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WENZHOU, China, November 23, 2020 / PRNewswire / – ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), designer, engineer, manufacturer and supplier of high performance patented stainless steel and products for Carbon steel pipes used primarily for water and gas supplies, announced today that it intends to fund its wholly owned subsidiary, xSigma Corporation, which was originally created to focus on building, servicing, and enabling technologies in the blockchain ecosystem.
xSigma was originally created to give the Company the ability to develop innovative solutions to support its core operations while exploring new opportunities in the field of smart contracts, distributed ledgers, supply chain management and other efficiencies offered by the blockchain architecture. With the new financing, xSigma intends to shift its focus into the decentralized finance space, focusing on decentralized exchanges, stablecoins and lending protocols. The funded xSigma research lab is now actively working on its product ecosystem starting with its DeFi protocol. The ultimate goal is to build a range of financial tools and products for the burgeoning decentralized finance industry. XSigma plans to recruit a team of people who are at the forefront of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure.
Mr Jiancong Huang, President and CEO of the Company, said: “We are very excited to be able to inject capital into xSigma, signaling our commitment to the DeFi space which we will unveil its new vision, team and website in the coming days.”
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high performance carbon steel and stainless steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 28 patents, 21 trademarks, 2 Technical Achievement Awards and 10 National and Industry Standard Awards. ZK International is preparing to capitalize on the $ 850 billion commitment made by the Chinese government to improve water quality, which in its current state of supply is 70% unsuitable for human contact. ZK International is certified for Quality Management System (ISO9001), Environmental Management System (ISO1401) and a national stainless steel industrial manufacturing licensee that focuses on supplying steel piping for multi-billion dollar industries in the sectors of gas and water. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the “Water Cube” and the “Bird’s Nest”, venues of the 2008 Beijing Olympics. Emphasizing the superior properties and durability of its piping in steel, ZK International provides a solution for the supply of high quality, highly sustainable and environmentally friendly drinking water not only to the Chinese market but also to international markets such as Europe, East Asia and Southeast Asia.
For more information please visit www.ZKInternationalGroup.com. Also, follow the Company on Twitter, Facebook, Youtube, is Weibo. For more information on the Company’s SEC filings, please visit www.sec.gov.
About XSigma Corporation
XSigma Corporation, is a wholly owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, it launched xSigma as a research and development laboratory in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions. XSigma has since focused on decentralized finance, focusing on decentralized exchanges, stablecoins, and lending protocols. The research lab is now actively working on its product ecosystem starting with the DeFi protocol. The ultimate goal is to build a range of financial tools and products for the burgeoning decentralized finance industry. The assembled xSigma team is at the forefront of blockchain research and development that intersects decentralized finance, supply chain management, IoT and infrastructure. The DeFi protocol is one of the many decentralized finance projects that xSigma intends to launch in the next 12 months. It will power a growing network of DeFi products for corporate and consumer markets. For more information on xSigma, visit its website at www.xsigma.com and www.xsigma.fi
Safe Harbor Statement
This press 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, and as defined in the US Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “intend”, “could”, “estimate” or “continue” or its negative or other variations comparable type or terminology are intended to identify forward-looking statements. In addition, all statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties as well as other risk factors included in the Company’s filings with the US Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, each of the assumptions could prove to be inaccurate and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be construed as a declaration by ZK International or any other person that their goals or plans will be achieved. ZK International undertakes no obligation to revise any forward-looking statements contained herein to reflect events or circumstances after the date of this document or to reflect the occurrence of unforeseen events.
Investor contact:
Sherry Zheng
Weitian Group LLC
E-mail: [email protected]
Phone: +1 718-213-7386
SOURCE ZK International Group Co., Ltd.
Related links
www.ZKInternationalGroup.com
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