FORT LEE, NJ, July 18, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that after bidding amongst major electricity providers, management was able to secure a long-term contract with new rates that will provide an annual savings upwards of 41%.
GDET recently announced that a third-party broker was bidding for the Company’s electricity contract in the market and was looking to secure a new rate in immediate effect for the next billing cycle. At the time of the announcement, the bids spanned a range that reflected over a 20% savings.
Management has currently signed with a provider that will not only provide fixed pricing at a major +40% discount but also allows for the option to increase the energy consumption in the future at no penalty or additional cost. This option allows the Company to work on any upgrade of the mining facility with the flexibility of calculating overhead costs based solely on the cryptocurrency market cap.
GDET CEO Anil Idnani commented, “I am extremely proud to announce that the Company has executed this aggressive contract and the timing could not be any better. My team is working hard with Forest Hill Electric to execute the upgrade of our facility and we are more optimistic than ever knowing our energy costs will not increase. As mentioned earlier, I am looking to secure only long term commitments as the company’s vision is to expand in all verticals. Any decrease in our overhead will maximize the operation’s return and profitability.”
The Company’s current upgrade of the cryptocurrency mining facility will involve the installation of brand-new ASIC miners to increase the operation’s overall hashrate.
GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.
About GDET
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.