VANCOUVER, April 23, 2018 /CNW/ - HashChain Technology
Inc. ("HashChain" or the "Company") (TSXV: KASH;
OTCQB: HSSHF) announced today that the Company has entered into a
letter agreement (the "Agreement") to acquire a company with
1,000 new S9 Antminer Rigs ("Rigs") in consideration for the
issuance of 8.9 million HashChain shares at a deemed price of
$0.35 per share (the "HashChain
Shares").
The HashChain Shares will be subject to escrow whereby 40% of
the HashChain Shares will be released on the closing date of the
acquisition (the "Closing Date"), 30% of the HashChain
Shares will be released 60 days following the Closing Date and the
remaining 30% of the HashChain Shares will be released 90 days
following the Closing Date. The acquisition is subject to the
approval of the TSX Venture Exchange.
Currently, 100 of the rigs are resident in the Company's
Montana, USA mining facility
("Montana Facility"), and the other 900 will arrive and be
deployed by the end of May 2018. This
will be added to the 3,870 rigs that HashChain has already
purchased bringing total rigs to 4,870 which is the equivalent of
approximately 7 megawatts.
"While HashChain continues to diversify our business strategy to
include other blockchain-related software and services, we will
remain dedicated to expanding our mining sector," says Patrick
Gray, CEO and founder of HashChain. "The Company's unique ability
to quickly order and receive large quantities of Rigs helps us
scale at an accelerated rate in ideal mining locations to reduce
operational expenditure and ensure ROI on coin mined. This latest
1,000 Rigs when deployed, will increase our Mining to 7 megawatts.
All of these rigs are new giving us longevity in our mining
operations"
Given that the Company has identified other Rig supply
arrangements at a reduced cost per Rig as outlined in this
announcement, it does not intend on paying cash for the remaining
2,000 Rigs as previously announced.
About HashChain Technology Inc.
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.'
HashChain currently operates 100 DASH mining Rigs, 1,770 Bitcoin
Rigs, and has received an additional 3,000 Rigs. Once all Rigs are
operational HashChain will be consuming approximately 7 megawatts
of power. HashChain also acquired a Dash Masternode, which
requires a collateral investment of 1,000 DASH coins.
Diversifying its business strategy beyond crypto mining, the
Company recently acquired NODE40, a blockchain technology company
that developed NODE40 Balance, a new SaaS product making
cryptocurrency 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
and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain
Technology Inc. based out of Albany, New
York, and an office in Vancouver,
British Columbia.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
Larry@HashChain.ca
604-537-8676
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 the company with the 1,000 Rigs (the
"Transaction"), including the anticipated benefits to the Company
of the Transaction, the anticipated performance of a total of 4,870
Rigs, the expected timing of delivery and installation of 1,000
Rigs by the end of May 2018 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 all conditions to the closing of the
Transaction will be satisfied, including receipt of all required
approvals, and the Transaction will complete on the terms set out
in the Agreement, the 4,870 Rigs will perform as expected by
management, the 1,000 Rigs will be successfully delivered and
deployed and the timing of delivery of the 1,000 Rigs will be
consistent with management's expectations. 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 conditions to the closing of the
Transaction will not be satisfied, including the risk that required
approvals are not obtained, and that the Transaction will not
complete on the terms set out in the Agreement or at all, the risk
that the Transaction, if closed, will not result in the anticipated
benefits to the Company; the risk that the 4,870 Rigs will not
perform as expected by management and the risk that the 1,000 Rigs
will not be successfully delivered and deployed by the end of
May 2018, or at all. 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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SOURCE HashChain Technology Inc.
