SHENZHEN, China, May 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, announced that it had entered
into a memorandum of understanding (the "MOU") on April 18, 2022 with Tokenomics Digital Tech
Corporation ("TDTC"), a company engaging in digital currency
mining, operation, and management services, to further develop
digital currency related businesses, including custodian services
of mining machines, third-party services in digital currency, and
mergers and acquisitions ("M&A") of digital currency
companies.
Pursuant to the MOU, TDTC agrees to provide custodian services
at the mining farms owned or operated by TDTC for the mining
machines owned by the Company, which include investment planning,
mining machines acquisition, logistics, custom clearing, supply
chain support, mining machine operation, computing power
monitoring, maintenance, and related financing services.
Both parties also agreed to cooperate in providing services to
third-party investors interested in investing in digital currency
by jointly establishing new funds or providing investment advice.
The Company expects to expand the investor base by establishing
relationships with potential investors, such as dollar-based
investment funds, high net worth individuals, family office, and
companies that are interested in digital currency. The minimum
investment from each investor is $1
million.
As part of the MOU, both parties agree to cooperate in the
Company's acquisition of high-quality digital currency companies,
by leveraging TDTC's advantages in business planning, valuation and
management, and the Company's advantages in capital markets. A
potential target company in digital currency mining needs to own a
minimum of 1,000 mining machines or have a minimum valuation of
$5 million in the U.S. and other
regulation complied regions. TDTC agrees to provide information on
potential targets, advise on financial due diligence and valuation,
and support the Company in the process of negotiations. As of the
date hereof, the Company has not identified any acquisition
target.
Mr. Alan Peng, Chief Executive
Officer of Meten Holding Group commented, "We are pleased to
cooperate with TDTC as we continue to dig into the digital currency
business. TDTC has extensive experience in the digital currency
industry and we believe that its expertise will complement our
business initiatives and help us succeed. Through cooperation on
various subjects, we are confident that we can keep expanding our
business and thrilled about the potential to acquire more valuable
assets. Our goal is to become one of the leading companies in the
digital currency industry."
About Tokenomics Digital Tech Corporation
Tokenomics Digital Tech Corporation has a complete digital
currency mining business system, business in the U.S., Kazakhstan, and Europe, and rich operation experience in the
industry. Tokenomics Digital Tech Corporation intends to provide
long-term digital currency mining management services to
international institutional investors.
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 engages
in blockchain related businesses in North
America and Southeast Asia
(excluding China), 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 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.