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Acquisition to Expand Continuous Growth of Bitcoin as Payment
CHANGSHA, China, July 13, 2021 /PRNewswire/ -- Bit Brother Limited (the "Company," "we" or "Bit Brother") (NASDAQ: BTB), today announced it has entered into a non-binding letter of intent (the "LOI"), to acquire 51% of Angelo's Pizza 1697 Inc., 1279 1st Avenue LLC, and 60th Street Restaurant Corporation (collectively as "Angelo's Pizza"). Angelo's Pizza has been around as a family-style boutique restaurant for 30 years, later pivoting to a chain restaurant for another 90 years. With a combined history of 120 years, Angelo's Pizza has accumulated a strong brand recognition and excellent customer reviews. Upon the completion of the acquisition, all three chain restaurants will begin to accept cryptocurrency as a form of payment.
Angelo's Pizza plans to expand into rapidly growing international markets such as Canada, Japan, South Korea, China, Singapore, Australia, and New Zealand. The overseas branches will be focusing on providing takeout and delivery services, with limited dine-in seating. With the number of advantages including relatively low rent, less build-out, and easy to scale up to takeout types of restaurants, Angelo's Pizza is aiming to open up 1,000 branches overseas within the next five years. All branches in other countries outside of China will accept Bitcoin amongst other payment methods to allow customers to take advantage of a secure and rapidly growing payment network.
Under the terms of the LOI, the total consideration for 51% of equity interest in Angelo's Pizza is $12.5 million, of which 50% shall be paid in cash and 50% shall be paid in the Company's ordinary shares. The parties agree to enter into a definitive agreement after due diligence is completed.
Mr. Xianlong Wu, CEO of Bit Brother, commented, "With Bit Brother's experience in the catering industry, and Angelo's Pizza's rich history, we believe this opportunity will bring growth to all parties involved. Along with our plans to expand a restaurant with decades of success to have a global reach, we will be able to continue to grow our Bitcoin payment business."
About Bit Brother Limited.
Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of the distribution and retail of specialty tea products. For more information, please visit: http://ir.h-n-myt.com/investor.
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE Bit Brother Limited