CHONGQING, China, Dec. 15, 2021 /PRNewswire/ -- China Xiangtai Food
Co., Ltd. (NASDAQ: PLIN) ("PLIN" or the "Company"), an emerging
growth company engaged in agricultural business with a diversified
expansion strategy, today announced that the Company has entered
into an asset purchase agreement through its Canadian subsidiary
with a local company for the purchase of 742 spot first-tier new
Bitcoin miners worth approximately US$7
million. The miners have all arrived at a mining facility in
Canada and expect to begin
generating revenue in Bitcoin within three days of the closing of
the transaction, which will quickly help ramp up capacity from zero
to 69,000 Th/s. Assuming the unit price of Bitcoin stabilizes at
US$50,000 for the first year, this
new business line is expected to generate for the Company
approximately US$6.2 million in
revenue and contribute US$4.4 million
in gross profit before depreciation of miners.
Dr. Erick Rengifo, CSO of the
Company said: "Amid challenging environment for our agricultural
business, encouraged by our new investors, newly joined executives
and in-depth research in emerging market opportunities, we made a
strategic move to purchase spot Bitcoin miners. We believe the
probability and long-term value of Bitcoin mining is a perfect
complement to our agricultural business that can add significant
risk adjusted returns for the owners. We have been actively
discussing long term and in-depth partnership with a handful of top
tier industry players and expect to create healthy and mutually
beneficial businesses models. We will continue to research
blockchain technology and its applications to offer fresh
ideas/tools to accelerate the Company's growth and
diversification."
About China Xiangtai Food Co., Ltd.
Headquartered in Chongqing, China, China Xiangtai Food Co.,
Ltd., through the recent acquisition of Chongqing Ji Mao Cang Feed
Co., Ltd, engages in agricultural business with a diversified
expansion strategy that involves investments in emerging
technologies. For more information, please
visit https://irplin.com.
Safe Harbor Statement
This announcement contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
Company Contact
China Xiangtai Food Co., Ltd.
Erick W. Rengifo
Phone: +1-347-556-4747
Email: ir@irplin.com
Investor Relations Contact
Ms. Tina
Xiao , President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE China Xiangtai Food Co., Ltd.