AGM Group Affiliate HighSharp Named In Patent Infringement Lawsuit By Canaan
November 12 2021 - 11:00AM
NEWSBTC
Beijing, China, November 12, 2021 – AGM Group is aware of a lawsuit
filed by Canaan on November 3, 2021, which names its affiliate
HighSharp and Sichuan Yibimei Technology Co. for patent
infringement. Canaan has requested both companies halt their
infringing practice and compensate for economic losses and expenses
to the tune of RMB 90 million. The patent in question was filed by
Canaan Technology and registered by the China National Intellectual
Property Administration and remains legally valid to this day. In
the appeal, Canaan alleged that cryptocurrency mining machines
designed and manufactured by HighSharp and distributed by Yimbimei
had involved patented processes held by the company. HighSharp is
said to have applied existing and legally protected patent without
obtaining permission from Canaan, thereby infringing on its patent
rights. HighSharp is yet to make a public response to these
allegations brought forth by Canaan. AGM Group And HighSharp AGM
Group entered into a strategic partnership in 2021 to bring the
latest generation chips and production services to the mining
industry. In September this year, the two companies announced a
six-month strategic cooperation agreement, the terms of which
include that Highsharp will license AGM for priority use of its
latest generation of chips and production services; while AGM
commits to developing relevant business customers and complete
orders of at least US$100 million within the cooperation period;
after reaching the sales goal, the two sides will build a joint
venture to development exclusive chip for AGM. About AGM Group AGM
Group Holdings Inc., is a financial integration company focused on
high-performance chip solutions. Headquartered in Beijing, China,
the company provides chip design, chip research, and development,
and produces crypto mining hardware. AGM Group Holdings Inc. which
trades on the NASDAQ with the ticker AGMH also provides fintech
software services. AGMH aims to be a major player and contributor
to the global blockchain ecosystem. About HighSharp Found in 2016,
HighSharp operates businesses including R&D of servers and
computers, machine assembly and sales, as well as the technology
development and sales of electronic components, integrated
circuits, and instrumentation accessories. Angaomeng Holding
(AGMH.US) is an integrated technology company that focuses on
high-performance ASIC chip solutions, including chip design, chip
development, and cryptocurrency miner production.
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