GlobeNewswire Inc | Feb 25, 2021 09:00AM EST

February 25, 2021

HANGZHOU, China, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the Company, we or our), a blockchain technology company in the global market, today held a board meeting and passed a resolution (the Resolution) to launch a Litecoin and Dogecoin mining business (the Business). According to the Resolution, the Company plans to operate its Litecoin (LTC) and Dogecoin (Doge) mining business by adopting a combination of deploying self-manufactured mining machines and mining machines purchased from other manufacturers as well as leasing computing powers from other mining farms and allow LTC and Doge to be mined simultaneously.

Mr. Dong Hu, Chairman and CEO of the Company, commented, Wewill develop LTC and Doge mining on the basis of our Bitcoin mining business. The development of the Business will further promote our related cryptocurrency-focused businesses and increase our revenue. We believe this move will accelerate the Company's transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain.

There is no guarantee that the Companys operation of LTC and Doge mining business will commence as planned or at all, or that such business operation will improve the Companys financial performance or results of operation. Shareholders are cautioned not to place undue reliance on this press release or the forward-looking statements therein.

About Ebang International Holdings Inc.Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Companys development plans and business outlook, which can be identified by terminology such as may, will, expects, anticipates, aims, potential, future, intends, plans, believes, estimates, continue, likely to and other similar expressions. Such statements are not historical facts, and are based upon the Companys current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Companys control, which may cause the Companys actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations ContactFor investor and media inquiries, please contact:Ebang International Holdings Inc.Email:ir@ebang.com.cn

Ascent Investor Relations LLCMs. Tina XiaoTel: (917) 609-0333Email:tina.xiao@ascent-ir.com