Redwater Secures $0.015 kWh Gas Supply Agreement, Reducing Energy Costs by Approximately 90.91%

Rhea-AI Summary

CryptoBlox Technologies Inc. announces that its subsidiary, Redwater Acquisition Corp., has secured a gas supply agreement with the Redwater site owner. The agreement is expected to reduce energy costs by approximately 90.91% compared to average market rates. True North Data Systems Ltd. and Redwater will receive gas at a rate of $0.015 per kilowatt-hour, significantly lower than the average market rate of $0.165 per kilowatt-hour. This achievement demonstrates the company's commitment to cost-effective solutions and strategic partnerships.

Vancouver, B.C, July 20, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that its wholly-owned subsidiary, Redwater Acquisition Corp. (“Redwater”), has secured an advantageous gas supply agreement (the “GSA”) with the Redwater site owner. The GSA is expected to result in a significant reduction in energy costs, lowering energy expenses by approximately 90.91%, as compared with average market rates reported by EPCOR's Regulated Rate Option (the “RRO").

Under the GSA, True North Data Systems Ltd (“TNDS”) and Redwater have secured gas at a favorable rate of $0.015 per kilowatt-hour (kWh) compared to the average market rate of $0.165 kWh, as reported by the RRO. This achievement not only demonstrates the Company’s commitment to delivering cost-effective solutions but also highlights our ability to forge strategic partnerships that drive value and enhance long-term success.

"The securing of this Gas Supply Agreement at such an attractive rate is a major milestone for TNDS and Redwater," commented CryptoBlox Interim CEO, Taryn Stemp. "By reducing our energy costs by approximately 90.91% compared to the average market rate, we have achieved a significant cost advantage. This cost advantage will allow us to provide highly competitive and cost-effective solutions to our clients while maintaining the highest standards of performance, reliability, and environmental sustainability."

The negotiated rate of $0.015 kWh, compared to the average market rate of $0.165 kWh based on the RRO), reflects the Company’s dedication to delivering affordable and sustainable data center and crypto mining solutions. By optimizing their operations and passing on the savings to their customers, TNDS and Redwater Acquisition Corp can ensure that clients receive state-of-the-art services at a competitive price.

Ms. Stemp further commented, "our achievement in negotiating a favorable energy supply rate inspires us to invest further in cutting-edge technologies and infrastructure. We hope this will ensure our data centers and crypto mining facilities remain at the forefront of efficiency and performance."

Redwater remains focused on delivering industry-leading data center and crypto mining solutions that prioritize cost-effectiveness and environmental sustainability. The favorable GSA not only strengthens their positions in the market but also reinforces their commitment to driving innovation and delivering unparalleled value to their clients.

On behalf of the Company,

Taryn Stemp,
Interim Chief Executive Officer

About CryptoBlox Technologies Inc.

CryptoBlox Technologies Inc. is a blockchain technology company with diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The Company’s acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world. The Company recently acquired a 100% interest in Redwater Acquisition Corp. which is a company specializing in air-cooled data centers and advanced heat recapture products. Committed to environmental sustainability, Redwater Acquisition Corp aims to revolutionize the crypto mining sector through innovative technologies that enhance efficiency and reduce the industry's carbon footprint.

For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259- 0279.

Forward-Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the future plans and operations of the Company and Redwater; the benefits of the GSA; the implications of the GSA on the Company’s strategic direction and future investment in innovation; the Company delivering cost-effective solutions and forging strategic partnerships that drive value and enhance long-term success; and the Company’s commitment to environmental sustainability. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is CryptoBlox Technologies Inc.

What subsidiary of CryptoBlox Technologies Inc. secured the gas supply agreement?

Redwater Acquisition Corp. secured the gas supply agreement.

What is the expected reduction in energy costs with the gas supply agreement?

The gas supply agreement is expected to reduce energy costs by approximately 90.91%.

What is the rate at which True North Data Systems Ltd. and Redwater will receive gas?

They will receive gas at a rate of $0.015 per kilowatt-hour.

How does the negotiated rate compare to the average market rate?

The negotiated rate of $0.015 per kilowatt-hour is significantly lower than the average market rate of $0.165 per kilowatt-hour.

What does the gas supply agreement demonstrate?

The gas supply agreement demonstrates the company's commitment to cost-effective solutions and strategic partnerships.