Future FinTech Announces New Blockchain Division

NEW YORK, Dec. 30, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that the Company has established a new blockchain division that will manage its existing blockchain sector business which will include the further formulation and execution of its strategic growth plan.

Mr. Zhi Yan has been appointed as the president of the new division to direct the Company's blockchain business. At present, the blockchain division's primary mission will be to develop, operate and manage the Company's previously announced bitcoin mining farm plans in the United States and Paraguay, and to coordinate its announced Dubai-based digital currency trading service and crypto asset management business via its FTFT Capital Investments LLC subsidiary. Mr. Yan has extensive experience in blockchain and cryptocurrency. He has been general manager of Cloud Chain Network Technology (Tianjin) Co., Ltd, a wholly owned subsidiary of the Company since February 2020 and served as the Chief Technology Officer of the Company between February 2018 and February 2020. Mr. Yan led the development of the real-name blockchain based e-commerce platform of the Company, Chain Cloud Mall.

Mr Kai Xu has been appointed as the vice president of the new division, with responsibility for optimizing the Company's blockchain computing hash power assets and developing its Metaverse related businesses, including the construction of overseas cryptocurrency mining farms, assessing mining machine investments and developing cooperation agreements with global partners that could accelerate the growth of the Company's blockchain business. Mr. Xu has been deputy general manager of FT Commercial Group Ltd., a wholly owned subsidiary of the Company since February 2020 and served as the Chief Operating Officer of the Company from February 2019 to February 2020.

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, said, "We are actively developing a sophisticated and cutting-edge financial services platform and are also intent upon executing a global expansion strategy for our cryptocurrency mining business. The establishment of this new division with responsibility for executing this strategy underscores our commitment to being a leading firm in this sector."

About Future FinTech Group Inc.

Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), and supply chain financing and services. The Company is also engaged in the development of blockchain based e-Commerce technology and cryptocurrency mining as well as financial service technology. For more information, please visit https://www.ftft.com/.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2020 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at https://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

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SOURCE Future FinTech Group Inc.