CryptoStar Corp. (TSXV: CSTR) (OTCQB: CSTXF) ("CryptoStar" or the "Company"), a cryptocurrency mining and data centre operator, is pleased to announce that it has signed a letter of intent (the "LOI") effective November 12, 2021 to acquire 100% of the outstanding shares of Neuro Digital Inc. ("Neuro Digital") for cash consideration of CAD$2.4 million (the "Transaction"). The Company is also pleased to announce the expansion of its self-mining Hashrate.
Neuro Digital Transaction
Highlights of the proposed Transaction:
David Jellins, President and Chief Executive Officer of CryptoStar states, "We are delighted that Neuro Digital has agreed to the terms of the proposed Transaction, and more specifically, we are looking forward to incorporating the extremely talented team at Neuro Digital with a proven expertise in Ethereum (ETH) mining, AI solutions and DeFi. Furthermore, this acquisition will ensure our expansion of green operations in Quebec, Canada and is another step toward transitioning our operations to renewable sources."
Summary of Existing CryptoStar Business (pre-Neuro Digital Transaction)
About CryptoStar Corp.:
CryptoStar has cryptocurrency mining operations with data centres located in the U.S.A. and Canada. CryptoStar is currently dedicated to becoming one of the lowest cost cryptocurrency producers in North America and a major supplier of GPU and ASIC miners worldwide.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to CryptoStar's expectation that the Company and Neuro Digital will enter into the Definitive Agreement, expansion of the Quebec Data Centre operations, that key management personnel of Neuro Digital will remain with the company, the timing of the finalization of the Definitive Agreement, the expectation to transition the Company's operations to renewable sources, the expected revenue and timing to commence the hosting and power services associated with the Equipment Hosting Agreements, the expected revenue generating capabilities of the GPU and ASIC miners, the expected Bitcoin revenue generating capabilities of the ASIC miners, the time to deliver and deploy the ASIC miners, CryptoStar's plans to continue to expand its self-mining inventory of mining hardware, increase its power capacity at its data centres in Alberta, Canada, expand its data centre operations in Alberta, Canada, to partner with large cryptocurrency miners and CryptoStar's plans of becoming one of the lowest cost cryptocurrency producers in North America and a major supplier of GPU and ASIC miners worldwide. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements. Except as required by law, CryptoStar undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
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