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VANCOUVER, British Columbia, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Block One Capital Inc. (TSXV:BLOK) (Frankfurt:ES3) (the “Company” or “Block One”), is pleased to announce that it has entered into a definitive agreement with TG12 Ventures Inc. (“TG12”) to acquire up to 90%. Under the terms of the definitive agreement the Company has funded TG12 for US$2,910,000. Block One may provide additional funding as needed based on certain milestones over the next twelve (12) months.
TG12 is in the process of setting up a diversified digital currency mining facility with two thousand (2000) Bitmain S9 Antminers, with the first one thousand (1000) S9 Antminers to be operable in Q1-2018. The S9s are planned to operate at a co-location facility where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, is estimated to be about US$0.10 per kilowatt hour.
Based on the Company’s current estimate, using a recent Bitcoin price of approximately US$13,900 (January 02, 2018) and the 2000 miners being fully operable, TG12’s estimated gross revenue per year is US$25,970,000.
“We are excited to be moving forward with our investment in TG12 and the potential ROI of the investment has moved favorably with the appreciation in bitcoin over the past several weeks. In addition to the TG12 investment we have been working towards building a strong pipeline of compelling opportunities in the cryptocurrency and blockchain space and look forward to sharing them in the coming weeks,” said Mr. David Berg, CEO and Director of Block One.
For more information on Block One please visit the Company’s website at: www.blockonecap.com.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release contains forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. Although Block One believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in the price of Bitcoin, delays in deliveries and shipments, machines operating at the capacity expected, the price of electricity and other costs affecting profitability, availability of capital and financing on acceptable terms, general economic, market or business conditions, including the general acceptability of Bitcoin and cyrptocurrency, risks associated with regulatory changes, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, and uninsured risks,. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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 and has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved of the contents of this press release.
FOR ADDITIONAL INFORMATION CONTACT:
Block One Capital Inc.
Office: 604-908-3095; email: firstname.lastname@example.org
BLOCK ONE CAPITAL INC.
1000 – 925 West Georgia Street
Vancouver, British Columbia, Canada V6C 3L2