerns grow over the high energy usage of cryptocurrency mining
and its burden to the environment, the establishment of this joint
venture will become an important driving force for jointly
developing carbon neutral cryptocurrency mining operations.
With the combined strengths of our teams, the joint venture
will allow us to disrupt high-cost cryptocurrency mining more
quickly by using the latest renewables-powered mining
technology."
About Code Chain New Continent Limited
Code Chain New Continent Limited engages in the research, design
and development of 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. Recently, the company has also diversified
its business into Bitcoin mining.
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.
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SOURCE Code Chain New Continent Limited