Under the Symbol:
XTRA Bitcoin Inc Opens Financing Negotiations, Increases MW Capacity 400% and Continues Documentation Process with FINRA to Bring Filings Current
Thursday, August 22, 2019 10:15 AM
FRUITLAND, ID / ACCESSWIRE / August 22, 2019 / XTRA Bitcoin Inc. (OTC PINK:TCEL) XTRA’s management is assembling the documentation requested by FINRA in response to our corporate action notification regarding merger and name change. Complying with the FINRA requests is the required first step towards bringing our filings current. After FINRA, bringing filings current on OTC to remove the STOP sign is a prerequisite condition to obtaining funding. Management is confident that the FINRA requested documentation and audited financials can be provided in the next 30 to 60 days and has therefore opened financing discussions with several investors and leased additional electrical capacity to bring our project from 2.5MW to 10MW.
XTRA’s management is working to bring all filings current to remove the OTC STOP sign. This process involves providing documentation and responses to 13 items identified by FINRA to support our notification of corporate action before OTC will accept current filings. Among these items are 2 audited 10-K and 3 reviewed 10 Q reports from year end 2010 to year end 2011 to be filed with the SEC. Management believes that they will be able to provide the requested items within 60 days.
Bringing filings current and removal of the OTC STOP sign is important to lenders and investors who want to participate in funding our bitcoin mining business. We have had many outside investors contact us regarding investing and working with us developing bitcoin mining. Most of these investors are from China, Singapore, Malaysia and Korea. XTRA is engaged in negotiating terms, hoping to secure growth funding, financial stability, and long-term shareholder value. We hope to add some new members to our team from the Southeast Asia/China region and will keep shareholders updated on the events as they progress.
There have been many questions about MW (megawatt = 1,000,000 watts) controlled by XTRA Bitcoin Inc - $TCEL. XTRA is leasing site and electrical capacity from The Pines Townhomes LLC, a rental real estate company that is wholly owned by our CEO. The Pines has contracted with utility provider for 7MW capacity (which has been installed onsite already) with an additional second phase of 8MW for a total of 15MW site capacity. All onsite electrical infrastructure must be installed, owned and maintained by the user (XTRA) from the onsite high-voltage utility power line service pole interconnect. XTRA is leasing this capacity in 2.5MW blocks. XTRA has already leased 2.5MW and optioned 3 additional blocks of 2.5MW for a total of 10MW. The remaining 2 blocks (5MW) are under performance-based contracts and will be available to whoever can fund first. So, IF XTRA can obtain infrastructure funding first, they can acquire all 15MW of capacity. That is all the utility grid capacity available in this area for bitcoin mining. With adequate funding, XTRA can also obtain rights to over 40MW in other jurisdictions for additional growth.
Things are going to get very exciting over these coming weeks and months and once again we thank and appreciate our shareholders that believe in us. We believe that patience, persistence, and hard work pays.
If you would like more information about this topic, please call Paul Knudson at 1-208-630-6678, or email [email protected].
SOURCE: XTRA Bitcoin Inc.