HashChain Technology Signs Definitive Agreements to Acquire 2,500 Bitcoin Rigs
HashChain is Expected to Operate 17.5 Megawatts of Computing Power after the Successful Acquisition and Deployment of these additional 2,500 Rigs and the Deployment of the Previously Announced 1,000 Rigs
VANCOUVER, BC / TheNewswire / July 26, 2018 - HashChain Technology Inc. (“HashChain” or the "Company") (TSXV: KASH; OTCQB: HSSHF) is pleased to announce that it has signed definitive agreements (the “Agreement”) with Bitcomputing Management Ltd., and CryptoCommerce Technologies Ltd. (the “Targets”) to acquire a 100% interest in each of the Targets, which collectively own an aggregate of 2,500 Rigs. These Rigs are expected to arrive in the current quarter.
As part of the Agreement, the shareholders of the Targets will receive on closing, an aggregate of 57.4 million shares of HashChain (“HashChain Shares”) at a deemed price of $0.17 per share. The transaction is subject to customary closing conditions, including the completion of satisfactory due diligence by HashChain and the receipt of TSX Venture Exchange approval. Closing is expected to occur as soon as possible after the closing conditions are satisfied.
“By agreeing to acquire full ownership of the Bitcoin mining operations of Bitcomputing Management Ltd., and CryptoCommerce Technologies Ltd., HashChain is expected to bring into operation an additional 2,500 Rigs by the end of the quarter,” says Patrick Gray, CEO of HashChain, “HashChain plans to continue to scale its mining operations by both purchasing Rigs and continuing to look for opportunities to onboard more Rigs to increase our mining capabilities. Subject to the completion of our recently announced acquisitions, we expect to have a total of 11,995 Rigs with approximately 17.5 megawatts of computing power.”
HashChain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining 'wins.' HashChain currently operates 100 DASH mining Rigs and 8,395 Bitcoin Rigs with an additional 1,000 Rigs to be deployed from its previously announced acquisitions. Once all Rigs are operational, including the anticipated 2,500 Rigs expected to be acquired, HashChain’s mining operations will consist of 11,995 Rigs consuming approximately 17.5 megawatts of power. HashChain also acquired two Dash Masternodes, which requires a collateral investment of 1,000 DASH coins for each Masternode.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the performance of the Rigs, the successful installation of an additional 1,000 Rigs, the expected timing of delivery, the successful completion of the acquisition of the Targets, the successful installation of the additional 2,500 rigs, the expected consumption of 17.5 megawatts of power, the Company’s expected operation of a total of 11,995 Rigs, the Company’s plan to acquire and operate more Rigs and expectations regarding future operations may constitute forward-looking statements. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will successfully install an additional 1,000 Rigs, that the Company will successfully operate the Rigs and such operation, including expected energy consumption, will be consistent with management’s expectations, the Company’s plans to acquire and operate more Rigs will not change, the Company will successfully complete the acquisition of the Targets, the Company will successfully install 2,500 additional Rigs, the timing of delivery of the 2,500 additional Rigs will be consistent with management’s expectations and that the Company will successfully operate a total of 11,995 Rigs. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that the Company will not successfully install the additional 1,000 Rigs, the risk that the Company will not complete the acquisition of the Targets, the Company will not successfully install the 2,500 additional Rigs, the risk that the 2,500 additional Rigs will not be successfully delivered and deployed, that the Company will not successfully operate a total of 11,995 Rigs, that the Rigs will not be performing optimally as anticipated by management and that changing market conditions will result in the Company changing its plans to acquire and operate more Rigs. Readers are cautioned not to place undue reliance on forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.