Tickers: XCNQ:LNK, PINX:LGLOF
Tags: #Mining, #Technology, #Blockchain
VANCOUVER, BC, CANADA - TheNewswire - JUNE 18, 2020 - LINK GLOBAL TECHNOLOGIES INC. (CSE:LNK) (FRA:LGT) (OTC:LGLOF) (CNSX:LNK.CN) ("LINK" or the "Company") announces that it has received a security deposit (the "Deposit") in the amount of US$1 million on the signing of a Power Supply Agreement (the "Agreement") with an arm's length third party private investment fund (the "Client").
Under the terms of the Agreement, the Company has agreed to supply the Client with SmartMiner computing power generated by Asics processors, configured for the purpose of supplying process computing power that meets the needs of digital currency software, in exchange for cash consideration at an agreed upon rate of kilowatts per hour. The Company has agreed to deploy the Deposit to enter into third party agreements as may be necessary such that the Company will be able to supply to the Client the computing power noted above. The Company has agreed to return an amount equal to the Deposit to the Client in 12 equal monthly installments of US$83,333. The term of the Agreement is twelve months.
As previously announced on March 24, 2020, Link has secured up to 50 megawatts (MW) of electricity for its cryptocurrency mining community under a letter of intent with its partners in Alberta, allowing for 15,000 new generation machines. This program plans on using approximately 3 MW of electricity.
Stephen Jenkins, Link President & CEO, comments "Link is extremely pleased with the signing of this Power Supply Agreement and securing the US$1 million required to execute the plan. This is the first commercial power supply agreement for our Alberta assets, and a key milestone that puts the Company on track to achieve profitability. Our team continues to execute on our core strategy of securing low cost, reliable power and supplying our partners with smart infrastructure and cost-efficient power solutions for their data hosting and digital mining operations. As we continue to acquire and expand our power assets, we are focused on securing new partnerships to facilitate the Company's global expansion."
About Link Global Technologies Inc.
Link is engaged in the business of providing infrastructure and operating expertise for digital mining operations. Link's objectives include locating and securing, for lease and option to purchase, properties with access to low-cost reliable power and deploying this low-cost power to conduct digital mining and supply energy and infrastructure for other data-hosting services.
On behalf of Link Global Technologies Inc.
For more information visit http://linkglobal.io/ or contact:
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The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION. This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "forecast", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "would", "could", "should" or "might" occur. Forward-looking statements made in this news release relate to: that this program plans on using approximately 3 MW of electricity; that the Agreement is a key milestone that puts the Company on track to achieve profitability; that the Company continues to execute on its core strategy of securing low cost, reliable power and supplying its partners with smart infrastructure and cost-efficient power solutions for their data hosting and digital mining operations; that as the Company continues to acquire and expand its power assets, it is focused on securing new partnerships to facilitate the Company's global expansion; and other matters relating to the Company's business plans.
All such forward-looking statements are based on the reasonable beliefs, expectations and opinions of the relevant management as of the date such statements are made; and are subject to risks, uncertainties, assumptions and other factors that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. In the case of the Company, these risks, uncertainties, assumptions and other factors include, without limitation, fluctuations in the price of electricity, fluctuations in the price of digital currencies/bitcoin, the future potential halving of bitcoin, increases in the network difficulty rate and price of digital currencies/bitcoin, negative changes in the level of digital currency/bitcoin rewards per block, the securing of economic rates for the purchase of power, the opportunities for acquiring digital currency mining hardware, material adverse consequences of the COVID-19 pandemic; unanticipated changes in laws, regulations or other industry standards affecting the business of the Company; the effects of general economic and other factors beyond the control of the Company, and other matters that may occur in the future. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. There can be no assurance that such statements 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 statements. The Company 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.
For a complete discussion with respect to the Company and the risks associated with forward-looking statements, please refer to the Company's financial statements and related MD&A, as well as other documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission and that Alberta Securities Commission, which are filed on SEDAR at www.sedar.com.
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