VANCOUVER, British Columbia, Aug. 20, 2018 (GLOBE NEWSWIRE) — Fortress Blockchain Corp. (“Fortress Blockchain” or the “Corporation”) (TSXV: FORT), a growth oriented blockchain mining company with operations established in low cost North American green-energy regions, is pleased to report that the Corporation’s common shares will begin trading on the TSX Venture Exchange Inc. (“TSXV”) under the symbol “FORT”, at the opening of the Canadian financial markets on August 22, 2018.
Fortress Blockchain will also release its second quarter 2018 financial results prior to the market open on Thursday, August 23, 2018 and has scheduled an investor conference call to discuss its financial results at 11:00 AM EDT on August 23, 2018 hosted by CEO Aydin Kilic and CFO David Pais. A question and answer session will follow.
- Closed $15M pre-QT private placement with some of Canada’s leading institutional investors
- Acquired a facility of 2MW current operating capacity (with potential for up to 5MW of total operating capacity with upgrades to electrical infrastructure) in Washington State (the “Flagship Facility”) with an industry low all-in power cost of US$0.026/kWh
- Received 1,400 Bitmain S9 Antminers and had all of them operating before the end of Q1 2018
- Letters of Intent signed for 9MW and 100MW facilities, which remain subject to further due diligence
- Added key Directors that include:
- Roy Sebag (Chairman) and Josh Crumb, who co-founded Goldmoney, a Toronto Stock Exchange listed company
- David Jaques, founding CFO of Paypal
- Kent Wakeford, Co-founder and COO of Kabam, Inc which was sold to NetMarble Games for USD$750M
- Added key advisors, including the former Director of Mining at Bitmain, Gao Yong Gang
- Mined more than 155 Bitcoins and 58 Bitcoin Cash since it started mining activities in March 2018 at an all-in operations cost (electricity, rent, staff 24/7, facility insurance, etc.) of US$0.041/kWh
- The Flagship Facility currently operates at an industry leading power usage effectiveness ratio (“PUE” ratio) of 1.02-1.05, which allows Fortress to operate up to 700 Bitmain S9 Antminers per mega-watt (“MW”) of operating capacity, which at 13.5 TH/s per miner, yields up to 9.45 PH/s of hash rate capacity per MW. Depending on the PUE, typical data-center facilities will operate between 600-650 miners per MW. Hash rate is the measure of crypto-currency production; a higher hash rate directly corresponds to a higher production output of crypto-currency.
“This event marks a significant milestone in the transformation of Fortress Blockchain as we will now make the move from private capital markets to becoming a publicly traded issuer on the TSX Venture Exchange,” said Aydin Kilic, Co-Founder, CEO and Director of Fortress Blockchain. “We are now able to focus on increasing our presence in the market all the while delivering value to our shareholders through the transfer of our industry leading operational efficiencies and cost structure. We look forward to the next phase of our growth cycle as a leading publicly traded Canadian digital currency miner and thank our investors for their continued support.”
Second Quarter Earnings Conference Call Details:
Date: Thursday, August 23rd, 2018
Time: 8:00 AM (PST)/11:00 AM (EST)
Participant Dial-in Numbers:
Local – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 55691235
About Fortress Blockchain Corp.
Fortress Blockchain Corp. is a technology-oriented blockchain mining company committed to operating in low cost North American green-energy regions. Fortress’s resources are currently dedicated to achieving peak operational efficiency in industrial scale Bitcoin mining, to ultimately deliver an industry leading competitive advantage in performance. Fortress has strategically acquired a state-of-the-art mining facility in Washington state which has been in continuous operation since 2014, which serves as an R&D facility to optimize and build out the next generation of highly scalable blockchain mining infrastructure.
For further information, please contact:
Chief Executive Officer
604 477 9997
905 510 7636
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 press release.
The securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This press release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities.
Forward Looking Statements:
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, anticipated revenue, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, budget”, “scheduled”, “suggest”, “optimize”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, believes”, “anomalous” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Fortress Blockchain has attempted to identify important factors that could affect Fortress Blockchain and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Fortress Blockchain does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.