Tags: Blockchain, Technology
VANCOUVER, BC / TheNewswire / May 8, 2018 - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announced it has completed the acquisition with Block One Capital Inc. (TSXV: BLOK, OTCQB: BKPPF, Frankfurt: ES3) ("Block One") to acquire a 100% interest in TG12 Ventures Inc. ("TG12"). The deal will provide 1,000 Rigs to the Company, of which 100 S9 Antiminer Rigs ("Rigs") are currently deployed at a Montana, USA mining facility, with an additional 900 Rigs planned to arrive this quarter. Once all HashChain's purchased Rigs are deployed, including the 5,000 Rigs to be acquired in connection with the acquisition announced on April 25, 2018, the Company will operate a total of approximately 9,870 Rigs with over 15 MW of computer power.
As previously announced on May 3, Block One will receive 8.9 million shares of HashChain ("HashChain Shares") at a price of $0.35 per share in voluntary escrow whereby 30% of the shares will be released 60 days following the closing date, and 30% will be released 90 days following the closing date. A total of 40% of Block One's HashChain shares will not be subject to any voluntary escrow.
"Cryptocurrency mining continues to be a major pillar of revenue for the Company, in addition to our blockchain accounting and tax software, and Masternode Hosting service," says Patrick Gray, CEO of HashChain. "HashChain currently has 1,870 Rigs deployed in our Vancouver and Montana data centers, with 8,000 purchased or received and awaiting installation. With our Montana facility capable of supporting 20MW of power, we have the infrastructure in place to continue acquiring new Rigs that support high-ROI mining."
HashChain has 1,870 Rigs in operation with 2,000 additional Rigs purchased and received. The Company also recently announced an agreement to acquire a company with 5,000 Rigs which are expected to be deployed by the end of June 2018.
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.' Diversifying its business strategy beyond crypto mining, the Company acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency accounting and tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network.
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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: Certain disclosure in this release, including statements regarding the acquisition by the Company of TG12 and the company with the 5,000 Rigs (the "Transactions"), including the anticipated benefits to the Company of the Transactions and the anticipated delivery, installation and performance of a total of 9,870 Rigs and expectations regarding future operations may constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that an aggregate total of 6,000 Rigs will be delivered and perform as expected by management, the timing of delivery of the 6,000 Rigs will be consistent with management's expectations and the Company will eventually receive and operate a total of 9,870 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, the risk that the Transactions, if closed, will not result in the anticipated benefits to the Company; the risk that the 6,000 Rigs will not be delivered or perform as expected by June 2018, or at all and that the transaction regarding the 5,000 Rigs will not successfully close as anticipated by management. Readers are cautioned not to place undue reliance on forward-looking statements. 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.
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