- Signed a Definitive Agreement following up on the term sheet signed June 24, 2021
- Link will lead the design, build and operation of the facility
- GSV will provide the financing and will assist with the operation
- This agreement includes power purchase plus BTC mining royalties
- Groundwork is scheduled to begin in early September 2021
- The estimated output of the machines once commissioned are 270 Petahash near the end of Q3, with an optional 270 Petahash in Q4, for a total of 540 Petahash
VANCOUVER, BC / ACCESSWIRE / August 16, 2021 / LINK GLOBAL TECHNOLOGIES INC. (CSE:LNK)(FRA:LGT)(OTC PINK:LGLOF) ('LINK' or the 'Company'), an innovative power and infrastructure solutions provider for Bitcoin mining, and data hosting operations, is pleased to announce that the Company has finalized its strategic co-mining agreement (the "Agreement") with North American cryptocurrency mining company Mission World Group and its subsidiary GSV Futures Inc. ("GSV"). Pursuant to the terms of the agreement, the Company will develop certain premises (the "Premises") for GSV to operate approximately 3,000 Bitcoin mining units (the "Miners"). The Company will also provide maintenance of the premises for a term of three years. This is an arms-length transaction between GSV Futuresand Link Global.
Under the terms of the Definitive Agreement, Link will design, build and operate the infrastructure for the operation of the Miners and will also provide management services necessary to maintain 98% uptime on the Miners. In consideration of these services, Link will work with GSV to achieve competitive rates for power and receive a profit share of mined coins. It is expected that the miners will be delivered and installed during the third and fourth quarters of this year.
Estimated Calendar Miner Delivery Dates
- Q3/2021: 3,000 Miners
- Q4/2021: Optional 3,000 Miners
Link President and Chief Executive Officer Stephen Jenkins commented, "We are happy to have GSV co-developing and partnering with us to operate such a significant number of machines. This agreement is estimated to generate up to $5.75 million USD in cash and BTC annually to Link."
Mission World Group Chairman and GSV Futures Inc. Chief Executive Officer Chuang Simon Liu comments, "We are excited to be working with Link Global Technologies Inc. We plan to build up to 80MW in Canadian operation by the end 2021. As a team, we can move quickly and efficiently to get miners online and recognizing revenue for all parties."
About Mission World Group and subsidiary GSV Futures Inc.
Mission World Group and subsidiary GSV futures Inc. offer a broad range of value-added services including ASIC mining, high-performance computing, hosting, and cloud services. The private company is considered one of the largest and most efficient service providers in data computing and cryptocurrency mining with green energy.
About Link Global Technologies Inc.
Link is engaged in providing infrastructure and operating expertise for digital mining and data hosting 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 clean energy and infrastructure for other data-hosting services.
On behalf of Link Global Technologies Inc.
Chief Executive Officer & Director
For more information, visit http://linkglobal.io/ or contact:
For investor information, please contact:
Investor Relations Manager
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. All such forward-looking statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature, they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. In the case of the Company, these risks, uncertainties, assumptions and other factors include, without limitation: that actual use of proceeds of the Offering may differ materially from those set out in this news release; those set out in the Company's most recent MD&A, 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, unanticipated changes in laws, regulations or other industry standards affecting the business of the Company, reliance on key management personnel, the Company's ability to implement its business plan, litigation risk, stock price volatility, the effects of general economic and other factors beyond the control of the Company, and other matters that may occur in the future. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
SOURCE: Link Global Technologies Inc.