CGAC Completes $894,325 Purchase of 412 Bitcoin Miners, Mining Operations Underway
DRIPPING SPRINGS, TX
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April 28, 2023 08:30 AM Eastern Daylight Time
Code Green Apparel Corp. (OTC: CGAC), a Bitcoin mining company, announces the successful $894,325 purchase of 412 Antminer S19 Pro+ (Bitcoin miners) machines, bringing CGAC’s total fleet of miners to cumulative 517 miners. The 412 Antminer S19 Pro+ will begin production in two weeks. CGAC used funds in the private sale of a first tranche of secured promissory notes, with a maximum possible funding of $5,000,000.
Logan Rice, CGAC’s CEO, stated, “We are thrilled to unveil the initial results of our recently established finance program aimed at expanding our fleet of machines. This initial phase of our funding program aims to raise $5,000,000 in long-term debt. The financing package will include issuing restricted shares for no more than 4.99% of our stock.” Mr. Rice continued, “The company is dedicated to protecting its treasury and will issue shares sensibly to capitalize on the fleet of machines we plan to build. This move reflects Code Green's commitment to growth and expansion in the industry while maintaining responsible financial practices.”
CGAC has partnered with ASICMiners.us and Liquid Immersion Worldwide, Inc., wholly owned subsidiaries of Bit Frontier Capital Holdings (OTC: BFCH), to increase production of the Antminer S19 Pro+ by 50%. This arrangement will allow CGAC to overclock these machines in a specially engineered Liquid Immersion tank produced by Liquid Immersion Worldwide, Inc.
"The purchase of these Antminer S19 Pro+ machines also represent a strategic move for us, as the Liquid Immersion will allow us to increase our production capabilities significantly, resulting in higher operating efficiency, a better rate of return, and, as we stay true to our commitment to low overhead, a better chance for our shareholders to receive cash dividends, which is out stated objective," added Mr. Rice
The Antminer S19 Pro+ is one of the most reliable Bitcoin mining machines available, producing a stock 122 t/h out of the box. With this strategic partnership, CGAC is poised to increase its Bitcoin mining capabilities and profitability significantly.
About CGAC:
Code Green Apparel Corp. is a Bitcoin mining company uniquely positioned within the OTC space. CGAC will treat its mined Bitcoin as a traditional commodity, like a gold mining company. CGAC will mine Bitcoin, then sell the mined Bitcoin for cash, and (3) regularly declare and distribute dividends concerning Available Cash (established by our Board of Directors)
To our shareholders. CGAC’s primary business objective is to continually increase its Bitcoin mining capacity and increase cash available for distribution as a dividend to its shareholders.
CGAC completa la compra de $894,325 de 412 mineros de Bitcoin, Operaciones mineras en marcha
Forward-Looking Statements:
This current press release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future, including but not limited to any products sold or cash flow from operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release. We assume no obligation to update the forward-looking statements or the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove accurate. Investors should consult all of the information set forth herein. They should also refer to our most recent annual report for our last fiscal year, quarterly reports, and other periodic reports filed occasionally with the Securities and Exchange Commission.
Contact:
Name: Logan William Rice
Title Chief Executive Officer
Telephone 612-889-2418
Website: https://www.thenewcgac.co
Twitter: @thenew_cgac
Instagram: @TheNewCGAC
Email Address: codegreenapparelcorporation@gmail.com
SOURCE: Code Green Apparel Corp.
Contact Details
Code Green Apparel Corp.
