SHENZHEN, China, July 28,
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
blockchain and digital currency business.
As previously disclosed in a press release in December 2021, Meten Holding Group established
the joint venture, Met Chain Co., Limited ("Met Chain"),
specializing in the research and development ("R&D"),
production, and sales of cryptocurrency mining equipment. Since its
formation, Met Chain has generated revenue of approximately
US$4.86 million from sales of
cryptocurrency mining equipment and providing cryptocurrency mining
equipment sales services, despite the tumbled prices of
cryptocurrencies. The Company expects to see an increase in the
orders Met Chain receives and Met Chain is expected to generate
revenue exceeding US$20 million by
the end of 2022.
As previously disclosed in a press release in February 2022, the Company purchased 600 XP
mining machines from Bitmain Technologies Ltd. with an aggregate
computing power of approximately 100PH/s. Some of these mining
machines have been delivered and put into operation.
As a part of the Company's strategy to develop its metaverse
business, the Company has established an NFT department to focus on
NFT-related investment, strategy, and projects. The Company is
current proactively seeking potential collaborations with
well-known IP providers.
Mr. Jason Zhao, Chairman of Meten
Holding Group, commented, "We are excited to see these achievements
in this challenging market and another approach to move toward our
metaverse initiative. Although the cryptocurrency market suffered
from difficult microeconomic factors and tightening monetary
policies, the financial results of Met Chain reflected the
Company's efforts and dedication to the cryptocurrency business and
our resolution to transform into a metaverse technology company
thoroughly. The establishment of the NFT department is significant
and complementary to the transformation. Look forward, we will
continue the development in our business and look forward to
growing our business further in the long term."
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 performance of Met Chain, the
joint venture company; 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; the Company's ability to attract students without a
significant decrease in course fees; the Company's ability to
continue to hire, train and retain qualified teachers; the
Company's ability to maintain and enhance our brands; the Company's
ability to effectively and efficiently manage the expansion of the
Company's school network and successfully execute the Company's
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 the Company's revenues and
certain cost or expense items as a percentage of the Company's
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.