Vancouver, British Columbia--(Newsfile Corp. - October 26, 2021) - Aquarius AI Inc. (CSE: AQUA) ("AQUA" or the "Company"), is pleased to announce that it has entered into a managed service agreement (the "Agreement") with Luxor Technology Corporation ("Luxor"), a US-based Bitcoin mining technology and services company, that operates one of North America's largest bitcoin and proof-of-work software including the Luxor mining pool. Luxor will manage AQUA's application-specific integrated circuit ("ASIC") mining hardware procurement, carbon neutral power procurement, and data centre support services, and provide financing advisory services.
Under the terms of the Agreement, Luxor will provide to AQUA the following four core services:
Mining pool service: Luxor will provide AQUA with institutional-grade Mining Pool services for BTC, ETH, and other "Proof of Work" digital assets.
Colocation sourcing and referral: Luxor will provide advisory/consulting services during the contract negotiation, due diligence, commissioning, and management phases.
ASIC brokerage: Luxor will provide AQUA with ASIC brokerage and procurement services. These services include the coordination of logistics and delivery to final location.
Financing: Luxor will provide AQUA with advisory services on equity, debt and equipment financing.
Furthermore, Luxor will manage all of the Company's future Bitcoin mining operations which are in an advanced stage of development. Entering into the Agreement paves the way for the next stage of AQUA's Bitcoin mining operations which will be announced in due course.
The Agreement is for a term of 36 months, and there will be no exchange of money or securities as part of the deal. Both parties will benefit from a revenue share from monies generated as a direct result of this deal.
The Luxor team have built a range of solutions for scaling blockchain infrastructure, including a globally distributed mining pool, a hashrate network-switching engine, and a wide variety of blockchain software ranging from blockchain explorers to an ASIC management platform. They strongly believe that classical Nakamoto consensus ("Proof-of-Work") is the only proven and tested way to secure a decentralized platform. The future of decentralized finance will require responsible guardians that can efficiently harness energy in order to maintain the security of a network. Luxor is focused on vertically integrating mining pools and enterprise-grade management software to provide investors a full-service investment vehicle for cryptocurrency mining.
Owen Sagness, Director of Operations at AQUA stated, "We believe that bringing Luxor to the table is critical to allow the Company to manage its future Bitcoin mining operations due to our anticipated scale and the feature set on offer." He further added, "Luxor gives the Company the ability to procure tens of Megawatts of carbon neutral power in short order, with the backup to support the ASIC mining hardware and pool management at our anticipated scale. It could not be a better time to be entering large scale Bitcoin mining as Bitcoin recently hit an all-time high of USD $66,974.77 per coin*." *BTC Hit ATH October 20, 2021
Alex Brammer, Vice President of Business Development at Luxor stated, "We were attracted by the impressive management team at AQUA and their vision to scale Bitcoin mining in a way that takes industrial scale mining to the next level. With our proprietary access to data, industry relationships, power and hosting partner facilities, we feel that under this agreement we can achieve an incredible hash rate growth." He further added, "We are very excited to move forward together on the next stage of the business with Aqua and help build a leading Bitcoin mining company."
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. 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 and Luxor to implement their respective 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.