Urban Tea (MYT) Appoints New COO and Independent Director to Drive Expansion in Blockchain and Cryptocurrency Mining Business

February 17, 2021 6:28 AM EST

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Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods based in Hunan, China, announced today the appointment of Ms. Fengdan Zhou as Chief Operating Officer and Dr. Yunfei Song as an independent director, effective immediately. The new leadership will lead and support the Company's critical strategic expansion in blockchain and cryptocurrency mining.

Ms. Fengdan Zhou worked in blockchain data center companies in Hong Kong and Singapore. Her expertise involves constructing and managing of blockchain data centers (cryptocurrency mining farms), cryptocurrency mining machine procurement and maintenance, digital currency exchange platform construction and operation, and digital currency hardware wallet development. Ms. Zhou will serve as COO and spearhead the implementation of the Company's blockchain and bitcoin business plan.

Dr. Yunfei Song is a scientist at the Chinese Academy of Sciences. His prominent strategy model achievement includes fields of blockchain technology application, artificial intelligence, exchange quantification, and brick moving robots. Additionally, Dr. Song has extensive experience in cryptocurrency mining and digital asset management. He will serve as an independent director and provide guidance to the Company's blockchain development strategy.

Urban Tea Chief Executive Officer Mr. Yi Long commented, "As blockchain technology and cryptocurrency are gaining widespread popularity, they are poised to go mainstream. The world's financial experts and leaders in business, science, and politics have demonstrated confidence in the future of blockchain technology and cryptocurrency, leading to massive growth within the industry."

Mr. Yi Long continued, "To generate greater value to shareholders, management team underwent a thoughtful process of exploring, researching, studying, and discussing, with the board's support, to enter into the blockchain and cryptocurrency business. We are excited to welcome Ms. Zhou and Dr. Song to the team to spearhead this new business.

"We expect that their industry expertise, combined with our growth strategy, will lead our expansion plan into the cryptocurrency mining industry. Going forward, we expect Urban Tea will start expanding into blockchain ecology, such as cryptocurrency mining, blockchain mine construction and maintenance, and cryptocurrency exchange operations."

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