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") with a Kansas, USA based energy company (the "Kansas Partner") effective February 9, 2022 for up to 87.2 megawatts (MW) of power to be supplied at among the lowest electricity rates in North America. The Company also provides an update on operations.
LOI with Kansas Partner
Highlights of the proposed Transaction:
The Company anticipates commencing operations in Kansas, USA in Q2, 2022.
David Jellins, President and Chief Executive Officer of CryptoStar states, "This LOI with the Kansas Partner is consistent with the Company's long term expansion plans into low-cost energy regions in North America and solidifies CryptoStar's objective to become one of the most reliable, lowest cost crypto miners and hosting services providers in North America."
Alberta Operations and Termination of Equipment Hosting Agreements
The natural gas power generation site of 611890 Alberta Inc. DBA Avila Energy (the "Alberta Partner") remains shut down. Litigation against the Alberta Partner et al. is ongoing with respect to the non-compliance with terms of the power supply agreement for up to 30 MW and damages arising therefrom.
The Company has terminated the equipment hosting agreements announced on August 31, 2021 for 5 MW and September 2, 2021 for 10 MW of mining capacity to be deployed in Alberta, Canada due to the delays in the deployment of power by the Alberta Partner.
Expansion in Quebec
The Company's subsidiary, Neuro Digital Inc., has commenced its expansion of operations in Quebec, progressing on its application with Hydro Quebec to secure the first 5 MW of power at its data centre.
Operations
Future Growth
Financial Position
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 the Kansas Partner will enter into the Power Supply Agreement for the first 21.8 MW of power by February 28, 2022, the anticipated term of the Power Supply Agreement, the anticipated commencement of the Company's operations in Kansas, USA, CryptoStar's objective to become one of the most reliable, lowest cost crypto miners and hosting services providers in North America, CryptoStar's assumption that damages will arise from its litigation with the Alberta Partner, the expected revenue generating capabilities of the GPU and ASIC miners, plans to redeploy its reduced self-mining Hashrate as expeditiously as possible in Q1 2022, the time to deliver and deploy the ASIC miners, CryptoStar's plans to continue to expand its self-mining inventory of mining hardware, expand its data centre operations in North America, 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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