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Cango Inc. Announces Receipt of a Preliminary Non-Binding Letter of Intent and Formation of Special Committee

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SHANGHAI, March 14, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today announced that its Board of Directors (the “Board”) recently received a preliminary non-binding letter of intent (the “Letter of Intent”) from Enduring Wealth Capital Limited, a company established in the British Virgin Islands (“EWCL”) expressing its non-binding intent to obtain control of the Company through the following proposed transactions: (i) EWCL proposes to acquire 10,000,000 Class B ordinary shares of the Company from the Company’s co-founders, Mr. Xiaojun Zhang and Mr. Jiayuan Lin (collectively, the “Founders”) at a purchase price in cash to be agreed among the parties, (ii) the Company is proposed to take necessary corporate actions to ensure that the shares to be acquired by EWCL will continue to be entitled to 20 votes per share, (iii) the Founders are proposed to voluntarily convert all of the remaining Class B ordinary shares held by them into Class A ordinary shares with one vote per share and to resign from the Board and all senior management positions at the Company, and (iv) the Board and management team of the Company are proposed to be restructured in such manner as requested by EWCL. EWCL also proposed that the Company should dispose of its existing business in the PRC, and EWCL would be happy to introduce a potential buyer, to facilitate the growth of the Company’s business outside China, in particular, the Company’s new crypto mining business, and should make a filing with the China Securities Regulatory Commission (“CSRC”) for the termination of the Company’s status as a “China Concept Stock” subject to CSRC’s jurisdiction. The transactions proposed in the Letter of Intent are collectively referred to as the “Proposed Transactions.”

According to the Letter of Intent and information provided by EWCL, Mr. Andrea Dal Mas (“Mr. Dal Mas”), Mr. Peng Yu (“Mr. Yu”) and Ms. Anggun Mulia Fortunata are the directors of EWCL; Mr. Dal Mas and Mr. Yu are the key decision makers of EWCL in connection with the Proposed Transactions; Mr. Dal Mas has vast experiences in and deep knowledge of the blockchain ecosystem, as well as bitcoin and other crypto-related investments; and Mr. Yu is a seasoned and accomplished finance professional with extensive experience in investment management and asset management.

On March 14, 2025, the Board resolved to form a special committee consisting of its three independent directors, Mr. Chi Ming Lee, Mr. Dongsheng Zhou and Mr. Rong Liu, to assess and consider the Letter of Intent and the Proposed Transactions and, if the special committee decides to pursue any of the Potential Transactions, to negotiate the terms and conditions thereof. The special committee is expected to retain independent legal and financial advisors in due course to assist it in evaluating the Proposed Transactions.

The Board cautions the Company’s shareholders and others considering trading the Company’s securities that the Board has not had an opportunity to carefully review or evaluate the proposals set forth in the Letter of Intent or perform sufficient due diligence on EWCL and its directors, or make any decision with respect to the Company’s response to the proposals. There can be no assurance that any definitive action will be taken, that any definitive agreement will be executed relating to the Proposed Transactions, or that these or any other transactions will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to these or any other transactions, except as required under applicable law.

About Cango Inc.

Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Headquartered in Shanghai, China, Cango has deployed its mining operation across strategic locations including North America, Middle East, South America, and East Africa. Cango expanded into the crypto assets market in November 2024, driven by the development in blockchain technology, increasing prevalence of crypto assets and its endeavor to diversify its business. Meanwhile, Cango has continued to operate the automotive transaction service in China since 2010, aiming to make car purchases simple and enjoyable. For more information, please visit: www.cangoonline.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com

View original content:https://www.prnewswire.com/news-releases/cango-inc-announces-receipt-of-a-preliminary-non-binding-letter-of-intent-and-formation-of-special-committee-302401855.html

SOURCE Cango Inc.

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GRE Alpha to Showcase Innovative LED Driver Solutions with LumiFree™ Light Distribution Technology at LEDucation 2025

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GRE Alpha, a global leader in LED power solutions, will exhibit cutting-edge LED drivers and control systems that power LumiFree™ light distribution technology at LEDucation 2025.

NEW YORK, March 15, 2025 /PRNewswire-PRWeb/ — GRE Alpha, a global leader in LED power solutions, will exhibit cutting-edge LED drivers and control systems that power LumiFree™ light distribution technology at LEDucation 2025.

LEDucation attendees are invited to visit GRE Alpha at Booth #205 to experience innovations firsthand and discuss how these solutions can be customized for specific project requirements.

Visitors to Booth #205 will experience firsthand how this powerful combination solves traditional challenges associated with manual lighting controls while offering superior flexibility and performance.

The showcase at the annual trade show and conference organized by the Designers Lighting Forum of New York will take place at the New York Hilton Midtown on March 18-19, 2025.

Visitors to GRE Alpha’s booth will witness live demonstrations highlighting the system’s wireless capabilities across multiple control protocols, including Bluetooth Low Energy (BLE), Wi-Fi, 0-10V, DALI, and DMX.

The GRE Alpha and LumiFree™ combination offers several key advantages:

Enhanced Control Flexibility: LumiFree™ technology enables electrical control of light spread and independent two-axis light distribution control (horizontal and vertical), representing a breakthrough in lighting customization with applications across general lighting, specialized lighting, and optical inspection systems.Simplified Integration: GRE Alpha’s LED drivers seamlessly integrate with a wide range of luminaire designs, allowing OEMs complete freedom in their mechanical requirements.Extended Product Lifespan: The elimination of mechanical control components reduces wear and failure points, significantly enhancing system reliability and longevity.Greater Automation Capabilities: With wireless connectivity and advanced programming options, lighting systems can be easily updated, monitored, and controlled remotely.Reduced Installation Complexity: Wireless controls eliminate the need for additional control wiring, simplifying installation and reducing associated costs.

The technology supports a wide range of applications, including architectural lighting, commercial installations, industrial applications, smart building integration, and retail and hospitality environments.

LEDucation attendees are invited to visit GRE Alpha at Booth #205 to experience these innovations firsthand and discuss how these solutions can be customized for specific project requirements.

About GRE Alpha

GRE Alpha is dedicated to the design and manufacture of high-quality power supplies and lighting control accessories that meet the needs of the lighting industry. With more than two decades of power conversion expertise, GRE Alpha provides OEM and ODM services to lighting manufacturers and offers a comprehensive portfolio of LED drivers and lighting control modules to global lighting brands.

For more information, visit www.grealpha.com/contact.

About LEDucation

LEDucation, presented by the Designers Lighting Forum of New York, is the largest LED-only trade show and conference in the United States. The event connects lighting design professionals with manufacturers, allowing attendees to explore cutting-edge innovations in LED technology.

For more information, visit https://leducation.org/

Media Contact

Marina Milutinovic, GRE Alpha, 1 (770) 538-0630, marina@grealpha.com, https://grealpha.com/ 

View original content to download multimedia:https://www.prweb.com/releases/gre-alpha-to-showcase-innovative-led-driver-solutions-with-lumifree-light-distribution-technology-at-leducation-2025-302402290.html

SOURCE GRE Alpha

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Mitolyn Alerts Consumers About Misleading Third-Party Resellers and Reinforces Commitment to Product Integrity

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NEW YORK, March 15, 2025 /PRNewswire/ — The official brand behind Mitolyn has issued a public advisory regarding unauthorized third-party resellers misrepresenting the product online. Reports of unverified vendors listing non-official versions of Mitolyn across various platforms have surfaced, leading to confusion among consumers.

The official Mitolyn brand has been receiving complaints from individuals who unknowingly made purchases from unverified sources, later realizing discrepancies in packaging, labeling, and product details. This has raised concerns about authenticity and product integrity, as the original product was developed only under Bioventra’s portfolio of advanced formulations.

In response to these growing concerns, the company has issued an official statement emphasizing that Mitolyn should only be purchased through its official website to ensure quality and authenticity.

 

Unverified Resellers Causing Widespread Confusion

In recent weeks, multiple consumer reports have highlighted the increasing prevalence of unauthorized sellers listing Mitolyn outside of the brand’s verified distribution channels. This issue is not unique to Mitolyn, as the broader supplement industry has faced similar challenges with third-party vendors presenting themselves as legitimate sources.

The official brand has actively monitored unauthorized listings and is committed to raising awareness about the potential risks associated with purchasing from unknown third-party vendors.

While some unauthorized sellers may present Mitolyn as genuine, discrepancies in packaging, ingredients, and descriptions have raised red flags. Some consumers have reported receiving products that appear different from what is shown on official materials, while others have struggled with returns and refund processes due to unclear seller policies.

 

Customer Complaints Highlight Need for Greater Awareness

Consumer reports received by the official Mitolyn brand have included concerns such as:

Product inconsistencies – Some customers noted that the labeling, logo placement, or product descriptions did not match official representations.Ingredient discrepancies – While the core formulation of Mitolyn remains proprietary, there have been concerns about whether third-party products match the expected ingredient profile.Unclear storage conditions – Customers have questioned whether Mitolyn’s third-party resellers handle and store the product correctly, as dietary supplements require specific conditions to maintain quality.Limited customer support – Many individuals who purchased Mitolyn from non-official sources found that customer service inquiries went unanswered, leaving them unable to address concerns or seek refunds.

A spokesperson for the official Mitolyn brand commented:
 “We take product integrity seriously and are committed to ensuring that consumers receive only authentic formulations. Unfortunately, unauthorized sellers sometimes misrepresent products, leading to confusion. We encourage customers to remain vigilant when verifying sources.”

 

The Rise of Unauthorized Supplement Sellers

Unauthorized supplement resellers have become a growing issue across various e-commerce platforms, social media marketplaces, and third-party retail websites. Many third-party sellers attempt to capitalize on Mitolyn’s demand, sometimes presenting products at unrealistic discounts or listing them in ways that do not align with official brand communications.

This trend has led to several industry-wide concerns, including:

Unverified product origins – Some sellers source products through unauthorized means, making it difficult for consumers to determine where and how the product was handled before purchase.Potential product substitutions – In some cases, third-party vendors list a product under a brand name, Mitolyn, for instance, but ship alternative formulations or lookalike substitutes.Misleading discount strategies – Some resellers attempt to lure in customers with extremely low prices, which can indicate unverified stock or repackaged items.

While Mitolyn’s official brand is actively monitoring unauthorized sales, the company emphasizes that consumers should take proactive steps to avoid misleading listings.

 

How Consumers Can Identify Official Product Sources

Consumers can take several steps to avoid misleading third-party listings and ensure they are purchasing authentic products. It is important to examine product details carefully, checking for inconsistencies in labeling, packaging, or branding that may indicate a non-official Mitolyn version. Pricing should also be reviewed with caution, as significantly lower prices than usual may suggest an unauthorized seller. Verifying the legitimacy of the seller by researching whether they are recognized as an authorized distributor can help prevent confusion. Lastly, consumers are encouraged to confirm product details through official channels to ensure accuracy and authenticity.

 

Company Response & Consumer Safety Commitment

The official Mitolyn brand has reaffirmed its commitment to consumer safety, product integrity, and transparency. With the increase in unauthorized sales, the company remains focused on educating customers about product authenticity.

“We are committed to making sure that individuals who seek out Mitolyn receive the correct formulation as originally designed. By raising awareness about misleading third-party listings, we hope to prevent unnecessary confusion and ensure a positive customer experience,” the spokesperson added.

Additionally, the company is actively monitoring third-party sales channels and taking steps to minimize unauthorized Mitolyn product listings that could misrepresent the brand.

 

Final Advisory for Consumers

With misleading third-party listings continuing to appear across various online marketplaces, consumers are encouraged to be diligent in verifying sources before making a purchase. The official Mitolyn brand has issued this advisory to help prevent further confusion and misinformation.

For updates regarding product authenticity and verification measures, consumers can refer to official sources.

Photo – https://mma.prnewswire.com/media/2642391/Bioventra_Inc.jpg

View original content:https://www.prnewswire.co.uk/news-releases/mitolyn-alerts-consumers-about-misleading-third-party-resellers-and-reinforces-commitment-to-product-integrity-302402432.html

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Muon Space Deploys FireSat Protoflight, Marking a Major Milestone in Global Wildfire Monitoring

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Initial FireSat satellite is healthy, paving the way for improved real-time wildfire intelligence and future constellation expansion

MOUNTAIN VIEW, Calif., March 15, 2025 /PRNewswire/ — Muon Space, an end-to-end space systems provider, has successfully launched the FireSat Protoflight satellite, marking a significant milestone in the deployment of the FireSat constellation. This groundbreaking initiative aims to transform global wildfire detection, monitoring, and response.

Designed and built by Muon Space—including its state-of-the-art six-channel multispectral infrared (IR) instrument—FireSat showcases the company’s expertise in delivering fully integrated, mission-tailored satellite systems from concept to operation. Launched aboard SpaceX’s Transporter 13 rideshare mission on March 14 from Vandenberg Space Force Base, Muon Space has successfully established communications with the satellite and confirmed its operational health.

“The FireSat mission exemplifies Muon Space’s ability to rapidly design, build, and deploy high-performance remote sensing systems tailored to address complex, real-world challenges,” said Jonny Dyer, CEO of Muon Space. “FireSat is just the beginning—we are demonstrating how purpose-built constellations can deliver transformative solutions at the speed our customers and partners require.”

Announced in May 2024, the FireSat Constellation is a collaboration between Muon Space and Earth Fire Alliance, combining Muon’s expertise in space-based remote sensing with the Alliance’s deep knowledge of wildfire management and response strategies. This partnership aims to enhance global wildfire response, management, and situational awareness by providing actionable data to first responders, policymakers, and communities facing escalating wildfire threats.

Working closely with hundreds of members of the federal, state, and local fire communities, Muon Space developed the FireSat system and delivered its first satellite to orbit in just 16 months. The initiative has been supported by leading NGOs and philanthropic organizations, including Environmental Defense Fund, the Gordon and Betty Moore Foundation, and others.

“Designing and building an advanced infrared instrument capable of detecting wildfires with high confidence required significant scientific and engineering innovation,” said Dan McCleese, Chief Scientist of Muon Space. “This achievement underscores Muon Space’s ability to push the boundaries of space-based observation, advancing not only wildfire intelligence but also a broad range of critical operational, scientific, and security applications.”

The planned 50+-satellite constellation will eventually provide global coverage with each point on Earth observed every 20 minutes with key wildfire-prone regions benefiting from more frequent observations.

“FireSat is a game-changer for wildfire response,” said Brian Collins, Executive Director of Earth Fire Alliance. “For too long, decision-makers have relied on outdated or incomplete fire data. FireSat is poised to provide persistent, high-fidelity, and detailed information that will empower end users to save more lives and structures, better protect ecosystems, and reduce economic losses.”

Muon is currently developing three additional satellites, which will launch in 2026. FireSat is expected to reach full operational capacity by 2030.

About Muon Space

Founded in 2021, Muon Space is an end-to-end Space Systems Provider that designs, builds, and operates LEO satellite constellations delivering mission-critical data. Our revolutionary, integrated technology stack, Halo enables customers to optimize every dimension of their missions for faster time-to-orbit and superior constellation remote sensing performance. Our state-of-the-art facilities in CA are optimized for manufacturing spacecraft and rapid, flexible payload integration at scale. From earth observation to national security, Muon Space is dedicated to delivering Earth Intelligence for a safer and more resilient world.

For more information on Muon Space, visit: https://www.muonspace.com/

About Earth Fire Alliance

Earth Fire Alliance is a California Nonprofit Public Benefit Corporation founded in 2024 on the belief that high-fidelity data, accessible on a global scale, will transform humanity’s collective approach and relationship to fire. The Alliance shares a vision of expanding wildfire focus and funding from reactive suppression to proactive stewardship that includes better informed real-time decisions on the ground, data-driven resilience initiatives, and improved understanding about the positive and negative role of fire on the landscape. Committed to delivering transformative real-time data from all wildfires on Earth through user-driven technology and radical collaboration, Earth Fire Alliance champions the FireSat satellite constellation. FireSat will deliver unprecedented data about where fires are and how fast they’re moving to frontline fire responders around the globe.

Learn more about the Alliance, FireSat, and how to get involved or support at https://www.earthfirealliance.org/

View original content to download multimedia:https://www.prnewswire.com/news-releases/muon-space-deploys-firesat-protoflight-marking-a-major-milestone-in-global-wildfire-monitoring-302402413.html

SOURCE Muon Space

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