BEIJING, March 17, 2025 — AirNet Technology Inc. (Nasdaq: ANTE) has announced it has signed a non-binding Letter of Intent (LOI) with LLP STH Corp of Kazakhstan, marking the first step in a proposed investment in a 130MW liquid-cooled Bitcoin mining operation in Kazakhstan.
The project plans to invest in and build a 70MW facility powered by the national grid, along with a 60MW natural gas self-generation facility. Both will use liquid-cooling to improve efficiency and extend the life of the equipment. The project aims to improve technology, lower operating costs, and maximize energy efficiency.
LLP STH Corp, based in Kazakhstan, specializes in advanced liquid-cooled Bitcoin mining solutions and data center management. It secures reliable, cost-effective power through partnerships with local natural gas suppliers, ensuring consistently high operating efficiency. The company uses cutting-edge liquid-cooling to maximize hardware performance while reducing downtime and maintenance expenses.
The terms, structure, and timing of the investment are yet to be agreed upon. The LOI is non-binding, and neither party is obligated to proceed with any transaction. AirNet intends to perform thorough legal and business due diligence on LLP STH Corp.
AirNet intends to use this investment to further its strategic expansion into blockchain technology applications and the data center industry.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the LOI following announcement of the LOI and transactions contemplated therein; the inability to complete the transactions contemplated by the LOI due to the failure to meet certain closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the LOI; changes in applicable laws or regulations; as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by the Company. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.
Company Contact
Penny Pei
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: penny@ihangmei.com
“`