Antelope Enterprise Announces its Plan to Launch Energy Transmission Business and Appoints Management Team to Spearhead Such Initiative
Antelope Enterprise Holdings (NASDAQ: AEHL) announced plans to launch an energy transmission business in the US. The company appointed new executives to lead this initiative, including Mr. Huoyou Zhang and Mr. Di Wu. AEHL US, a subsidiary, is developing the energy transmission business in Texas, aiming to supply power to a data center by the third quarter of 2024. The company also plans to generate revenue by hosting cryptocurrency mining operations. The leadership team, with extensive experience in finance and technology, is expected to drive the success of this new venture.
Antelope Enterprise diversifying its business portfolio by entering the energy transmission sector.
The company appointing experienced executives like Mr. Huoyou Zhang and Mr. Di Wu to lead the new initiative.
AEHL US taking steps to develop the energy transmission business, including sourcing natural gas and procuring electricity generators in Texas.
The company planning to supply power to a data center in Midland, Texas, and generate revenue by hosting cryptocurrency mining operations.
The leadership team's extensive experience in finance and technology is expected to ensure the success of the new energy transmission business.
Potential risks associated with entering a new sector and developing a new business model.
Market competition in the energy transmission sector may impact the company's profitability.
Uncertainties surrounding the success of hosting cryptocurrency mining operations to generate revenue.
The resignation of Mr. Qiguo Wang from the Company's Board may raise concerns among investors.
NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a livestreaming ecommerce business in China with access to 800,000+ hosts and influencers, announced today that its plan to launch its energy transmission business.The Board appointed Mr. Huoyou Zhang as an Executive Director to the Company’s Board of Directors, effective April 26, 2024, and Mr. Di Wu as a Director and President of its operating subsidiary to lead this new business. Also, Mr. Qiguo Wang resigned from the Company’s Board, effective April 26, 2024, for personal reasons.
The Company’s new business of energy transmission is being operated via its wholly owned subsidiary, AEHL US LLC (“AEHL US”). AEHL US has taken preliminary steps in developing this business including engaging a broker to source natural gas from natural gas provider in Texas and the procurement of electricity generators. AEHL US plans to supply power to a data center in Midland, Texas. The Company anticipates that its energy transmission business will start operation in the third quarter of 2024. The Company also plans to generate revenue by securing hosting sites for cryptocurrency mining operators as it leverages anticipated cost-effective electricity costs.
To spearhead the Company’s new business initiative, the Company has retained an experienced leadership team including Mr. Houyou Zhang and Mr. Di Wu. Mr. Houyou Zhang has been appointed to be an Executive Director with responsibility to help formulate and implement the Company’s growth strategy for its energy transmission business.
“We welcome Mr. Zhang to our Board and are confident that he will make a positive contribution to the Company. We believe that both Mr. Zhang and Mr. Wu have the knowledge and expertise that will ensure the success of our new energy transmission business,” said Chairman and CEO Will Zhang of Antelope Enterprise.
“We believe that there is a prosperous future ahead for the development of what we believe is an innovative electricity supply solution. The boom in the AI industry as well as cryptocurrency mining has led to a gap in the power supply and we believe that we can develop a cost-effective structure to bridge this gap.” CEO Will Zhang concluded.
Mr. Houyou Zhang has been appointed to be an Executive Director of the Company with responsibility to help formulate and implement the Company’s growth strategy for its energy transmission business, effective April 26, 2024. Mr. Zhang is also a Director at YiXiang International LLC which he has been since March 2023, where he secures projects for investment. From 2017 to 2022, Mr. Zhang was the Chairman of Shanghai KKM Asset Management Co. Ltd., a firm that he founded, which engages in investment and asset management. Mr. Zhang is experienced in quantitative trading in China with 20 years of experience in the finance industry, and he has published widely on finance and investments. Mr. Zhang received a Bachelor’s degree in Engineering from Sichuan University in 2002.
Mr. Di Wu is being appointed as the Director and President of AEHL US. Prior to this appointment, Mr. Wu was Deputy General Manager of Shanghai Kunjing Cloud Co., Ltd. Since 2020, where he was responsible for mobile charging energy storage, its EV charging business and has participated in edge computing data centers and an Internet of Things aggregation business. From 2016 to 2020, Mr. Wu was Deputy General Manager of Wuxi Chenyun Technology Co., Ltd., where he was in charge of operations and cloud business product design. Mr. Wu currently indirectly owns
Mr. Qiguo Wang, a director of the Company’s Board, tendered his resignation effective April 26, 2024. Mr. Wang’s resignation was for personal reasons and not due to any disagreements with the Company on any matter related to the operations, policies or practices of the Company.
Chairman and CEO Will Zhang of Antelope Enterprise commented, “We thank Mr. Wang for his contributions to the Company and we wish him the best of success in all of his future endeavors.”
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited holds a
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC technology sectors continuing to exhibit sound long-term fundamentals, and our ability to continue to grow our business management, information system consulting, and livestreaming ecommerce business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Source: Antelope Enterprise Holdings Limited
Contact Information:
Antelope Enterprise Holdings Limited
Edmund Hen, Chief Financial Officer
Email: info@aehltd.com
Precept Investor Relations LLC
David Rudnick, Account Manager
Email: david.rudnick@preceptir.com
Phone: +1 646-694-8538
FAQ
What is Antelope Enterprise Holdings 's stock symbol?
When does the company plan to start its energy transmission business operation?
Who was appointed as an Executive Director to Antelope Enterprise's Board of Directors?
What is the name of Antelope Enterprise's wholly owned subsidiary operating the energy transmission business?
