Meilian International Education (METX.US) intends to cooperate with industry experts to establish a cryptocurrency mining joint venture

Midland International Education (METX.US) announced on December 22 that the company had reached an agreement with industry experts on December 20, 2021 to establish a joint venture specializing in the development, production and sales of cryptocurrency mining equipment.

According to the agreement, the parties agreed to form a research and development team and establish an effective research and development mechanism. The joint venture's research and development activities or the intellectual property rights related to the joint venture's business activities generated by the joint venture's resources will belong to the joint venture. Midland International Education agreed to invest US$3 million in the joint venture in exchange for 21% of the equity in the joint venture, giving the company the right to share the profits and dividends of the joint venture in proportion. If there is a distribution, it will be paid annually.

Midland International Education will have the right to appoint the chairman of the joint venture and be responsible for the financial management of the joint venture. As part of the agreement, after the establishment of the joint venture, the company has the right to purchase all or part of the equity held by other members of the joint venture in exchange for shares of the company under certain conditions and in accordance with the terms of the agreement.