EASTON, Md., July 12, 2021 /PRNewswire/ -- TeraWulf Inc.
("TeraWulf"), a U.S.-based bitcoin mining company, today announced
that it has joined the Bitcoin Mining Council. The Bitcoin Mining
Council is an open forum of bitcoin miners committed to promoting
transparency, sharing best practices, and educating the public on
the benefits of bitcoin and bitcoin mining.
TeraWulf is actively developing its mining facilities in
New York and Pennsylvania and has secured competitive
power supply agreements for each, consistent with its carbon
mandates. TeraWulf's Pennsylvania
site is expected to be the first bitcoin mining facility that
is powered by 100% zero-carbon nuclear energy.
Paul Prager, Chairman & Chief
Executive Officer of TeraWulf, said, "We are thrilled to join the
Bitcoin Mining Council and are honored to support sustainable
bitcoin mining. Together, for more than a decade, the TeraWulf
management team has owned, operated, and built over 2.3 gigawatts
of electricity infrastructure worldwide. We understand energy
infrastructure and we have proven that we know how to operate
efficiently and effectively on an industrial scale."
Mr. Prager continued, "Our team believes that controllable load
resources like bitcoin miners will play a crucial role in enhancing
grid reliability and renewable energy integration. With 60,000
miners on order from Bitmain and Minerva to date, and 800 megawatts
of expected sustainable energy capacity by 2025, TeraWulf is
positioned to become a global leader in bitcoin mining. I could not
be more excited about TeraWulf and the future of bitcoin."
Following the anticipated completion of TeraWulf's previously
announced business combination with IKONICS Corporation (Nasdaq:
IKNX) ("IKONICS"), TeraWulf intends to continue to develop, own,
and operate its mining facilities in the
United States.
As announced on June 25, 2021,
TeraWulf expects to become a Nasdaq-listed company through a
business combination with IKONICS, an imaging technology company
based in Duluth, Minnesota. The
companies have entered into a definitive merger agreement to
combine under a new holding company, which will change its name to
TeraWulf Inc. and is expected to be listed on The Nasdaq Stock
Market LLC under the trading symbol "WULF." The transaction is
expected to close in the second half of 2021, subject to the
receipt of regulatory approvals, the approval by IKONICS and
TeraWulf stockholders, and other customary closing conditions.
To learn more about the TeraWulf and IKONICS transaction, please
visit www.TeraWulf.com.
About TeraWulf
TeraWulf was formed to own and operate fully integrated
environmentally clean cryptocurrency mining facilities in the
United States. TeraWulf will
generate domestically produced bitcoin powered by nuclear, hydro
and solar energy. TeraWulf's mining facility in New
York is expected to be operational in the fourth quarter of
2021 and the mining facility in Pennsylvania recently
commenced site work with targeted operation in the second quarter
of 2022. For more information on TeraWulf, please
visit www.TeraWulf.com or follow @TeraWulfInc
on Twitter.
Additional Information and Where to Find It
In connection with the proposed business combination between
IKONICS and TeraWulf as more fully described in the current
report on Form 8-K filed by IKONICS with the Securities and
Exchange Commission (the "SEC") on June 25,
2021, IKONICS intends to file relevant materials with the
SEC, including a combined proxy statement and registration
statement on Form S-4. Following the filing of the definitive proxy
statement with the SEC, IKONICS will mail or otherwise make
available the definitive proxy statement and a proxy card to each
stockholder entitled to vote at the special meeting relating to the
proposed business combination. The proxy statement, any other
relevant documents and all other materials filed with the SEC
concerning IKONICS are (or, when filed, will be) available free of
charge at www.sec.gov and
www.ikonics.com/investor-relations. Stockholders are urged
to read carefully the proxy statement and registration statement on
Form S-4 and any other relevant documents and materials that
IKONICS files with the SEC when they become available before making
any voting decision because they will contain important information
about IKONICS, TeraWulf and the proposed business combination.
Participants in the Solicitation
This communication does not constitute a proxy statement or
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the proposed business combination
and does not constitute an offer to sell or a solicitation of an
offer to buy the securities of IKONICS or TeraWulf, nor shall
there be any sale of any such securities in any state or
jurisdiction in which such solicitation, offer or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
Information about any persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the proxies in
connection with the proposed business combination will be set forth
in the preliminary proxy statement and registration statement on
Form S-4 when it is filed with the SEC.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the U.S. federal securities laws. Such
forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements other than statements of historical fact are
statements that could be deemed forward-looking statements. Actual
results may vary materially from those expressed or implied by
forward-looking statements based on a number of factors, including,
without limitation: (1) risks related to the consummation of the
proposed business combination, including the risks that (a) the
proposed business combination may not be consummated within the
anticipated time period, or at all, (b) the parties may fail to
obtain stockholder approval of the merger agreement, (c) other
conditions to the consummation of the proposed business combination
under the merger agreement may not be satisfied, (d) all or part of
TeraWulf's contemplated financing in connection with the proposed
business combination may not become available, and (e) the
significant limitations on remedies contained in the merger
agreement may limit or entirely prevent a party from specifically
enforcing another party's obligations under the merger agreement or
recovering damages for any breach; (2) approval of the combined
company's application to list its shares on The Nasdaq Stock Market
LLC; (3) no assurance that future developments affecting
TeraWulf will be those that it has anticipated, with TeraWulf's
projected financial information is for illustrative purposes only
and should not be relied upon as necessarily being indicative of
future results since the assumptions and estimates underlying such
projected financial information are inherently uncertain and
are subject to a wide variety of significant business, economic,
competitive and other risks and uncertainties that could cause
actual results to differ materially from those contained in the
prospective financial information; (4) the effects that any
termination of the merger agreement may have on a party or its
business; (5) the nature, cost and outcome of pending and future
litigation and other legal proceedings, including any such
proceedings related to the proposed business combination and
instituted against any party to the merger agreement and others;
(6) the risk that the proposed business combination may involve
unexpected costs, liabilities or delays; and (7) other economic,
business, competitive, legal, regulatory and/or factors relating to
the proposed business combination. Potential investors,
stockholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. TeraWulf does not assume any
obligation to publicly update any forward-looking statement after
it is made, whether as a result of new information, future events
or otherwise, except as required by law.
Contacts
TeraWulf
Michael Freitag / Joseph Sala / Lyle
Weston
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE TeraWulf Inc.
