Future Fintech acquires bitcoin mining farm Nanjing Ribensi

Future FinTech Group (FTFT) +2.9% premarket, has acquired Nanjing Ribensi for RMB60M.Nanjing Ribensi's target bitcoin mining farm is located in Yajiang County, Sichuan Province, China with all the necessary governmental approvals and currently operates a bitcoin mining farm with a capacity to operate 30,000 bitcoin mining machines. The sellers guarantee that the net profit of Nanjing Ribensi shall not be less than RMB15M for 2021, RMB20M for 2022 and RMB25Mfor 2023.The sellers also guarantee that the target mining farm will maintain normal operations for at least six to eight years. Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, commented, "We have formed an internal Company committee, the FT Bitcoin Mining Hash Rate Committee, to oversee and manage the potential acquisition, maintenance and operation of all of our bitcoin mining related development. The bitcoin mining farm that we have targeted for potential acquisition not only enables us to deploy advanced bitcoin mining machines, but to