Fourth Wave Energy Inc. Closes Acquisition of EdgeMode and Enters Crypto Mining Industry

Rhea-AI Summary

Fourth Wave Energy has completed the acquisition of EdgeMode, a move aimed at entering the crypto mining sector with an emphasis on Bitcoin. The transaction, finalized on January 31, 2022, positions Fourth Wave to leverage EdgeMode's existing operations in New York and Illinois, with plans for further U.S. expansion. The acquisition is expected to drive growth through substantial hardware purchasing agreements and the development of data center locations. New executive appointments include Charlie Faulkner and Simon Wajcenberg, who bring extensive industry experience.

Positive

• Acquisition of EdgeMode provides entry into the growing crypto mining market.
• Existing operations in New York and Illinois with plans for expansion enhance market presence.
• Experienced leadership team expected to drive growth and profitability through strategic initiatives.

Negative

• Risks associated with cryptocurrency price fluctuations may impact profitability.
• Potential challenges in obtaining necessary financing for future growth.

Hardware and Hosting agreements secured to support growth strategy

CHICAGO, IL / ACCESSWIRE / February 8, 2022 / Fourth Wave Energy, Inc. (OTCQB:FWAV) amends and restates in its entirety its press release dated February 7, 2022 which announced the closing of its acquisition of EdgeMode (EdgeMode) to enter the crypto mining industry, with an initial focus on Bitcoin mining. EdgeMode is led by a team of experienced tech entrepreneurs. Effective January 31, 2022, Fourth Wave closed its previously announced merger with EdgeMode.

EdgeMode currently has mining operations in New York and Illinois with planned expansion to multiple other U.S. locations. Scale and profitability is forecasted through a growth strategy that is underpinned by large scale U.S.-based hosted capacity and long-term hardware purchasing agreements.

EdgeMode is focused on rapid growth and deployment of U.S.-based data center locations, generating ever-increasing hash rate and Bitcoin production.

In connection with the acquisition. Charlie Faulkner and Simon Wajcenberg were appointed as executive officers and directors and Joseph Isaacs resigned as an officer and director.

Charlie Faulkner is an entrepreneur, tech executive and angel investor with extensive experience in Europe and Silicon Valley. He co-founded North Block Capital and led global business development for Manage.com, growing revenue from $0-$100M. Charlie is an advisor to several tech startups and funds.

Simon Wajcenberg is an experienced entrepreneur with a solid track record. He co-founded North Block Capital and founded Stocknet.co.uk and TMN, which was listed on the LSE with a greater than $100 million market cap. Simon has vast experience in M&A and won an Ernst & Young Entrepreneur of the Year award.

Investors are encouraged to review the Form 8-K filed with the SEC on February 7, 2022. A link to this page is: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001652958/000168316822000702/fourthwave_8k.htm

Fourth Wave Energy, Inc., through its wholly owned subsidiary, EdgeMode, is a cryptocurrency mining and High-Performance Computing technology company focused on rapid hash rate growth and deployment of U.S.-based data center locations. EdgeMode is built by a team of experienced and successful entrepreneurs that have worked together for more than ten years in other successful ventures. The team has domain experience in technology, data center infrastructure, blockchain and finance.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements concerning forecasted scale and profitability, rapid growth of our business. Words such as "expect," "may," "anticipate," "intend," "would," "plan," "believe," "estimate," "should," and similar words and expressions identify forward-looking statements. These statements are based on the Company's estimates, projections, beliefs and assumptions and are not guarantees of future performance.

The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements are discussed in the Risk Factors section of the Form 8-K filed with the SEC on February 7, 2022 and include, without limitation, failure to obtain financing to pay for equipment we currently own and/or plan to purchase, decrease in the price of the cryptocurrency that we purchase, unanticipated issues which decreased mining capacity, and our need for and challenges we may face in obtaining the necessary financing to execute our business plan on favorable terms or at all. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

CONTACT:
(707) 687-9093
hello@edgemode.io

SOURCE: Fourth Wave Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/687912/Fourth-Wave-Energy-Inc-Closes-Acquisition-of-EdgeMode-and-Enters-Crypto-Mining-Industry

FAQ

What is the purpose of Fourth Wave Energy's acquisition of EdgeMode?

The acquisition aims to enter the crypto mining industry, primarily focusing on Bitcoin.

When was the acquisition of EdgeMode completed?

The acquisition was completed on January 31, 2022.

What are the expected benefits of the EdgeMode acquisition for FWAV?

The acquisition is expected to facilitate growth through hardware purchasing agreements and expansion of data center locations.

Who are the new executive officers of Fourth Wave Energy following the acquisition?

Charlie Faulkner and Simon Wajcenberg have been appointed as new executive officers and directors.