Meten Holding Group Ltd. Announces Strategic Alliance to Explore Opportunities in Blockchain and Digital Currency Industries

SHENZHEN, China, March 16, 2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), one of the leading omnichannel English language training ("ELT") service providers in China, announced that it had entered into a strategic cooperation agreement (the "Agreement") on March 8, 2022 with Global Blockchain, Inc. ("Global Blockchain"), a digital currency company engaging in digital currency mining, investment, construction, and operation of digital currency mining farms and other business, for the purpose of sharing resources and exploring market opportunities in the blockchain and digital currency industries.

Pursuant to the Agreement, both parties expect to establish a long-term information communication mechanism to conduct industry research and share research results. Additionally, Global Blockchain has agreed to supply digital currency mining rig storage units that have been put in operation by the Company. Meten Holding Group has agreed to take part in the construction, operations, and other businesses of digital currency mining farms together with Global Blockchain. Both parties also intend to invest in the construction of a digital currency mining farm in the U.S. with expected capacity of 5 to 10 megawatts ("MW").  

Mr. Alan Peng, Chief Executive Officer of Meten Holding Group, commented, "We are pleased to cooperate with Global Blockchain as we keep expanding our blockchain and digital currency business in the U.S. This cooperation will help us stay informed in the fast-evolving blockchain and digital currency industries and stay close to the industry development trend. Through leveraging this relationship, we are gaining confidence to grow our blockchain and digital currency business and create value for our shareholders."

About Global Blockchain, Inc.

Global Blockchain, Inc. mainly engages in digital currency mining, investment, construction, and operation of digital currency mining farm and other business.

About Meten Holding Group Ltd.

Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is one of the leading omnichannel 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.

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 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 future development of and the Company's ability to succeed in its new line of business in cryptocurrency and blockchain industry; the continuing impact of the COVID-19 pandemic and the emergence of new variants; our ability to attract students without a significant decrease in course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and enhance our brands; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training sector 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 language training and private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. 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 investor and media inquiries, please contact:

Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com

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SOURCE Meten Holding Group Ltd.