Sino-Global Restructures Mining Server Agreement With Yanghuai; Plans Direct Mining

Sino-Global Shipping America, Ltd. SINO restructured its March 2, 2021 agreement with Hebei Yanghuai Technology Co., Ltd to buy 2,783 digital currency mining servers from Yanghuai.
The deal was part of Sino-Global's expansion into the cryptocurrency market.
The companies have restructured the original agreement to reduce the purchase price from RMB 30 million to RMB 6 million and allocate the purchased mining equipment.
Revenue generated to date by the digital currency mining servers will be recognized by Sino-Global, as per the agreement.
Yanghuai has agreed to transport digital currency mining servers representing half of the agreed 50,440 t/s in computing power to Sino-Global's office in Ningbo, China. The equipment will then be transported to the U.S.
The parties will have no further financial or operating obligations to each other after completing the transfer.
Sino-Global plans to switch to a direct mining business rather than contracting with third parties.
Price Action: SINO shares are trading higher by 0.40% at $2.5 on the last check Tuesday.