BitFrontier Capital Holdings, Inc. Returns to Pink Current Status and Signs new Executive

Rhea-AI Summary

BitFrontier Capital Holdings, Inc. (OTC: BFCH) has updated all its filings on OTC Markets, achieving Pink Current status, enabling trading on multiple platforms. President Bryan Wilkinson appreciates shareholders' support during the transition after a management change. Upon gaining control, the company liquidated non-essential assets, reducing expenses and generating cash. Outstanding debts, including taxes and service fees, were cleared. BFCH plans to enhance its crypto mining operations, expecting to triple revenue with the acquisition of Asic Miners US, which has already surpassed $6 million in revenue for 2022.

Positive

• Achieved Pink Current status on OTC Markets, allowing broader trading options.
• Liquidation of non-essential assets reduced expenses and provided immediate cash flow.
• Cleared outstanding debts, enhancing financial stability.
• Expecting significant revenue growth from acquiring Asic Miners US, which has generated over $6 million in 2022.

Negative

• None.

CRESTVIEW, FL, Oct. 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – BitFrontier Capital Holdings, Inc. (OTC: BFCH) has brought all of its filings up to date on OTC Markets and is now in a Pink Current status which means it will be able to be traded on most, if not all, trading platforms again.

President Bryan Wilkinson states, “I would like to thank shareholders and supporters from the bottom of my heart for standing by us over these past few months while we worked for control of this company. I’m so happy that this day has come, it’s a big win for everybody.”

After previous management failed their shareholders, Mr. Wilkinson petitioned the Wyoming courts on behalf of shareholders to take control of the company. The courts granted him custodian status in early August.

Regarding the takeover, Mr. Wilkinson stated, “When we gained control of the company, we were faced with some very tough decisions. We decided after the past management’s failure to launch their crypto mining division in Pulaski VA, that the best course of action was to liquidate the assets located there, including but not limited to the previously constructed building and all remaining possessions as it didn’t fit our plan going forward. This reduced our expenses and brought immediate cash into the company. We will now be able to use those funds to propel the company forward, instead of burning through them with overhead expenses at a non-producing building.”

“Since taking over, many outstanding debts were paid off almost immediately, including but not limited to; the Transfer Agent, SOS, Taxes due, OTC Markets, Comcast, and Appalachian Power. Any accounts the company is no longer using have also been closed. We've also engaged a law firm that will be assisting us with an up listing to OTCQB as soon as we meet the Criteria,” according to Mr. Wilkinson.

In addition, we previously announced the addition of Andrew Gilton, who is the owner and operator of Asic Miners US. Andrew posted a short introduction video on that can be seen on Youtube :  https://www.youtube.com/watch?v=7c9_NNudWFw  

“With the addition of Andrew, we are immediately looking at getting the company’s original goals of crypto mining back on track in the short term.  Andrew’s extensive knowledge in the crypto sector and ability to get mining products to us quickly should give us a slight edge over the competition. In a technology driven field like crypto mining, it’s imperative to have access to the latest innovations in miners and other products related to crypto mining,” stated Mr. Wilkinson.

“Moving forward, our subsidiary TelesisIT, led by board member Ronnie Williams, is already on track to reach record revenues this year. We plan to continue to expand and grow this company going forward by providing the necessary resources needed to accomplish that. In addition, we will be Acquiring ASIC MINERS US in the 4th quarter of 2022. Asic Miners US has already broken $6 million in revenue for 2022 and with this acquisition completed, we firmly believe that we can see that revenue triple or even quadruple within 2 years. According to Mr. Wilkinson, “Our first mining facility will be in North Carolina and the facility is already being prepared for that use. Andrew has already supplied BFCH with a first supply of miners to get that new facility operational ASAP. We also plan on ordering additional miners within the next few weeks. The recent drop in bitcoin prices presents us with an excellent opportunity to get into mining and return BFCH to at least one of its original goals, to mine crypto.”

We believe as we move forward that having a more diverse company will allow us to keep revenue streams always going. If one revenue stream slows, the other(s) will keep the revenue stream constant. TelesisIT & Asic Miners US will act as our foundation, from there we plan to branch out into several areas via joint ventures and by the formation of other companies with new soon to be named board members. Acquiring additional companies that fit our vision using Preferred stock is another option we plan to pursue. We look forward to implementing our aggressive but well thought out approach during the 4th quarter of 2022 and the 1st quarter of 2023.

To keep up on further announcements in-between our scheduled press releases, please follow our new twitter account https://twitter.com/bfchstock ,

Asic Miners US website can be seen https://asicminersus.com/

Once again, we want to thank our shareholders for their continued support. We will have more updates, videos & walk-throughs very soon.

Forward-Looking Statements:

This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's respective filings at www.otcmarkets.com.

Bryan Wilkinson
bryan@bitfrontiercapitalholdings.com

FAQ

What is the significance of BFCH achieving Pink Current status?

Achieving Pink Current status allows BitFrontier Capital Holdings, Inc. to be traded on more trading platforms, enhancing liquidity for shareholders.

How did BFCH reduce its expenses after management changes?

BFCH reduced expenses by liquidating non-essential assets, including a previously constructed building for crypto mining that did not align with its future plans.

What revenue growth does BFCH anticipate from its acquisition of Asic Miners US?

BFCH anticipates tripling revenue from the acquisition of Asic Miners US, which has already generated over $6 million in revenue for 2022.

What debts were cleared by BFCH after the management transition?

BFCH cleared various outstanding debts, including those to the Transfer Agent, taxes, and service providers like Comcast and Appalachian Power.

When is the next update expected from BFCH regarding its business operations?

BFCH is expected to provide more updates, videos, and walkthroughs soon, as indicated in their recent press release.