Shenzhen, China, July 28, 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, today provided updates on its blockchain and digital currency businesses.
As previously stated in a press release in December 2021, Meten Holding Group established joint venture Met Chain Co., Limited (“Met Chain”), which specializes in research and development (“R&D”), production and sales of cryptocurrency mining equipment. Since its inception, Met Chain has generated revenues of approximately $4.86 million selling cryptocurrency mining equipment and providing services for selling cryptocurrency mining equipment, despite falling cryptocurrency prices. The Company expects to see an increase in orders received by Met Chain and Met Chain is expected to generate revenues exceeding $20 million by the end of 2022.
As previously stated in a press release in February 2022, the company purchased 600 XP mining machines from Bitmain Technologies Ltd. with an overall computing power of around 100 PH/s. Some of these mining machines have been delivered and put into operation.
As part of the Company’s strategy to grow its metaverse business, the Company has set up an NFT department to focus on NFT-related investments, strategy and projects. The company is currently proactively seeking potential collaborations with well-known IP vendors.
Mr. Jason ZhaoChairman of Meten Holding Group, said, “We are thrilled to see these achievements in this challenging market and another approach to moving towards our metaverse initiative. Although the cryptocurrency market suffered from challenging microeconomic factors and tight monetary policies, Met Chain’s financial results reflected the company’s efforts and dedication to the cryptocurrency industry and our resolve to transforming ourselves into a thoroughly metaverse technology company. The creation of the NFT department is important and complementary to the transformation. Rejoice, we will continue to develop our business and look forward to further developing our business in the long term.”
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 is committed to developing blockchain-related business in North America, 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: future performance of Met Chain, the joint venture; the Company’s future development and ability to succeed in its new line of digital currency businesses; the continued impact of the COVID-19 pandemic and the emergence of new variants; the Company’s ability to attract students without a significant reduction in tuition fees; the Company’s ability to continue to hire, train and retain qualified teachers; the Company’s ability to maintain and improve our brands; the Company’s ability to effectively and efficiently manage the expansion of the Company’s school network and successfully execute the Company’s 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 the Company’s revenues and certain cost or expense items as a percentage of the Company’s 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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