Code Chain New Continent Completes Acquisition of Doo Limited

NEW YORK, July 30, 2021 Code Chain New Continent Limited (the "Company," or "Code Chain" or "We") (NASDAQ: CCNC), a leading eco-technology company, is pleased to announce that it has completed the previously announced acquisition (the "Acquisition") of all asset of Doo Limited ("Doo"), a Filecoin ("FIL") mining service provider, pursuant to an asset purchase agreement dated July 28, 2021 by and between the Company and Doo, for an aggregate purchase price of RMB 106,388,672.43 (approximately USD$16,442,109.95), payable in the form of 7,647,493 shares of the Company's common stock, valued at USD$2.15 per share. As a result of the closing of the Acquisition, Doo will become a wholly owned subsidiary of the Company.

Doo, with its headquarters in Hongkong, China, engages in the FIL mining business with mining centers located in Shanghai. Doo owns 10PiB of FIL computing power and 100,000 digital currency units, accounting for 0.221% of FIL digital currency globally. Through the acquisition of Doo, the Company's business will involve Filecoin mining in addition to the current cryptocurrency mining operation.

David (Weidong) Feng, Co-CEO of the Company, commented, "I like to welcome the Doo team to the Code Chain family officially. This acquisition is in line with our cryptocurrency expansion strategy of building a scale with accretive merger and acquisition prospects. We expect to make substantial progress executing our integration plan to unlock additional revenue growth potentials."

About Code Chain New Continent Limited

Code Chain New Continent Limited engages in the research, design, and development of electronic tokens that combine the five-W elements (when, where, who, why, what), geographic location via the Beidou satellite system, and identity information by using Code Chain technology. The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered with. The electronic tokens are based on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning. The Company has recently diversified its business into Bitcoin mining and is committed to becoming a vertically integrated cryptocurrency miner.

Safe Harbor Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends", "future" and "guidance" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on 10-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

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SOURCE Code Chain New Continent Limited