Vancouver, British Columbia--(Newsfile Corp. - March 10, 2022) - Aquarius AI Inc. (CSE: AQUA) ("AQUA" or the "Company"), is pleased to provide a corporate update regarding ongoing initiatives.
First, the Company is pleased to announce that the purchase of 10 PH/s of Bitcoin mining rigs as announced on November 25, 2021 has been confirmed and on schedule for an April 2022 launch. The Company reiterates its goal of implementing a "HODL strategy" to accumulate Bitcoin rewards as an asset to hold onto long-term, which the Company believes will maximize the value to its shareholders.
Second, the Company is pleased to announce that it is continuing to make good progress with regards to the debt financing as initially announced on November 25, 2021 and is in advanced discussions with multiple debt providers. While not yet guaranteed, the Company remains cautiously optimistic that a debt facility will be available for the purchase of additional Bitcoin mining capacity in due course.
Finally, in connection with its previously disclosed plans to have sustainable power and support facilities to support future growth, the Company is pleased to announce that it has continued to seek appropriate data center facilities with scalable power to sustain this planned growth, has begun due diligence on several sites, and has identified a shortlist of appropriate sites. Further information will be available in due course.
Owen Sagness, Director of Operations at AQUA stated, "Despite being only early March, the Company has made progress on all fronts. Our first batch of mining rigs are on schedule to go live in April so we can be up and hashing very soon". He further added,"While our success cannot be guaranteed, the progress towards obtaining our own data center facility is happening faster than anticipated, as is a debt facility to allow us to fill it with state-of-the-art bitcoin mining rigs."
The Company will provide further updates on these initiatives in due course.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations; the Company's intention to accumulate Bitcoin and hold onto these assets long term; increases in shareholder value through its HODL strategy; its ability to secure debt financing upon the completion of its discussion with debt provides on terms acceptable to the Company; the intended use of the proceeds of any future debt financing; the Company's ability to obtain sustainable power and support facilities on commercially favorable terms, if at all; the ability of future power and support facility to support the Company's future growth; successful completion of its on-going due diligence of data centers; and the anticipated 'go live' date for the Company's first batch of mining rigs and the date they will begin hashing. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the bitcoin industry generally, income tax and regulatory matters; the ability of Aqua to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.