TORONTO, Aug. 31,
2021 /CNW/ - CryptoStar Corp. (TSXV: CSTR)
("CryptoStar" or the "Company"), a cryptocurrency
mining and data centre operator, is pleased to announce that the
Company and a U.S. based company (the "Alberta Customer") have executed an
equipment hosting agreement (the "Hosting Agreement")
effective August 31, 2021 for 5 MW of
mining capacity to be deployed in Alberta, Canada.
Equipment Hosting Agreement
Under the terms of the Hosting Agreement, the Company will
provide hosting services and infrastructure to the Alberta Customer
for 5 MW of mining capacity at its data centre locations in
Alberta, Canada.
Highlights of the Hosting Agreement:
- Annual hosting and power revenues for the Company of up to
USD$2.6 million.
- Initial hosting term of 12 months, with the option to renew for
an additional 12-month term.
- Hosting services for the Alberta Customer to commence in Q4,
2021.
David Jellins, President
and Chief Executive Officer of CryptoStar stated, "We are delighted
that the Alberta Customer has selected CryptoStar as its hosting
provider. We are looking forward to providing hosting services to
the Alberta Customer and we anticipate that this will be the
beginning of a long term and mutually beneficial
relationship."
About CryptoStar Corp.:
CryptoStar has cryptocurrency mining operations with data
centres located in the U.S.A. and
Canada. CryptoStar is currently
dedicated to becoming one of the lowest cost cryptocurrency
producers in North America and a
major supplier of GPU and ASIC miners worldwide.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as, "expects", "is expected", "anticipates", "intends",
"believes", or variations of such words and phrases or state that
certain actions, events or results "may" or "will" be taken, occur
or be achieved. Forward-looking statements include those relating
to CryptoStar's expectation of a long term and mutually beneficial
relationship with Alberta Customer, the expected revenue and timing
to commence the hosting services associated with the Hosting
Agreement and CryptoStar's plans of becoming one of the lowest cost
cryptocurrency producers in North
America and a major supplier of GPU and ASIC miners
worldwide. Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances. Actual results, performance or
achievement could differ materially from that expressed in, or
implied by, any forward-looking statements in this press release,
and, accordingly, you should not place undue reliance on any such
forward-looking statements and they are not guarantees of future
results. Forward-looking statements involve significant risks,
assumptions, uncertainties and other factors that may cause actual
future results or anticipated events to differ materially from
those expressed or implied in any forward-looking statements.
Except as required by law, CryptoStar undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE CryptoStar Corp.
