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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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Enatel® and FastCharge Group Partner to Introduce New High-Performance Battery Chargers to Ground Support Applications

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The new Enatel charger for the eGSE market delivers world-leading charging efficiency and offers unique features designed for the demands of outdoor airport environments.

CHRISTCHURCH, New Zealand, March 17, 2025 /PRNewswire/ — Enatel, a world-class designer and manufacturer of battery charging equipment, and FastCharge Group, a leading provider of electric ground support equipment (eGSE) charging solutions, are pleased to announce a partnership. Under the agreement, FastCharge Group will distribute Enatel’s dynamic eGSE battery charger across airports in Australia, New Zealand, and Southeast Asia.

“The Enatel eGSE charger is a state-of-the-art solution tailored to the unique demands of the GSE sector, and we are proud to represent such an innovative and future-focused product in our region,” said Darren King, Managing Director of the FastCharge Group. “This agreement marks an important milestone for FastCharge, and we see this relationship playing a key role in supporting the evolving needs of our Asia-Pacific customers and the broader industry.”

Powering the Future of GSE with High-Performance Chargers

Enatel is leveraging decades of experience with industrial battery chargers to bring its proven charging performance to the electric GSE market. Designed for demanding airport conditions, the Enatel eGSE charger is thoughtfully engineered to incorporate GSE-specific enhancements.

Key benefits include:

World-Leading Efficiency: The Enatel charger achieves a world-leading peak efficiency of 97.6%. Enhanced efficiency reduces operating costs, electricity usage and emissions, optimises charging times, reduces vehicle downtime, and boosts overall GSE productivity.Robust Reliability: Constructed with marine-grade aluminium and stainless steel, the external cabinet of the Enatel charger offers exceptional durability to resist corrosion from extreme environments. Additionally, the Enatel eGSE charger ensures maximum performance in hot conditions, featuring an integrated cooling mechanism which allows the cabinet to operate in a broad temperature range to prevent overheating.Enhanced Flexibility: The Enatel eGSE charger supports both lithium-ion and lead-acid batteries from 24V to 94V, providing versatility for mixed battery eGSE fleets. The dual-port option enables simultaneous charging of two vehicles for faster turnaround times in busy airport environments. Additional software features unique to the Enatel eGSE charger enable dynamic power management across groups of chargers to reduce infrastructure requirements where power is scarce or prohibitively expensive.

“Our latest eGSE charger demonstrates our strength in innovation, driven by our in-house expertise and a clear understanding of industry needs,” said Enatel General Manager Mike Clifford. “FastCharge’s extensive experience and strong reputation in the eGSE space makes them an ideal partner.” 

Discover the New Enatel eGSE Charger at March Trade Shows

Enatel and FastCharge Group will showcase the Enatel eGSE charger at upcoming industry events. Learn more at these exhibitions:

Ground Handling International Exhibition (Danang City, Vietnam): FastCharge Group will sponsor a recharge hospitality station at the event on March 18, 2025. Attendees will have the chance to collect a brochure about the Enatel eGSE charger as well as book a one-on-one meeting with the FastCharge Group team.

Inter Airport Southeast Asia (Marina Bay Sands, Singapore): Representatives from FastCharge Group and Enatel will display the Enatel eGSE charger at this event from March 25–27, 2025.

For more information on the GSE charger, contact FastCharge: contact@fastchargeaust.com.au

About Enatel®
Enatel, a global leader in power conversion and battery charging technology, is based in Christchurch, New Zealand, and is part of the IDEAL Industries Inc. family. Enatel has a dedicated, in-house team focused on the design, development, and manufacture of battery charging systems for a wide range of industries. Their expertise ensures that every product is manufactured the highest quality standards while delivering unmatched efficiency, power density, and power management capabilities.

About FastCharge Group
The FastCharge Group brings over 20 years of expertise in battery and charging offerings, specializing in the Ground Support and Material Handling industries. With a strong presence in Australia, New Zealand, Southeast Asia, and South Africa, FastCharge is dedicated to enhancing global business operations. The company provides high-quality, durable solutions across diverse industries, with a clear commitment to delivering cleaner energy alternatives for a more sustainable future.

View original content:https://www.prnewswire.com/apac/news-releases/enatel-and-fastcharge-group-partner-to-introduce-new-high-performance-battery-chargers-to-ground-support-applications-302402372.html

SOURCE IDEAL Industries

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High demand from Australian clients for freelance Change, Risk, and Product experts: Outsized’s 2025 Talent-on-Demand Report reveals hiring trends, rates, and most in-demand skills

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SYDNEY, March 17, 2025 /PRNewswire/ — Companies across Australia are increasingly building teams and capabilities by integrating independent professionals across functions and levels. Skills in high demand include product development, business analytics, transformation, product and risk management.

According to Outsized’s 2025 Talent-on-Demand Report, organisations are integrating independent talent for various reasons; from execution roles to strategic project delivery, with professionals across the region earning between AUD 700 and AUD 1500 per day, depending on the type of skill and experience level.

With freelancer registrations surging by 122%, businesses are turning to independent professionals to bridge skill gaps, drive innovation, and scale efficiently. Rapid digital and technological advancements are driving enterprises to invest in infrastructure upgrades and new initiatives. As digital transformation accelerates, companies are increasingly turning to independent talent to lead critical projects.

For the first time, the 2025 edition of Outsized’s report includes insights from Australia and New Zealand (ANZ), expanding its global workforce intelligence beyond Southeast Asia, India, the Middle East, and Africa.

Key findings at a glance:

Most in-demand skills: Change management, risk management, product & proposition, technology, and strategy.Sectors leading the shift: Tech, financial services and consulting; leveraging independent talent for rapid digital and organisational transformation.Freelancer growth: Registrations up 122%, highlighting the appeal of independent careers.Day rates: Experienced professionals (11–15 years) average AUD 1,000/day; top skills exceed AUD 1,500/day.

A transforming workforce: Agile talent takes centre stage

Outsized, a leading talent-on-demand platform with over 45,000 independent consultants and professional freelancers globally, has released its fourth annual Talent-on-Demand Report, offering real-time insights into how businesses are leveraging independent professionals. Based on tens of thousands of proprietary data points from actual projects posted by enterprises, consulting firms, and private equity clients, the report provides a comprehensive breakdown of talent costs, hiring trends, and in-demand skills across APAC, MENA, and Africa.

As AI and automation rises, the demand for human-centric skills is growing across enterprises; in ANZ, a smaller talent pool and geographic dispersion creates ongoing skill shortage in certain areas.” — Sara Kahlau, Global Sales Lead & ANZ Lead at Outsized.

Why this matters for business and HR leaders

The 2025 Talent-on-Demand Report serves as a blueprint for workforce transformation, enabling leaders to:

Benchmark talent costs and optimise external hiring budgets.Identify emerging workforce trends across APAC, MENA, and Africa.Gain exclusive day rate intelligence across a broad range of industries and skill sets.Understand how top firms are using independent talent to accelerate digital transformation and maintain a competitive edge.

Access the full report here

Staying ahead of workforce trends demands real-time intelligence and actionable market insights. Outsized’s 2025 Talent-on-Demand Report serves as a strategic playbook, providing business leaders with essential benchmarking against industry peers. Armed with these insights, leaders can quickly identify emerging talent shifts, optimise hiring budgets, and build agile workforce strategies. Access the full report to stay ahead of the curve: https://resources.outsized.com/talent-on-demand-report-2025

Access the report now

Methodology

The 2025 Talent-on-Demand Report is based on original research and tens of thousands of proprietary data points from real projects on Outsized’s platform.

About Outsized

Outsized is a talent-on-demand platform with over 45,000 top independent professionals, enabling large enterprise clients, consulting firms, and private equity funds in Asia-Pacific, Africa, and the Middle East to implement flexible workforce models at scale. For more information, please visit www.outsized.com.

Photo: https://mma.prnewswire.com/media/2641115/Australia_report_2025_Outsized.jpg

 

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At NVIDIA GTC 2025, DeCloak Intelligences and NTUH’s Hsin-Chu Branch will exhibit their AI privacy healthcare system

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A featured presentation will be “Enhance Patient Safety With Privacy-Preserving AI: Multimodal DNN and VLM for Event Detection in Healthcare.”

SAN JOSE, Calif. and TAIPEI, March 16, 2025 /PRNewswire/ — DeCloak Intelligences, a subsidiary of Etron Technology (TPEx: 5351), is set to showcase its groundbreaking ‘AI-aided Privacy Agent (AipA) Healthcare System’ at NVIDIA’s GTC 2025 with the Hsin-Chu Branch of National Taiwan University Hospital (NTUH), scheduled from March 17–21, 2025, in San Jose, California. This innovative system leverages patented AI de-identification technology to enhance medical efficiency while ensuring patient privacy and safety.

The ‘AipA Healthcare System’ performs real-time de-identification image processing, significantly reducing the risk of personal data leakage. It offers a suite of AI recognition functions, including patient identity verification, tracking within medical facilities, and detection of critical events such as falls or violent incidents. These capabilities aim to bolster the safety and efficiency of healthcare environments.

Currently, this system has been implemented in the public areas and demonstration wards of the NTUH Hsin-Chu Branch Zhubei Campus. Using AI automatic recognition technology, it ensures the image privacy of patients and medical staff without affecting medical operations. Additionally, it reduces the risk of medical violence, further enhancing the safety within the hospital.

At GTC 2025, Dr. Yao-Tung Tsou, President of DeCloak Intelligences, will present a session titled “Enhance Patient Safety With Privacy-Preserving AI: Multimodal DNN and VLM for Event Detection in Healthcare.”

This presentation will delve into the integration of privacy-enhancing technologies with multimodal deep neural networks (DNN) and vision-language models (VLM). This system integrates differentially private AI models with identity recognition and event detection to perform critical tasks such as fall detection, identifying dangerous activities, and recognizing elderly patients without exposing image data.

This advancement builds upon DeCloak’s award-winning privacy solutions, including the DeCloakVision surveillance system and DeCloakFace facial recognition technology, which have been deployed in smart healthcare and automotive environments. The integration of VLM represents a significant leap forward in balancing data utility with privacy preservation, addressing ethical concerns associated with AI in healthcare, all while adhering to stringent compliance standards, including GDPR, CCPA, and Taiwan’s Personal Information Protection Act.

DeCloak stated that the company had a brilliant showing at the 2025 Consumer Electronics Show (CES) in the United States, successfully demonstrating a number of innovative technologies and solutions, including the CES Innovation Award-winning DeCloakVision surveillance system and DeCloakFace facial recognition technology, significantly enhancing the brand’s international recognition. During the exhibition, DeCloak engaged in in-depth exchanges with industry representatives and investors from Europe, the Americas, and Asia, attracting the attention of many potential customers, which not only deepened relationships with existing partners but also successfully expanded new cooperation opportunities.

Looking ahead, DeCloak will continue to expand its international presence and will soon travel to the United States to participate in NVIDIA GTC – an important AI semiconductor exhibition. NVIDIA GTC is a premier event in the global AI and high-performance computing fields, attracting technical experts, academic institutions, and industry leaders worldwide. DeCloak Intelligences’ participation underscores Taiwan’s active engagement in smart healthcare innovation. The company aims to expand Taiwan’s smart healthcare technology.

National Taiwan University Hospital, Hsinchu Branch, utilizes DeCloak’s ” AI-aided Privacy Agent (AipA) Healthcare System ” for de-identified image processing, reducing the risk of personal image data leakage.

About DeCloak
DeCloak’s privacy computing solutions can be deployed through either software or hardware. With DeCloak’s patented corresponding AI prediction algorithm, all data processed can remain highly analyzable while preserving total privacy. The processed data is transmitted to the local server or cloud in a de-identified format, and enterprises can use the AI prediction model to run data analysis and architect big data trends.
https://de-cloak.com/

About Etron Technology, Inc.
Etron Technology, Inc. (TPEx: 5351. TW) is a world-class fabless and heterogeneous integration IC design company that specializes in the application-driven buffer memory, known-good die memory (KGDM), and long-retention time DRAM (RPC DRAM), and other artificial intelligence and machine learning-induced DRAM products. Etron also develops system-in-packages, including high-speed transfer interface chips of USB Type-C and 3D depth sensing computer vision and panoramic image capturing chips. www.etron.com/

Media Contact:
Etron Tech – Ms. Justine Tsai, Tel: +886-3-578-2345 #8670, Email: pr@etron.com.tw
DeCloak – Ms. Vicki Chang, Tel:+886-2-8751-1691 #2204, Email: vchang@de-cloak.com

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SOURCE Etron Technology; DeCloak Intelligences

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