Meten Holding Group Announces Strategic Partnership with AGM Group Holdings Inc. for Blockchain and Cryptocurrency Mining Business
Meten Holding Group Ltd. (NASDAQ: METX) announced a strategic cooperation agreement with AGM Group Holdings Inc. (NASDAQ: AGMH) to enhance its blockchain and cryptocurrency mining business. This partnership involves joint research and development of blockchain applications and an initial order for AGMH's cryptocurrency mining machines. Meten aims to leverage AGMH's technology to strengthen its position in the blockchain space while continuing its core business in English language training in China.
- Strategic partnership with AGM Group to boost blockchain initiatives.
- Initial order for cryptocurrency mining machines enhances operational capabilities.
- Leveraging AGMH's advanced technology to advance blockchain applications.
- Reliance on successful implementation of new business initiatives poses risks.
- Exposure to regulatory changes in China affecting cryptocurrency services.
SHENZHEN, China, Oct. 28, 2021 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten" or the "Company") (NASDAQ: METX), one of the leading omnichannel English language training ("ELT") service providers in China with a strategic plan in developing its blockchain and cryptocurrency mining business, today announced that it entered into a strategic cooperation agreement (the "Agreement") with AGM Group Holdings Inc. ("AGMH") (NASDAQ: AGMH), an integrated technology company focusing on fintech software services and high-performance hardware and computing equipment manufacturing, to accelerate the development Meten's blockchain and cryptocurrency mining business.
Pursuant to the Agreement, both parties agree to primarily cooperate on the research and development of blockchain applications and the establishment of a supply chain for cryptocurrency mining business. The Agreement contains an initial order of AGMH's cryptocurrency mining machines from Meten and an option for Meten to purchase additional machines later.
Mr. Jason Zhao, Co-Founder and Executive Director of Meten, commented: "We are thrilled to be working with AGMH, a company with excellent design and production capabilities of sophisticated high-performance chipsets and equipment. AGMH, through its strategic partnership with HighSharp (Shenzhen Gaorui) Electronic Technology Co., Ltd., has upgraded its R&D capabilities and built a team of engineers with expertise in blockchain and related technologies. Leveraging AGMH's advanced technology, experienced team and superior quality miners, we believe our partnership will accelerate Meten's development in the field of blockchain and cryptocurrency and further unlock the full potential of our new business initiatives, putting us on the best path to success."
About Meten Holding Group Inc.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is one of the leading omnichannel English language training ("ELT") service providers in China, delivering English language and skills training for Chinese students and professionals. In addition to strengthening its position in the ELT service industry in China, Meten actively explores the blockchain and cryptocurrency mining business outside China, with a long-term goal of creating value across the cryptocurrency industry. Meten expects to engage in businesses related to blockchain and metaverse in North America and other countries and areas around the world (not including China), including cryptocurrency mining, mining farm construction, and mining pool and data center operation. The Company is committed to strengthen its competitive position in the industry and to be a leading technology driven blockchain and metaverse company.
For more information, please visit: https://investor.metenedu-edtechx.com.
About AGM Group Holdings Inc.
Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment. AGMH's mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com.
Forward Looking Statements
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 more information, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
View original content:https://www.prnewswire.com/news-releases/meten-holding-group-announces-strategic-partnership-with-agm-group-holdings-inc-for-blockchain-and-cryptocurrency-mining-business-301410685.html
SOURCE Meten Holding Group Ltd.
FAQ
What is the significance of the partnership between Meten and AGM Group?
What products will Meten be acquiring from AGM Group?
How does this agreement impact Meten's business strategy?
What is the potential risk associated with Meten's new business venture?
