Ebang International Holdings Inc. Acquires Exclusive Authorization of Patent Technology in Korea

Rhea-AI Summary

Ebang International Holdings Inc. (Nasdaq: EBON) announced a technology license agreement with Circle Line International Limited on November 27, 2020, granting Ebang exclusive rights to a Korean patent (Korean Patent Reg. No. 10-2137956). This patent, related to AsicBoost technology, enhances Bitcoin mining efficiency by approximately 20%. Ebang’s Chairman and CEO, Dong Hu, emphasized that this acquisition supports the company’s strategy to enhance its Bitcoin mining machines and maintain competitive market positioning.

Positive

• Acquisition of exclusive rights to Korean Patent Reg. No. 10-2137956 enhances mining efficiency by approximately 20%.
• Strengthens Ebang's position in the competitive Bitcoin mining market.

Negative

• None.

HANGZHOU, China, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019*, announced that the Company has entered into a technology license agreement (the “Agreement”) with Circle Line International Limited (“CL”) on November 27, 2020 to obtain CL’s exclusive license of its proprietary patent, Korean Patent Reg. No. 10-2137956, in Korea. Pursuant to the Agreement, CL grants the Company exclusive right to use the patent in Korea and export the product from Korea to other countries.

Mr. Dong Hu, Chairman and CEO of the Company, commented, “We are excited to acquire the exclusive authorization of Korean Patent Reg. No. 10-2137956 from CL. The core of this patent is AsicBoost, a method that can increase performance of Bitcoin mining by about 20%. The performance gain is achieved through a high-level optimization of the Bitcoin mining algorithm which allows for drastic reduction in gate count on the mining chip. The exclusive authorization of this patent reflects our determination to continue to protect the legitimate rights and interests of patent holders and strive to maintain fair market competition, and is expected to lay a solid foundation for the Company’s continuous offering of leading Bitcoin mining machines.”

About Ebang International Holdings Inc.

Ebang International Holdings Inc. is a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019*, with strong application-specific integrated circuit (ASIC) chip design capability underpinned by nearly a decade of industry experience and expertise in the telecommunications business. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a fully-licensed digital asset financial service platform to provide professional, convenient and innovative trading services. For more information, please visit https://ir.ebang.com.cn/.

*According to an industry report prepared by Frost & Sullivan in 2019

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations Contact

For investor and media inquiries, please contact:

Ebang International Holdings Inc.
Email: ir@ebang.com.cn

Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com

FAQ

What is the significance of Ebang's technology license agreement with Circle Line International Limited?

The agreement allows Ebang to use and export a Korean patent that improves Bitcoin mining efficiency by around 20%, enhancing its product offerings.

When was the technology license agreement with Circle Line International Limited signed?

The agreement was signed on November 27, 2020.

What impact does the new patent have on Ebang's Bitcoin mining machines?

The patent allows for a significant improvement in mining performance, potentially increasing Ebang's competitiveness in the market.

What is AsicBoost technology mentioned in Ebang's press release?

AsicBoost is a method that optimizes Bitcoin mining algorithms, increasing performance by reducing gate counts on mining chips.

How does this agreement benefit Ebang and its investors?

The agreement is expected to solidify Ebang's market position and enhance the performance of its Bitcoin mining machines, which could lead to increased sales and revenue.