SHENZHEN, China, Jan. 11, 2022 /PRNewswire/ -- Meten Holding Group
Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), one
of the leading omnichannel English language training ("ELT")
service providers in China, today
announced that it had started preliminary trial operation of the
cryptocurrency mining business in Pennsylvania, U.S. Currently, the Company has
procured 147 cryptocurrency mining machines with approximately
total computing power of 14P, which have been put into commercial
trial operation in Pennsylvania,
U.S.
As part of the previously announced strategic partnership with
AGM Group Holdings Inc. ("AGMH") (Nasdaq: AGMH), the Company
purchased cryptocurrency mining machines from AGMH. Recently, AGMH
has delivered 1,335 units of Bitcoin
mining machines to the Company. In conjunction with the
delivered units, the Company will be scaling up its mining machines
to increase computing power capacity to reach 135P. The Company
expects to have all miners are fully operational in January 2022, signaling the start of official
operation of the cryptocurrency mining business.
Involving the cryptocurrency mining business is one of the
Company's strategic plans to transform into a "Metaverse Technology
Company" and this business is running smoothly at present. In
addition, the Company has now started to build mines in
Canada and the U.S. Looking
forward, the Company expects to operate its mining business in
these to-be-build mines in North
America and provide custody services for other global mining
units.
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX
Education Group Ltd., is one of the leading omnichannel English
language training ("ELT") service providers in China, delivering English language and skills
training for Chinese students and professionals. In addition to
strengthening its position in the ELT service industry in
China, Meten actively explores the
blockchain and cryptocurrency mining business outside China, with a long-term goal of creating value
across the cryptocurrency industry. Meten expects to engage in
businesses related to blockchain and metaverse in North America and other countries and areas
around the world (not including China), including cryptocurrency mining,
mining farm construction, and mining pool and data center
operation.
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 business in
cryptocurrency and blockchain industry; 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.