BEIJING, Sept. 30, 2020
/PRNewswire/ -- AirNet Technology Inc., formerly known as
AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), an
in-flight solution provider on connectivity, entertainment, and
digital multimedia in China, today
announced that it has entered into an equity purchase framework
agreement (the "Agreement") with BitGeek
Information Technology Co., Ltd. ("BitGeek") and BitGeek's
shareholders, independent third parties of the Company, to purchase
100% of the equity interests in BitGeek with an issuance of
ordinary shares of the Company to BitGeek's shareholders. Details
pertaining to the purchase will be further discussed and stipulated
in a binding agreement among the parties after completion of the
valuation of BitGeek.
Mr. Herman Guo, the Chairman and
CEO of the Company, commented "The acquisition of the equity
interest in BitGeek will align the Company with the swift
advancements of the blockchain technology as well as equipment
specifically designed and applications tailored specifically for
cloud computing and supercomputing. Combined with the its
industrial acumens, the new alignment shall expand and broaden the
Company's ability to provide blockchain empowered solutions to its
existing and potential clients."
There is no assurance that a binding agreement will be entered
into by the parties as contemplated under the Agreement on
commercially reasonable terms, or at all. Shareholders and
investors are cautioned not to place undue reliance on this press
release.
About BitGeek Information Technology Co., Ltd.
BitGeek is a vanguard in providing blockchain empowered
infrastructures and technologies. Devoted to cloud computing and
supercomputing as well as R&D in blockchain technology, BitGeek
provides supercomputing facilities, equipment specifically designed
for supercomputing, and technical and maintenance services for
supercomputing facilities.
About AirNet Technology Inc.
Incorporated in 2007 and headquartered
in Beijing, China, AirNet provides in-flight solutions to
connectivity, entertainment and digital multimedia in China.
Collaborating with its partners, AirNet empowers Chinese airlines
with seamlessly immersive Internet connections through a network of
satellites and land-based beacons, provides airline travelers with
interactive entertainment and a coverage of breaking news, and
furnishes corporate clients with advertisements tailored to the
perceptions of the travelers. For more information, please visit us
at http://ir.ihangmei.com.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of 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," "is expected to," "anticipates," "aim," "future,"
"intends," "plans," "believes," "are likely to," "estimates,"
"may," "should" and similar expressions. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements are based upon management's current expectations and
current market and operating conditions, and involve inherent risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company's control, which may cause its
actual results, performance or achievements to differ materially
from those in the forward-looking statements. Potential risks and
uncertainties include, but not limited to the following: its
ability to achieve and maintain profitability; its ability to
continuously improve its solutions and services enabling inflight
connectivity; its ability to compete effectively against its
competitors; the expected growth in consumer spending, average
income levels and advertising spending levels; the growth of the
inflight connectivity industry in China; and government policies affecting the
inflight connectivity industry in China. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
Company Contact
Yan Liu
Director, Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
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SOURCE AirNet Technology Inc.