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ZHUHAI, China, April 4, 2023 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) ("Powerbridge" or the "Company"), a leading provider of multi-industry technology solutions, today announced it has acquired 90% stake of Ascendent Insights Education Co., Ltd. ("AIedu"), an AI education service company. This move is part of Powerbridge's strategy to expand its presence in the education industry and leverage AIedu's expertise to further improve its offerings.

The acquisition of AIedu will enable Powerbridge Technologies to integrate ChatGPT into its existing education offerings, one of the key drivers of growth for the Company. ChatGPT is a game-changing product in early childhood education that provides personalized learning experience for students. The integration of ChatGPT into Powerbridge's existing education offerings is expected to create substantial benefits for the Company, including expanded market opportunities, a larger user base, and increased revenue streams.

"Joining forces with Powerbridge will help us to provide our AI-powered education services to a larger base of participant more students," said Aaron Liu, CEO of AIedu. "We are excited to work with Powerbridge to integrate our innovative products and further develop cutting-edge solutions that meet the needs of pre-childhood education. Our team is excited to bring continued values to the company."

Stewart Lor, CEO of Powerbridge Technologies, commented: "The acquisition of AIedu is an exciting step forward as the Company continues to innovate and bring cutting-edge technology services to the education industry. With our focus on personalized learning experiences for pre-school children, we are well-positioned to tap into this growing market and drive future growth for our shareholders."

About Ascendent Insights

AIedu is an AI education service company with more than 400,000 users and over 20,000 reading materials. AIedu serves over 4,000 nurseries and kindergartens with 40,000 educators, providing an innovative approach to early childhood education through its use of AI technology. Its flagship product, Little Egg, has received positive feedback from parents and educators alike for its ability to provide personalized learning experience for each student.

About Powerbridge Technologies

Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a leading provider of multi-industry technology solutions. The Company offers software and platform applications, IoT platform services and intelligent devices, supply chain platforms and interactive media services, metaverse and digital services, and cryptomining platform services and cryptocurrency asset operations.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements; specifically, the Company's statements regarding listing on the NASDAQ Capital Market and the IPO are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at SEC filling The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Corporate Investor Relations

Powerbridge Technologies Co., Ltd.

SOURCE Powerbridge Technologies Co., Ltd.