SHENZHEN, China, Sept. 1, 2021 /PRNewswire/ -- Meten EdtechX
Education Group Ltd. (Nasdaq: METX) ("Meten EdtechX" or the
"Company"), one of the leading omnichannel English language
training ("ELT") service providers in China, today announced that the Company
has adopted a new initiative to develop a blockchain and
cryptocurrency business (the "New Business Initiative") with the
goal of transitioning the Company into a new benchmark among
innovative enterprises.
The Company has been exploring the feasibility of blockchain and
cryptocurrency business beginning from 2020. As disclosed in a
series of press releases in 2021,
the Company had devised a blockchain technology strategic
plan, intended to introduce Dogecoin reward mechanism, and
applied non-fungible token ("NFT") for digital copyright in online
education. By leveraging the experience in applying blockchain
technology, NFT and Dogecoin reward mechanism on Likeshuo, the
Company plans to build a new business division and set up a
professional team to promote blockchain and
cryptocurrency business in the following two to three
months.
Pursuant to the New Business Initiative, the Company is
contemplating purchasing mining machines and NFT assets and placing
them into operation in the U.S. or Canada. The Company is also considering
building its own mining farm and is currently searching for
low-cost natural gas, oil mines and other suitable sites in
Canada. The Company expects to
provide mining operations and custodian services for other mining
service providers in the future. As of the date of this press
release, there is no definitive agreement entered into by the
Company related to the New Business Initiative, nor is there any
assurance that the New Business Initiative could be successfully
implemented.
Alan Peng, Chief Executive
Officer of Meten EdtechX, commented: "Our New Business Initiative
will be built upon the traction we are already seeing in our past
research and preparation of blockchain and cryptocurrency business.
After an in-depth research and exploration in the crypto world,
with the resources and talents of the Company, we are committed to
building a professional team to explore the blockchain and
cryptocurrency business while maintaining our core adult ELT
business. We believe this move will help us create a new ecosystem
in the fast-evolving Internet industry and give us the
opportunity to increase our growth potentials and broaden our
vision."
About Meten EdtechX
Meten EdtechX is one of the leading ELT service providers in
China, delivering English language
and skills training for Chinese students and professionals. Through
a sophisticated digital platform and a nationwide network of
learning centers, the Company provides its services under three
industry-leading brands: Meten (adult and junior ELT services), ABC
(primarily junior ELT services) and Likeshuo (online ELT). The
Company offers superior teaching quality and student satisfaction,
served by cutting edge technology deployed across its business,
including AI-driven centralized teaching and management systems
that record and analyze learning processes in real time.
The Company is committed to improving the overall English
language competence of the Chinese population to keep abreast of
the rapid development of globalization. Its experienced management
is focused on further developing its digital platform and expanding
its network of learning centers to deliver a continually evolving
service offerings to a growing number of students across
China.
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 successful implementation of the new
business initiative to develop blockchain and cryptocurrency
business; the impact of the COVID-19 outbreak, our ability to
effectively and efficiently execute our growth strategy; the
outcome of ongoing, or any future, litigation or arbitration,
changes in our revenues and certain cost or expense items as a
percentage of our revenues; Chinese governmental policies relating
to private educational, cryptocurrency or blockchain services
and providers of such services; health epidemics and other
outbreaks in China; and general
economic conditions in China.
Further information regarding these and other risks is included in
our annual report on Form 20-F and other documents filed with the
U.S. Securities and Exchange Commission. 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 EdtechX Education Group Ltd.