VANCOUVER, British Columbia, Jan. 03, 2018 (GLOBE NEWSWIRE) --
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Block One Capital Inc. (TSXV:BLOK) (Frankfurt:ES3) (the “Company” or “Block One”), is, at the request of IIROC and the TSX Venture Exchange, retracting and clarifying its revenue projection in its news release of even date, as it cannot be relied upon due to the volatile price of Bitcoin. There can be no assurances that the price of Bitcoin will remain at current levels and no assurances that Bitcoin can be profitably mined due to, among other factors, increases to hashrates.
The full text of the clarified and corrected news release follows.
VANCOUVER, BRITISH COLUMBIA – January 03, 2018 – Block One Capital Inc. (TSXV:BLOK) (Frankfurt:ES3) (the “Company” or “Block One”), is pleased to announce that it has entered into a binding agreement (the “Agreement”) with TG12 Ventures Inc. (“TG12”), a newly formed private arm’s length British Columbia company, to acquire 90% of its issued and outstanding shares for US$2,910,000 (the “Cash Payment”).
TG12 is commencing a diversified digital currency mining operation pursuant to which it has agreed to acquire two thousand (2000) Bitmain S9 Antminers (“Antminers”), with the first one thousand (1000) Antminers expected to begin operations in Q1-2018, and the remaining Antminers expected to begin operations in Q2-2018. TG12 has advanced the Cash Payment as a deposit for the initial 1000 Antminers, and will be required to advance a further US$3,000,000 in order to complete the purchase of the remaining 1000 Antminers.
The Antminers are planned to operate at a co-location facility in Central Canada or the Northwestern United States, where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, is US$0.10 per kilowatt hour.
“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 months. 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
“David Berg”
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 cryptocurrency, 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: info@blockonecap.com