Blockchain Power Announces First Purchase of Cryptocurrency Mining Equipment
March 5, 2018
TORONTO, ONTARIO - March 5, 2018: Blockchain Power Trust ("Blockchain Power"or the "Trust") (TSXV: BPWR.UN) is pleased to announce that it has acquired its first HashTank H40 from Green Revolution Cooling, Inc. (“GRC”). The H40 unit contains GRC’s proprietary immersion cooling system and delivers 5,832 TH/s while utilizing a maximum of 670 kW. The Trust anticipates that the Hashtank will be onsite and operational by the end of March.
Mr. J. Colter Eadie, Chief Executive Officer of Blockchain Power, commented: “We are very pleased to announce the first step in the integration of crypto-currency mining operations into our renewable power generation platform. We believe that the combination of revenue from EU Green Certificates earned through the generation of renewable energy, combined with cryptocurrency mining revenues derived from operations powered largely by our own nominal cost renewable energy to be a robust and sustainable business model. We believe that combining GRC’s proprietary liquid immersion-based cryptocurrency mining technology with our own renewable energy operations will result in one of the most efficient and low-cost operators in this nascent industry.
In January, our own operations generated 14,192 MWh of power. This compares to 5,584 MW in January, 2017 and 1,130 MWh in January, 2016, reflecting both the strong performance of all of our operations and the addition of the 45MW Dorobantu Wind Park in December, 2017. We expect to make further announcements in the coming weeks on the progress of the integration of cryptocurrency operations into our renewable generation platform.”
The Trust is also pleased to announce that it has engaged Venture North Capital Inc. (“Venture North”) to provide strategic investor relations and shareholder communications services. Venture North is a full service capital markets consulting firm, headquartered in Toronto, Ontario and has experience executing strategic investor relations outreach campaigns on behalf of TSX, TSXV and CSE listed growth companies. Venture North will be focused on increasing investor awareness while introducing the Trust to its network of investment advisors, investment dealers, institutions and other financial professionals. Under the terms of the engagement, which is for an initial six month term, Venture North will be paid $5,500 per month. Venture North will also be granted options to purchase up to 200,000 trust units in the capital of the Trust (“Units”) with a five year term and having an exercise price of $0.375 per Unit, vesting at a rate of 50,000 options on receipt of TSXV approval and 50,000 options thereafter quarterly in arrears.
Finally, the Trust is pleased to announce that is has engaged Hybrid Financial Ltd. (“Hybrid”) to provide investor relations advisory and consulting services to senior management and the board of directors of the administrator of the Trust. Under the terms of the engagement, which is for an initial six month term, Hybrid will be paid $14,000 per month. Hybrid will also be granted options to purchase up to 200,000 Units on the same terms as provided above.
The engagement of Venture North and Hybrid and the related issuance of options is subject to TSXV approval.
For further information please contact:
|J. Colter Eadie
Chief Executive Officer
+351 938 810 979
About Blockchain Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Blockchain Power's issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Risks and Uncertainties” in Blockchain Power's annual management’s discussion & analysis dated May 3, 2017 and Annual Information Form for the year ended December 31, 2016, a copy of each is available on Blockchain Power's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.