Ebang International Holdings Inc. Establishes Subsidiary in Australia in Preparation of Establishing Digital Asset Financial Service Platform

Rhea-AI Summary

Ebang International Holdings has established a wholly-owned subsidiary in Australia to enhance its digital asset financial services. The company is applying for an Australian financial service license to support its global expansion strategy in the blockchain sector. Chairman and CEO Dong Hu highlighted the opportunity to capture growth across the blockchain value chain. However, there are no guarantees of receiving necessary approvals for operations in Australia, raising caution among shareholders regarding reliance on the press release.

Positive

• Expansion into Australia for digital asset services.
• Application for an Australian financial service license to support growth.
• Strategic move to enhance blockchain-enabled financial services.

Negative

• No guarantee of receiving regulatory approvals or licenses.
• Uncertainty surrounding the commencement of proposed business operations.

HANGZHOU, China, Oct. 22, 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*, today announced that it has established a wholly-owned subsidiary in Australia as part of its growth strategy to build a digital asset financial service platform which is in the stages of preparation.

Mr. Dong Hu, Chairman and CEO of the Company, commented, “We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion.”

There is no guarantee that the Company will receive the requisite regulatory approvals and licenses to operate its proposed business in Australia in a timely manner or on commercially reasonable terms, or at all, or that the Company will commence the proposed business as planned, or at all. Shareholders are cautioned not to place undue reliance on this press release.

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 recent expansion has Ebang made in Australia?

Ebang has established a wholly-owned subsidiary in Australia to enhance its digital asset financial services.

What is Ebang's strategy in the blockchain industry?

Ebang aims to build a digital asset financial service platform while capturing growth opportunities along the blockchain value chain.

Is Ebang applying for any licenses in Australia?

Yes, Ebang is applying for an Australian financial service license as part of its growth strategy.

What risks are associated with Ebang's expansion in Australia?

There is no guarantee that Ebang will receive the necessary regulatory approvals to operate in Australia, which could impact their business plans.

What should shareholders be cautious about regarding Ebang's press release?

Shareholders should be cautious about relying too heavily on the press release due to uncertainties surrounding regulatory approvals and business commencement.