Market Overview

LightInTheBox Establishes Experimental Cryptocurrency Mining Operation in North America

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BEIJING, March 15, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), today announced that it has established an experimental cryptocurrency mining operation in North America.

The Company's experimental cryptocurrency mining operation is composed of a group of powerful GPU-based specialized computers that participate in a decentralized cryptocurrency system. The computers compute algorithmic results to support the system and in turn earn yields overtime, in the form of the corresponding cryptocurrency. LightInTheBox established the experimental mining operation in a strategically selected North American region with an ample and economical supply of renewable energy.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "The establishment of our experimental cryptocurrency mining operation in North America is a step forward in our strategy to understand and explore blockchain related technologies and their various real-world applications. This operation will allow us to gain further first-hand experience in better understating the cryptocurrency ecosystem and their underlying new technologies."     

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. 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," "potential," "continue," "ongoing," "targets" and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox's strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  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: LightInTheBox's goals and strategies; LightInTheBox's future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox's ability to attract customers and further enhance customer experience and product offerings; LightInTheBox's ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox's expectations regarding demand for and market acceptance of its products; competition; fluctuations in 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 LightInTheBox'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 LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

Cision View original content:http://www.prnewswire.com/news-releases/lightinthebox-establishes-experimental-cryptocurrency-mining-operation-in-north-america-300614523.html

SOURCE LightInTheBox Holding Co., Ltd.

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