SHENZHEN, China, July 11,
2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten
Holding Group" or the "Company") (NASDAQ: METX), an
omnichannel training company headquartered in China providing language and workplace
training services and actively developing metaverse, blockchain and
cryptocurrency mining businesses, today provided updates on its
joint venture for the development of its cryptocurrency mining
business, Met Chain Co., Limited ("Met Chain").
As previously disclosed in a press release in December 2021, Meten Holding Group established
the joint venture, Met Chain, specializing in the research and
development ("R&D"), production, and sales of cryptocurrency
mining equipment.
As a result of its continuous efforts, the Met Chain's R&D
team successfully developed its proprietary Apaqi High-Performance
Server Acceleration Card ("Acceleration Card") that can be inserted
into the motherboard of a mining machine to improve its computing
power. Currently, the market size of the global server market is
over US$100 million, and Meten believes that, with the launch of the
Acceleration Card, Met Chain will be able to successfully compete
in this market.
Met Chain has tested the Acceleration Card on the Company's
mining machines internally and received satisfactory results. Met
Chain is preparing for mass production of the Acceleration Card and
has entered into a strategic cooperation agreement with a
third-party, who agreed to purchase the Acceleration Cards with a
total value of no less than RMB10
million within one year from the date of the strategic
cooperation agreement, upon satisfaction of certain conditions
specified in that agreement. Meten
believes that the technology breakthrough that is the
Acceleration Card will increase Met Chain's competitive strengths
in the cryptocurrency industry as Met Chain is seeking additional
buyers for its cryptocurrency mining equipment.
Mr. Jason Zhao, Chairman of Meten
Holding Group, commented, "We are more than delighted to see the
debut of the Acceleration Card developed by Met Chain's R&D
team. The Acceleration Card stands as our first achievement since
establishing Met Chain and adds value to our business strategy in
blockchain and cryptocurrency. We believe that this further
reflects the value of our initial investments in R&D,
technology, and equipment and will support the Company's planned
growth in its new businesses. We would not have achieved such
thrilling breakthroughs without the hard work of the brilliant Met
Chain's R&D team. This is only one of our initial steps in the
Company's exploration of the cryptocurrency and mining machine
business. We will continue with our future developments in products
and services and market expansion in the industry."
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX
Education Group Ltd., is an omnichannel training company
headquartered in China providing
language and workplace training services. In addition to its
training services, Meten Holding Group actively develops metaverse,
blockchain and cryptocurrency mining businesses to align with its
future business development strategy. Meten Holding Group is
committed to developing blockchain related businesses in
North America, including
cryptocurrency mining, mining farm construction, and mining pool
and data center operation. Meten Holding Group actively explores
metaverse business, such as Metaverse vocational education courses,
with its competitive advantages and technology.
For more information, please
visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking statements that
involve risks and uncertainties. These statements are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the future development of and the
Company's ability to succeed in its new line of digital currency
business; the continuing impact of the COVID-19 pandemic and the
emergence of new variants; our ability to attract students without
a significant decrease in course fees; our ability to continue to
hire, train and retain qualified teachers; our ability to maintain
and enhance our brands; our ability to effectively and efficiently
manage the expansion of our school network and successfully execute
our growth strategy; the outcome of ongoing, or any future,
litigation or arbitration, including those relating to copyright
and other intellectual property rights; competition in the English
language training sector in China; changes in our revenues and
certain cost or expense items as a percentage of our revenues; the
expected growth of the Chinese English language training and
private education market; Chinese governmental policies relating to
private educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic
conditions in China. The Company does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of this press release, and the
Company undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
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SOURCE Meten Holding Group Ltd.