Sino-Global Shipping America, Ltd. today announced it has signed a nonbinding letter of intent to acquire Clamour, Southeast Asia’sfirst online high-end artworks and collections trading platform. Upon entering a definitive purchase agreement, Sino-Global expects to acquire 100% of Clamour’s equity interest for approximately $3 million dollars in cash and stock.
Clamour offers considerable advantages to buyers and sellers over traditional auction houses. This includes Clamour’s lower commission, flexible pricing, secured payment through smart contract with blockchain technology, and secured intellectual property. Clamour also curates art collections that belong to its customers. Blockchain servers track each transaction, payment and order details. All artwork listing information and history is stored on blockchain, with each listing encrypted and serving as a blockchain node. Headquartered in Singapore, Clamour also operates in Hong Kong, Indonesia and China.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented, “We are very excited about the opportunity with Clamour. We are also pleased to have structured this transaction as a cash and stock deal, which will help incentivize the Clamour team to continue its aggressive growth drive. The Clamour team has built a leading platform based on blockchain, with the potential to further expand market share, as Clamour builds on its market position in Southeast Asia. The art trading market is known to be highly fragmented with recuring quality, security and product integrity issues. Clamour addresses these critical issues with its simple to use but elegant digital platform. We are also excited about working together to bring NFT technology to Clamour’s platform.”
Mr. Lei Cao, continued, “Sino-Global has already made a series of investments in blockchain infrastructure and NFT companies, as we expand our capabilities and extend our reach. We are eager to integrate Clamour into our network alongside our other assets and partners, including our CyberWorld V0.1 NFT platform, which is already providing a critical link between the virtual blockchain world and the physical world.”
About Sino-Global Shipping America, Ltd.
Founded in the United States in 2001, Sino-Global Shipping America, Ltd. has been diversifying into the cryptocurrency and NFT (non-fungible tokens) markets, while continuing to support and grow its core shipping, chartering, logistics and related services business. Headquartered in New York, Sino-Global has offices in Los Angeles, Mainland China, Australia, Canada and Hong Kong.