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

Rhea-AI Summary

Fourth Wave Energy (OTCQB: FWAV) announced the completion of its acquisition of EdgeMode, entering the crypto mining sector with a focus on bitcoin mining. EdgeMode, led by experienced tech entrepreneurs, operates in New York and Illinois, with plans for further expansion in 2022. The acquisition aims to enhance profitability through substantial U.S.-based data center capacity and hardware agreements. CEO Joseph Isaacs aims for a potential uplisting to NASDAQ within the year, supported by new executive management from EdgeMode.

Positive

• Acquisition of EdgeMode diversifies Fourth Wave Energy's business into the growing crypto mining sector.
• EdgeMode's expansion plans across multiple U.S. locations are set to enhance market presence.
• Experienced management team from EdgeMode brings valuable expertise in technology and entrepreneurship.

Negative

• Entering the volatile crypto mining industry introduces significant operational and financial risks.
• The reliance on large-scale hardware purchasing agreements may lead to financial strain if not managed effectively.

SAN JOSE, Calif., Feb. 8, 2022 /PRNewswire/ -- Fourth Wave Energy, Inc.  or (the "Company"), (OTCQB: FWAV) is pleased to announce, the closing of its acquisition of EdgeMode Inc. (EdgeMode) to enter the crypto mining industry, with an initial focus on bitcoin mining. EdgeMode is led by a global team of experienced tech entrepreneurs with office locations and employees in Chicago, London and San Francisco Bay Area. 

EdgeMode currently has mining operations in New York and Illinois with planned expansion to multiple other US locations in 2022 and beyond. Scale and profitability is forecasted through a growth strategy that is underpinned by large scale US-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 addition to cryptocurrency mining, EdgeMode provides high-performance compute solutions.

"With the fast pace and demand for the industry, I anticipate moving toward a full uplisting to NASDAQ or equivalent exchange within the year. We will move forward with that goal in mind," stated Joseph Isaacs, current CEO of Fourth Wave Energy.

Mr. Joseph Isaacs will remain with the company post merger as a consultant, Mr. Charlie Faulkner and Simon Wajcenberg will be coming in to serve on the board and act as executive management.

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 is on several Boards, has vast experience in M&A and won an Ernst & Young Entrepreneur of the Year award.

About EdgeMode, Inc.

EdgeMode is a cryptocurrency mining and High-Performance Computing technology company focused on rapid hash rate growth and deployment of US-based data center locations, generating ever-increasing Bitcoin production. 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. EdgeMode has offices in Chicago, San Francisco Bay Area and London and are backed by industry-leading VC funds and investors.

For additional information, please visit: https://www.edgemode.io 

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute 'forward-looking statements including statements regarding expected closing time, forecasted hosting capacity to come online in Q1 2022, expectations from the contracted hosting capacity, expansion, and profitability from operations. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. 

Contact:
408-213-8874
info@fourthwaveenergyinc.com 
hello@edgemode.io

View original content:https://www.prnewswire.com/news-releases/fourth-wave-energy-inc-closes-acquisition-of-edgemode-and-enters-crypto-mining-industry-301477265.html

SOURCE Fourth Wave Energy Inc.

FAQ

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

The acquisition allows Fourth Wave Energy to enter the growing crypto mining industry, focusing on bitcoin.

Where are EdgeMode's current mining operations located?

EdgeMode currently operates mining sites in New York and Illinois.

What are the future plans for EdgeMode post-acquisition?

EdgeMode plans to expand its operations to multiple other U.S. locations in 2022 and beyond.

What potential transformation is Fourth Wave Energy aiming for after the acquisition?

Fourth Wave Energy aims for a full uplisting to NASDAQ or an equivalent exchange within the year.

Who will remain with Fourth Wave Energy after the acquisition?

Joseph Isaacs will continue as a consultant, while new executives Charlie Faulkner and Simon Wajcenberg will join the board.