Benzinga | Oct 22, 2020 09:05AM EDT

Ebang International Holdings Inc. Establishes Subsidiary In Australia

HANGZHOU, China, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (NASDAQ:EBON, the &quot, Company, &quot, &quot, we&quot, or &quot, our&quot, ))))), a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019*, today announced that it has established a wholly-owned subsidiary in Australia as part of its growth strategy to build a digital asset financial service platform which is in the stages of preparation.



Mr. Dong Hu, Chairman and CEO of the Company, commented, "We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion."

There is no guarantee that the Company will receive the requisite regulatory approvals and licenses to operate its proposed business in Australia in a timely manner or on commercially reasonable terms, or at all, or that the Company will commence the proposed business as planned, or at all. Shareholders are cautioned not to place undue reliance on this press release.