VANCOUVER, British Columbia, March 19, 2021 (GLOBE NEWSWIRE) — Neptune Digital Assets Corp. (TSX-V:NDA) (OTC:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), a cryptocurrency leader in Canada, is pleased to announce that they have signed a letter of intent with Link Global Technologies Inc. (“LINK”) ( CSE:LNK) (FSE:LGT) (OTC:LGLOF) to co-develop a 5MW renewable energy Bitcoin mining facility in Alberta, Canada. This agreement follows shortly after a separate partnership on March 4, 2021 with Link to procure and operate 1500 ASIC mining machines for Neptune at their existing facilities.
The new mining facility is a 50/50 joint venture between LINK and Neptune, sharing equally in both costs and revenues.
The location of the site will be in Alberta where LINK operates the majority of their Bitcoin mining facilities.
This site will be solar, wind and natural gas powered.
A definitive agreement is expected by early April with construction immediately following.
“We are very excited about our second venture with Link Global. We expect there to be substantial global pressure to develop sustainable Bitcoin mining operations around the world. We hope as a team to become a major powerhouse in low cost, carbon-neutral mining and tapping available carbon credits for exchange in that burgeoning marketplace,” stated Cale Moodie, Neptune’s CEO.
Link President and Chief Executive Officer Stephen Jenkins commented, “This push for more renewable energy is wonderful, it’s necessary in an energy-intensive sector. Link and Neptune are committed to incrementally lowering the impacts of Bitcoin Mining. We are determined to prove that the future of mining digital currency can be a green one. We look at this as the beginning to expand our footprint into renewable energy projects for digital currency mining.”
The Company will also be filing its consolidated condensed interim financial statements for the six-month period ended February 28, 2021 and associated management discussion and analysis today under the Company’s profile on SEDAR at www.sedar.com, highlighting 200% balance sheet growth and record setting comprehensive net income of over $6 million for Q2.
About Neptune Digital Assets Corp.
Neptune Digital Assets aims to be a cryptocurrency leader with a diversified portfolio of investments and cryptocurrency operations across the digital asset ecosystem including Bitcoin mining, tokens, proof-of-stake cryptocurrencies, decentralized finance (DeFi), and associated blockchain technologies.
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, whether a definitive agreement with Link is executed and completed; the Company’s future earnings and operating costs; the Company’s future growth in total assets; the Company’s strategy to purchase crypto currency and optimize its crypto portfolio; the Company’s ability effectively dollar cost average its purchases of crypto currency; and the future outlook of the crypto currency market generally. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.