Canaan Inc. Announces the Departure of Two of Its Directors
Canaan Inc. (NASDAQ: CAN) announced the departure of Mr. Jianping Kong and Mr. Qifeng Sun from its Board of Directors effective July 31, 2020. Neither will stand for re-election. The company expressed gratitude for their contributions. Established in 2013, Canaan specializes in high-performance computing solutions, notably in AI chip technology. Canaan aims for continued advancements in AI chips and algorithm development. The company remains committed to its strategic goals despite market uncertainties surrounding cryptocurrency demand and competition.
- Continued focus on research and development of AI technology.
- Established a reputation for technological breakthroughs, such as the K210 AI chip.
- Uncertainties surrounding demand for cryptocurrency products.
- Potential impacts from competition in the Chinese market.
HANGZHOU, China, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that Mr. Jianping Kong (“Mr. Kong”) and Mr. Qifeng Sun (“Mr. Sun”) no longer serve as directors on the board of the directors of the Company (the “Board”) upon the expiration of their respective terms of office on July 31, 2020.
Mr. Kong and Mr. Sun will not seek appointments nor stand for elections to the Board following the expiration of their respective terms of office.
The Company would like to express its gratitude to Mr. Kong and Mr. Sun for their long-term contributions to the Company and wish them well in their future endeavors.
About Canaan Inc.
Established in 2013, Canaan Inc. provides high-performance computing solutions to efficiently solve complex problems. In 2016, Canaan successfully initiated the production of its first 16nm chip and passed the test to receive China's national high-tech enterprise certification. In 2018, Canaan achieved major technological breakthroughs to launch the K210, the world's first-ever RISC-V-based edge artificial intelligence (AI) chip, which is now widely used for access control in situations such as smart door locks and more. Canaan Inc. is currently focused on the research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Using the AI chip as its base, Canaan Inc. has established an intellectual value chain. Canaan Inc. also provides a suite of AI service solutions and is able to tailor these solutions to the needs of its partners. For more information, please visit: investor.canaan-creative.com.
Safe Harbor Statement
This announcement contains forward−looking statements. 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. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. 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 Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.
Investor Relations Contact
Canaan Inc.
Mr. Shaoke Li
Tel: +86-137-5090-0683
Email: IR@canaan-creative.com
ICR Inc.
Jack Wang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
FAQ
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