Antelope Enterprise Announces its Plan to Launch Energy Transmission Business and Appoints Management Team to Spearhead Such Initiative

NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a livestreaming ecommerce business in China with access to 800,000+ hosts and influencers, announced today that its plan to launch its energy transmission business.The Board appointed Mr. Huoyou Zhang as an Executive Director to the Company’s Board of Directors, effective April 26, 2024, and Mr. Di Wu as a Director and President of its operating subsidiary to lead this new business. Also, Mr. Qiguo Wang resigned from the Company’s Board, effective April 26, 2024, for personal reasons.

The Company’s new business of energy transmission is being operated via its wholly owned subsidiary, AEHL US LLC (“AEHL US”). AEHL US has taken preliminary steps in developing this business including engaging a broker to source natural gas from natural gas provider in Texas and the procurement of electricity generators. AEHL US plans to supply power to a data center in Midland, Texas. The Company anticipates that its energy transmission business will start operation in the third quarter of 2024. The Company also plans to generate revenue by securing hosting sites for cryptocurrency mining operators as it leverages anticipated cost-effective electricity costs.

To spearhead the Company’s new business initiative, the Company has retained an experienced leadership team including Mr. Houyou Zhang and Mr. Di Wu. Mr. Houyou Zhang has been appointed to be an Executive Director with responsibility to help formulate and implement the Company’s growth strategy for its energy transmission business.

“We welcome Mr. Zhang to our Board and are confident that he will make a positive contribution to the Company. We believe that both Mr. Zhang and Mr. Wu have the knowledge and expertise that will ensure the success of our new energy transmission business,” said Chairman and CEO Will Zhang of Antelope Enterprise.

“We believe that there is a prosperous future ahead for the development of what we believe is an innovative electricity supply solution. The boom in the AI industry as well as cryptocurrency mining has led to a gap in the power supply and we believe that we can develop a cost-effective structure to bridge this gap.” CEO Will Zhang concluded. 

Mr. Houyou Zhang has been appointed to be an Executive Director of the Company with responsibility to help formulate and implement the Company’s growth strategy for its energy transmission business, effective April 26, 2024. Mr. Zhang is also a Director at YiXiang International LLC which he has been since March 2023, where he secures projects for investment. From 2017 to 2022, Mr. Zhang was the Chairman of Shanghai KKM Asset Management Co. Ltd., a firm that he founded, which engages in investment and asset management. Mr. Zhang is experienced in quantitative trading in China with 20 years of experience in the finance industry, and he has published widely on finance and investments. Mr. Zhang received a Bachelor’s degree in Engineering from Sichuan University in 2002.