Singularity Future Technology Expanding into New Internet Data Center (IDC) Facility in New Jersey; Strategic Location for Planned Distributed Storage Service Provider Business
Rhea-AI Summary
Singularity Future Technology Ltd. (NASDAQ: SGLY) is expanding into a new Internet Data Center facility in Cedar Knolls, New Jersey. This 300,000 square foot facility will serve as the foundation for the company's planned distributed storage center business, complementing its cryptocurrency and blockchain initiatives. CEO Yang "Leo" Jie highlighted the opportunity for growth and profitability in North America. The decision to locate in New Jersey was based on its business-friendly climate, cultural atmosphere, and access to skilled employees.
Positive
- Expansion into a new IDC facility in Cedar Knolls, NJ, supports growth strategy.
- Strategic location chosen for its business-friendly environment and access to qualified workforce.
- Opportunity to become a dominant distributed storage service provider in North America.
Negative
- None.
News Market Reaction – SGLY
On the day this news was published, SGLY gained 2.25%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
GREAT NECK, N.Y., March 21, 2022 /PRNewswire/ -- Singularity Future Technology Ltd. (the "Company") (NASDAQ: SGLY) announced it is expanding into a new Internet Data Center (IDC) facility in Cedar Knolls, New Jersey. The Company will join other leading companies at the 300,000 square foot facility.
Chief Executive Officer, Mr. Yang "Leo" Jie, commented, "This is another important step in Singularity Future Technology's ongoing strategy to accelerate our multi-year growth and profitability. We believe there is a highly attractive greenfield opportunity to leverage our technology expertise, customers and healthy financial position to become a dominant distributed storage service provider in North America. We plan to invest in this effort over the coming years as we layer on another growth vector of our growing cryptocurrency and blockchain-related businesses."
The new location will serve as the anchor for Singularity Future Technology's planned new distributed storage center business, with responsibility for the daily operation and maintenance of the data center, with secure remote data monitoring. New Jersey was selected after a thorough evaluation due to its business-friendly environment and climate, strong cultural atmosphere, and pool of highly qualified employees from both respected universities and leading scientific research institutions. New Jersey's adjacency to New York, and the facility's ability to accommodate commercial expansion all combined to make it an ideal location to serve as the foundation for building a large-scale data storage center.
The new IDC facility address is:
Singularity Future Technology Ltd.
9 Wing Drive
Cedar Knolls, NJ 07927
Phone: +1-718-888-1814
About Singularity Future Technology Ltd.(NASDAQ: SGLY)
On January of 2021, the Company changed its name from Sino-Global Shipping America, Ltd. to Singularity Future Technology Ltd. (NASDAQ: SGLY). Since 2020, it has been developing a presence in the revolutionized Blockchain supply management area by focusing on innovative solutions for globally interconnected networks and establishing state-of-the-art crypto mining pools. As the Blockchain landscape constantly shifts, the Company strives to provide frictionless involvement and a growth-enabling ecosystem for its clients in this ever-changing space. The Company is building on its long track record of success as a global logistics and ship management services company, founded in 2001 in New York, with subsidiaries in New York, Huston, Montreal, Hong Kong, Shanghai, and Ningbo, China. The Company has provided customers throughout the world with all of their shipping logistics and agency needs as a full-service provider. Additional information about the Company can be found on the Company's corporate website at www.sino-global.net.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include SGLY's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on SGLY's operations, the demand for SGLY's products and services, global supply chains and economic activity in general. Moreover, the value of cryptocurrencies may fluctuate significantly over time, and the success of the JV and its products are not assured. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. SGLY's SEC filings are available publicly on the SEC's website at www.sec.gov. SGLY disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Singularity Future Technology Ltd.
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