BEIJING,
Oct. 10,
2024 /PRNewswire/ -- AGM Group Holdings Inc. ("AGM
Holdings" or the "Company") (NASDAQ: AGMH), an integrated
technology company specializing in fintech software services and
producing high-performance hardware and computing equipment, today
announced that the Company, through its subsidiary AGM CANADA HOLDINGS LIMITED ("AGM Canada"), has
entered into a partnership agreement (the "Agreement") with NOWLIT
SOLUTIONS CORP. ("Nowlit"), a high performance computing and data
center supplier in Canada on
October 2, 2024 to establish a joint
venture named AGM Energy Corp. ("AGM Energy"). AGM Energy is
expected to focus on investing in and operating in clean energy
industries and providing high-quality services for the construction
and operation of power and data center facilities for the
artificial intelligence, big data industries,
cryptocurrency, and digital currency industries. The
strategic move is set to facilitate the Company's expansion in the
artificial intelligence and cryptocurrency market in
North America.
Pursuant to the Agreement, AGM Energy plans to
invest in and operate clean energy including oil fields, natural
gas fields, and hydropower plants in Canada. AGM Energy intends to actively promote
two aspects of business:
(1) Acquiring high-quality energy assets in North America, such as oil fields, natural gas
and hydropower plants, through investment or merger and
acquisition, and the business income is the proceeds from energy
sales.
(2) Providing electricity and operation capabilities to customers
in the AI and cryptocurrency industries through the
construction of IDC data centers and cryptocurrency
mining farms, and its business income is electricity charges and
hosting operation management service fees.
Dr. Bo Zhu, Chief
Executive Officer of AGM Holdings, commented: "We are excited to
partner with Nowlit and establish AGM Energy, which is of strategic
significance to support our business expansion in North America. Our gratitude goes to Mr.
Chong Chao (Marc) Ma, the Chief
Executive Officer of AGM Canada, for spearheading this strategic
initiative. We have full confidence in the success of the
partnership, given Nowlit's strong track record of serving industry
leaders and public companies in the field of artificial
intelligence and cryptocurrency. We plan to invest no
less than $30 million by the end of
2024 and no less than $100 million by
the end of 2025 to support the business growth of AGM Energy. By
the end of 2025, AGM Energy expects to generate no less than
$50 million in revenue from its
energy business and no less than $100
million in revenue from IDC data centers and
cryptocurrency mining farms. We firmly believe that
AGM Energy, drawing on the expertise and years of experience from
both AGM Holdings and Nowlit in the fields of artificial
intelligence, blockchain, and energy, will successfully establish
an industry-leading energy technology system. This system will
offer comprehensive energy supply chain services to professionals
in the global AI and blockchain sectors."
About NOWLIT SOLUTIONS CORP.
Established in 2013, NOWLIT SOLUTIONS CORP. is a
high performance computing and data center supplier based in
Canada. It offers complete
solution including all hardware, hosting and initial setup for new
and experienced servers. It is also committed to supporting the
blockchain ecosystem by offering hardware, software and a variety
of solutions and services. It has invested in large-scale oil and
gas fields and is involved in the construction and operation of
informatization infrastructure such as third-party data center
machine rooms and bitcoin mining farms. For more
information, please visit https://nowlit.com/.
About AGM Group Holdings Inc.
AGM Group Holdings Inc. (NASDAQ: AGMH) is an
integrated technology company specializing in the production of
high-performance hardware and computing equipment. With a mission
to become a key participant and contributor in the global
blockchain ecosystem, AGMH focuses on the research and development
of blockchain-oriented Application-Specific Integrated Circuit
(ASIC) chips, the production of high-end
crypto miners for Bitcoin and other
cryptocurrencies, and the provision of fintech
software services. For more information, please visit
www.agmprime.com.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company's current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "approximates," "assesses," "believes,"
"hopes," "expects," "anticipates," "estimates," "projects,"
"intends," "plans," "will," "would," "should," "could," "may" or
similar expressions. The Company undertakes no obligation to update
or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and other filings with the U.S. Securities
and Exchange Commission.
For more information, please contact:
AGM Group Holdings Inc.
Email:
ir@agmprime.com
Website: http://www.agmprime.com
Ascent Investor Relations
LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE AGM Group Holdings Inc.