Benzinga | Sep 30, 2020 07:16AM EDT

AirNet Entered Into Equity Purchase Framework Agreement With BitGeek Information Technology Co., Ltd.

BEIJING, Sept. 30, 2020 /PRNewswire/ --AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (NASDAQ:ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that it has entered into an equity purchase framework agreement (the "Agreement") with BitGeek Information Technology Co., Ltd. ("BitGeek") and BitGeek's shareholders, independent third parties of the Company, to purchase 100% of the equity interests in BitGeek with an issuance of ordinary shares of the Company to BitGeek's shareholders. Details pertaining to the purchase will be further discussed and stipulated in a binding agreement among the parties after completion of the valuation of BitGeek.

Mr. Herman Guo, the Chairman and CEO of the Company, commented "The acquisition of the equity interest in BitGeek will align the Company with the swift advancements of the blockchain technology as well as equipment specifically designed and applications tailored specifically for cloud computing and supercomputing. Combined with the its industrial acumens, the new alignment shall expand and broaden the Company's ability to provide blockchain empowered solutions to its existing and potential clients."

There is no assurance that a binding agreement will be entered into by the parties as contemplated under the Agreement on commercially reasonable terms, or at all. Shareholders and investors are cautioned not to place undue reliance on this press release.