SATO Technologies Corp. Reports Limited Incident at the Building Hosting Data Center One

Rhea-AI Summary

SATO Technologies Corp. (TSXV: SATO, OTCQB: CCPUF) announced a fire incident at their Center One data center building on June 1, 2024. The fire occurred in the oldest part of the building, affecting around 40 PHs of computing equipment out of 560 PHs. The fire suppression system caused additional water damage. No injuries were reported. The company is assessing the damage and working with insurance companies for recovery. Contingency plans are in place to mitigate service disruptions, though no specific timeline for recovery is available. SATO is committed to operational excellence and will provide regular updates.

Positive

• No injuries reported during the incident.
• Contingency plans are in place to mitigate service disruptions.
• The company is actively assessing damage in collaboration with insurance companies.
• Commitment to maintaining operational excellence and reliability.

Negative

• Incident affected approximately 40 PHs of computing equipment out of 560 PHs.
• Additional water damage from the fire suppression system.
• No specific timeline provided for recovery of affected equipment.
• Potential temporary service disruptions.

Toronto, Ontario--(Newsfile Corp. - June 2, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO") reports an incident that occurred on the night of Saturday, June 1st, at the building where Center One is located. A fire broke out in the oldest part of the building housing the company's computing equipment, followed by limited water damage as the fire suppression system activated.

The damage has affected approximately 40 PHs of the equipment out of the 560 PHs operating in Center One. Our dedicated team is working tirelessly to assess the full extent of the damage, including with our insurance companies, and to restore impacted operations as swiftly as possible. At this time, we are unable to provide a specific timeline for the complete recovery of the affected equipment.

SATO's top priority is the safety and well-being of our employees, and we are relieved to report that there were no injuries. Contingency plans are being implemented to mitigate service disruptions, and we will provide regular updates as the situation evolves.

SATO remains committed to maintaining the highest standards of operational excellence and reliability. We appreciate the patience and support of our shareholders, and employees during this time.

On behalf of the board,
Romain Nouzareth, SATO CEO and Chairman

About SATO
SATO, founded in 2017, is a publicly listed company providing efficient computing power. The Company currently operates one data center tailored to provide computing power for Bitcoin Mining, but may look to expand or add additional data centers for computing power for Bitcoin Mining, High Power Computing ("HPC"), Artificial Intelligence ("AI"), and L2's. The Company is listed on (TSXV: SATO) & (OTCQB: CCPUF). To learn more about SATO, visit www.bysato.com.

For additional information, please contact:
Investor Relations:
invest@bysato.com
Phone: +1 (450) 756-3636

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-Looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211396

FAQ

What happened at SATO Technologies Corp.'s data center on June 1, 2024?

A fire broke out in the oldest part of the building housing SATO's data center, affecting around 40 PHs of computing equipment.

How much equipment was affected in SATO's fire incident?

Approximately 40 PHs of computing equipment out of 560 PHs were affected.

Were there any injuries in the fire at SATO's data center?

No, there were no injuries reported.

What is SATO Technologies Corp. doing to mitigate service disruptions?

SATO has implemented contingency plans to mitigate service disruptions and is assessing the damage with insurance companies.

Has SATO Technologies Corp. provided a timeline for recovery after the fire incident?

No specific timeline for the complete recovery of the affected equipment has been provided yet.