Integrated Ventures Completes Purchase of 600 Avalon Miners Manufactured By Canaan, Inc Valued At $2,713,000
Integrated Ventures Inc (OTCQB: INTV) has executed contracts to purchase 600 Avalon 1246 miners from Canaan, Inc (NYS: CAN) for a total cost of $2,713,000 plus shipping. The mining units feature a hashing rate of 90TH. Deliveries will be split into three batches: 300 in March, 50 in May, and 250 in August. CEO Steve Rubakh indicates that this marks the beginning of a long-term collaboration and the company is finalizing a significant capital raise, aiming to enhance mining operations and profitability, alongside preparing for an uplisting to a senior exchange.
- Secured contracts for 600 Avalon 1246 miners valued at $2,713,000, enhancing mining capacity.
- Plans to secure a large capital raise to support mining operations and uplisting efforts.
- Potential for increased revenue and profitability through expanded operations.
- None.
PHILADELPHIA, March 1, 2021 /PRNewswire/ -- Integrated Ventures Inc, (OTCQB: INTV) ("Company") is pleased to confirm an execution of two sales contracts, for the purchases of 600 miners, manufactured by Canaan, Inc (NYS: CAN).
Model Avalon 1246 is the highest hashing unit, manufactured by Canaan and one of the most profitable and efficient miners available.
The detailed summary is as follows:
- Model: Avalon 1246
- Hashing Rate: 90TH
- Qty: 600
- Total Cost:
$2,713,000 + shipping - Delivery Schedule: 300/March, 50/May, 250/August.
Steve Rubakh, CEO of Integrated Ventures, adds:
"This transaction between two publicly traded companies is the start of a long term collaboration.
"The Company is in final stages of securing a large capital raise by leading Wall Street institution. The use of proceeds will include (1) pre-scheduled, monthly purchases of mining equipment, (2) finalizing the contract for power, in excess of 5 mw, with major collocation and hosting facility and for (3) legal expenses, related to the uplisting process.
"The Management is looking forward toward the next 12 months, as we begin to perform the due diligence, in terms of uplisting requirements, while aggresively focusing on (1) expansion of our mining operations and (2) revenue and profitability growth."
About Integrated Ventures Inc: The Company operates as Technology Holdings Company with focus on cryptocurrency sector.
For more information, please visit company's website at www.integratedventuresinc.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
Contact Details:
Steve Rubakh
+1 (215) 613-1111
sr@emsfindapp.com
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SOURCE Integrated Ventures Inc.
FAQ
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