HONG KONG, Aug. 29, 2024 (GLOBE NEWSWIRE) — Blue Hat Interactive Entertainment Technology (“BHAT” or the “Company”) (NASDAQ: BHAT) announced the execution of a 1,000 kilogram (approximately 2,204.62 pounds) gold shipment, officially marking the launch of its gold supply chain business. This shipment follows the framework agreement signed in October 2023 with Macau Rongxin Precious Metals Technology Co., Ltd. (“Macau Rongxin”), a company registered in Macau under registration number 86918(SO) in the Macau Companies Registry.
The spot price of gold at the time of the October 2023 Framework Agreement was approximately US$61.14 per gram, while the spot price of gold on August 28, 2024 is approximately US$80.61 per gram. The purchase price of gold delivered to BHAT is approximately US$66.49 per gram, for a total purchase price of approximately US$66.49 million. This acquisition is a strategic step to develop a gold supply chain business. BHAT plans to utilize this gold in the gold supply chain business and supply gold to refiners, wholesalers and retailers, thereby generating revenue and establishing a strong presence in the gold business.
Chen Xiaodong, CEO of BHAT, commented: “The completion of this significant gold shipment represents a significant advancement in bulk trading for BHAT. This milestone not only underscores our commitment to expanding our presence in the international market, but also strengthens our financial position. We expect this achievement to drive further growth and open up additional opportunities for the Company.”
The Company believes that the proceeds from this shipment will increase its financial flexibility and enable further expansion in the precious metals market. BHAT remains focused on innovation and operational efficiency and continues to explore new market opportunities to strengthen its competitive position.
Forward-looking statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain because they are based on current expectations and assumptions regarding future events or the Company’s future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date they are made. In evaluating such statements, prospective investors should carefully consider the various risks and uncertainties discussed in this release and those discussed in the Company’s SEC filings, including its Annual Report on Form 20-F. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated by the forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: [email protected]
IR website: https://ir.bluehatgroup.com
