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Code Amends Agreement for Certainty on Timing for Bit Mining Rigs

Thursday, 06 May 2021 07:00 AM

Codebase Ventures Inc.

In Response to Industry Wide Supply Challenges, Code Secures New, More Efficient Bit Mining Infrastructure for Long Term Revenue Generation

VANCOUVER, BC / ACCESSWIRE / May 6, 2021 / Codebase Ventures Inc. ("Codebase'' or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that in the face of industry wide supply delays, the Company has amended its agreement for its previously announced bit mining infrastructure, providing certainty on timing, as well as greater profitability with the same number of rigs.

"We have been working extensively with our supplier in the face of industry wide delays resulting from high demand, and now have amended the agreement signed earlier this year to secure the initial rigs for delivery to the hosting facility within 60 days," said Mr. George Tsafalas, Codebase President and CEO.

The amended agreement will see the Company receive, for the same price, 115 Bitmain Antminer S17+ 76Th replacing the previously announced Canaan A1246 miners. The new Bitmain rigs are comparable to the previously expected Canaan miners. The mining rigs will go into operation in New York State as previously planned, and all other terms of the original agreement remain the same.

Under current circumstances, Codebase determined that a new solution was required to gain certainty on timing due to microchip shortages, and as result the new bit mining infrastructure will be operational sooner than the originally announced equipment. In addition to the added benefits listed above, Bitmain remains one of, if not the most dominant and well-respected manufacturer of Bit Mining equipment in the industry.

About Codebase Ventures Inc.

Codebase Ventures Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The Company identifies such opportunities and applies its relationships and capital to advance its interests.

For further information, please contact:

George Tsafalas - Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Codebase Ventures Inc.

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