Meten Holding Group Ltd. announces strategic alliance to further develop digital currency business
Shenzhen, China, May 11, 2022 /PRNewswire/ — Meten Holding Group Ltd. (“Meten Holding Group” or the “Company”) (NASDAQ: METX), an omnichannel training company headquartered in China providing language and workplace training services and actively developing metaverse, blockchain and cryptocurrency mining businesses, announced that it had entered into a memorandum of understanding (the “MOU”) on April 18, 2022 with Tokenomics Digital Tech Corporation (“TDTC”), a company specializing in digital currency mining, mining and management services, to further develop digital currency business, including machine custodial services mining, third-party digital currency services, and mergers and acquisitions (“M&A”) of digital currency companies.
Pursuant to the Memorandum of Understanding, TDTC agrees to provide custodial services at TDTC-owned or operated mining farms for Company-owned mining machinery, which includes investment planning, mining machinery acquisition, logistics, customs clearance, supply chain support, mining machinery operation. , computing power monitoring, maintenance and related financing services.
The two parties have also agreed to cooperate in providing services to third-party investors interested in investing in digital currency by jointly establishing new funds or providing investment advice. The company plans to expand the investor base by building relationships with potential investors, such as dollar investment funds, high net worth individuals, family offices, and businesses interested in digital currency. The minimum investment for each investor is $1 million.
Under the MOU, both parties agree to cooperate in the Company’s acquisition of high-quality digital currency companies, leveraging TDTC’s advantages in planning, valuation and activities, and the advantages of the company in the capital markets. A potential target company in digital currency mining must own a minimum of 1,000 mining machines or have a minimum valuation of $5 million in the United States and other regulatory compliant regions. TDTC is committed to providing information on potential targets, advising on financial due diligence and valuation, and supporting the Company in the negotiation process. To date, the Company has not identified any acquisition target.
Mr. Alan PengCEO of Meten Holding Group, said, “We are delighted to cooperate with TDTC as we continue to dig into the digital currency industry. TDTC has extensive experience in the digital currency industry and we believe their expertise will complement our business initiatives and help us succeed. Through cooperation on various topics, we are confident that we can continue to grow our business and excited about the potential to acquire more valuable assets. Our goal is to become one of the leading companies in the digital currency industry.
About Tokenomics Digital Tech Corporation
Tokenomics Digital Tech Corporation has a complete digital currency mining trading system, in the United States, Kazakhstanand Europe, and rich operating experience in the industry. Tokenomics Digital Tech Corporation intends to provide long-term digital currency mining management services to international institutional investors.
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is an omnichannel education company headquartered in China offering language and workplace training services. In addition to its training services, Meten Holding Group is actively developing metaverse, blockchain and cryptocurrency mining businesses to align with its future business development strategy. Meten Holding Group engages in blockchain-related business in North America and South East Asia (excluding China), including mining cryptocurrency, building mining farms, and operating a mining pool and data center. Meten Holding Group is actively exploring metaverse business such as Metaverse professional training courses with its competitive advantages and technology.
For more information, please visit: https://investor.metenedu-edtechx.com/.
Safe Harbor Statement
This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “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 company’s future development and ability to succeed in its new line of business in the cryptocurrency and blockchain industry; the continued impact of the COVID-19 pandemic and the emergence of new variants; our ability to attract students without significantly lowering tuition fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and improve our brands; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of any pending or future litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training industry in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese English training and private education market; Chinese government policies relating to private educational services and providers of such services; health epidemics and other epidemics in China; and general economic conditions in China. The Company undertakes no obligation to update any forward-looking statement, except as required by applicable law. All information provided in this press release and in the attachments speaks as of the date of this press release, and the Company assumes no obligation to update such information except as required by applicable law.
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