GlobeNewswire Inc | Aug 4, 2020 07:00AM EDT

August 04, 2020

HANGZHOU, China, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that Mr. Jianping Kong (Mr. Kong) and Mr. Qifeng Sun (Mr. Sun) no longer serve as directors on the board of the directors of the Company (the Board) upon the expiration of their respective terms of office on July 31, 2020.

Mr. Kong and Mr. Sun will not seek appointments nor stand for elections to the Board following the expiration of their respective terms of office.

The Company would like to express its gratitude to Mr. Kong and Mr. Sun for their long-term contributions to the Company and wish them well in their future endeavors.

About Canaan Inc.Established in 2013, Canaan Inc. provides high-performance computing solutions to efficiently solve complex problems. In 2016, Canaan successfully initiated the production of its first 16nm chip and passed the test to receive China's national high-tech enterprise certification. In 2018, Canaan achieved major technological breakthroughs to launch the K210, the world's first-ever RISC-V-based edge artificial intelligence (AI) chip, which is now widely used for access control in situations such as smart door locks and more. Canaan Inc. is currently focused on the research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Using the AI chip as its base, Canaan Inc. has established an intellectual value chain. Canaan Inc. also provides a suite of AI service solutions and is able to tailor these solutions to the needs of its partners. For more information, please visit: investor.canaan-creative.com.

Safe Harbor StatementThis announcement contains forwardlooking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forwardlooking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.s strategic and operational plans, contain forwardlooking statements. Canaan Inc. may also make written or oral forwardlooking statements in its periodic reports to the U.S. Securities and Exchange Commission (SEC) on Forms 20F and 6K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.s beliefs and expectations, are forwardlooking statements. Forwardlooking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forwardlooking statement, including but not limited to the following: the Companys goals and strategies; the Companys future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Companys expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Companys expectations regarding maintaining and strengthening its relationships with production partners and customers; the Companys investment plans and strategies, fluctuations in the Companys quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Companys filings with the SEC, including its registration statement on Form F1, as amended, and its annual reports on Form 20F. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forwardlooking statement, except as required under applicable law.

Investor Relations ContactCanaan Inc.Mr. Shaoke LiTel: +86-137-5090-0683Email: IR@canaan-creative.com

ICR Inc.Jack WangTel: +1 (347) 396-3281Email: canaan.ir@icrinc.com