AirNet Announces Entry into Non-Biding Investment Letter of Intent with LLP STH Corp to Develop a 130MW Liquid-cooled Bitcoin Mining Farm in Kazakhstan

BEIJING, March 17, 2025 (GLOBE NEWSWIRE) -- AirNet Technology Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced the execution of a non-binding Investment Letter of Intent (the “LOI”) with LLP STH Corp, a Kazakstan company. This LOI creates the initial step of planned investment in the 130MW liquid-cooled Bitcoin mining farm project in Kazakhstan.

The planned project involves the investment in and construction of a 70MW national grid-powered facility and a 60MW natural gas self-generation facility, both utilizing liquid-cooling technology to enhance operational efficiency and extend equipment lifespan. This project is expected to not only result in technical improvement? but also significantly reduces operational costs and maximizes energy efficiency.

LLP STH Corp, based in Kazakhstan, is believed to excels in advanced liquid-cooled Bitcoin mining solutions and data center facility management. Through strategic partnerships with local natural gas suppliers, the company is able to secure reliable power sources at competitive rates, enabling consistently high operating efficiency. By adopting cutting-edge liquid-cooling technology, LLP STH Corp maximizes hardware performance while minimizing downtime and maintenance costs.

The parties are yet to agree on terms, structure and timing of the investment. The LOI is non-binding and the parties are not obligated to any transaction. AirNet aims to conduct full legal and business due diligence of LLP STH Corp.

AirNet aims to utilize this investment to further its strategic expansion in blockchain technology applications and the data center sector.

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 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.

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