Keep the Faith! Innovation Over Acquisition

Canaan chooses innovation over acquisition.

Today, Canaan is announcing that we are choosing to focus on innovation and will not pursue the deal to be acquired by Chinese electronics manufacturer Luyitong (LYT). We take all opportunities seriously that will improve the strength of our company. And now, it is time we focus on growing our business.

Today’s choice proves that Canaan is a global innovator. While Canaan spent time and resources pulling together this deal, those efforts are not wasted. They are contributions to our future. Internally Canaan strengthened our management structure, refreshed our public image, and have our product pipelines flowing to deliver solid reliable and efficient bitcoin technology solutions worldwide.

Over the last few months we have been saying we are here to “grow the blockchain.” We have used fresh images of nature like outside of our office in Beijing to help motivate our team and customers to move beyond technology innovation and into the spirit of healthy growth. That is what Canaan needs. That is what we choose.

Like most of you, we “keep the faith” in bitcoin. We are committed to increasing the decentralization of bitcoin, continuing our push for open source software on our products, and improving confidence in bitcoin and blockchain technologies.

Canaan is now three years old. We are a 100 person team that has outlasted several competitors. We cannot stop pushing innovation forward or be distracted with anything less than bringing the best high quality products with the best service to the world.

I know most of you are asking, “When is your next AvalonMiner coming out?” You will hear from us very soon…

Canaan Chooses Innovation Over Acquisition

PRESS RELEASE
FOR IMMEDIATE RELEASE

Beijing, September 29, 2016 — Canaan today announced that is 100% focused on growing and building innovations for customers. In June 2016 Canaan announced it had received an offer to be acquired by Chinese electronics manufacturer, Luyitong (LYT) as an opportunity to receive resources to accelerate growth. Canaan received news from the Shenzhen Stock Exchange that the LYT acquisition deal would take substantially more administrative work and time to move forward. Today, Canaan announced from www.canaan.io its decision to choose innovation over acquisition.

“Canaan takes all opportunities seriously that will improve the strength of our company,” said Canaan CEO, N.G. Zhang. “Today’s choice proves that Canaan is a global innovator. While Canaan spent time and resources pulling together this deal, those efforts are not wasted. They are contributions to our future. Internally Canaan strengthened its management structure, refreshed our public image, and have our product pipelines flowing to deliver solid reliable and efficient bitcoin technology solutions worldwide.”

Canaan’s CEO renewed the company’s committment to the world that it is focused on “growing the blockchain” and “keeping the faith” in bitcoin. Also, Mr Zhang wrote, “Canaan is now three years old. We are a 100 person team that has outlasted several competitors. We cannot stop pushing innovation forward or be distracted with anything less than bringing the best high quality products with the best service to the world. You will hear from us very soon…”

About Canaan

Founded in 2013, Canaan (Canaan Creative) is the worldwide leader in producing Blockchain servers and designing ASIC microprocessor solutions. Canaan products are sold globally. From the very first SHA-256 based upon FPGA technology to the Avalon Blockchain ASIC, Canaan continues to innovate by producing custom designed ASIC microprocessors. With the efforts of its highly skilled development team, Canaan strives to bring in new thoughts to the area of advanced technology ASIC processors and beyond.

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