Marathon Patent Group Announces Installation of 700 M30S+ ASIC Miners and Company is Debt Free
On June 3, 2020, Marathon Patent Group (NASDAQ:MARA) announced the installation of 700 M30S+ ASIC Bitcoin Miners, enhancing their mining capacity. Additionally, the company reported the successful conversion of a $999,105.60 Convertible Note, eliminating long-term debt and positively boosting its balance sheet and stockholder equity. Investors are warned of high investment risks associated with the company's operations.
- Installation of 700 M30S+ ASIC Bitcoin Miners enhances mining operations.
- Complete conversion of Convertible Note eliminates long-term debt, improving the balance sheet.
- High degree of investment risk remains, potentially impacting financial stability.
LAS VEGAS, June 03, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the few Nasdaq listed cryptocurrency mining companies in the United States, today announced the completed installation of 700 M30S+ ASIC Bitcoin Miners that were purchased on May 11, 2020. The company is awaiting delivery of 1,160 Bitmain S19 Pro ASIC Miners in the next 60 days.
Convertible Note Fully Converted to Equity
On May 19, 2020, Marathon announced the reduction of the conversion price of Convertible Note originally issued on August 31, 2017. The entire principal balance of
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2018. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor" below.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
CONTACT INFORMATION
Name: Jason Assad
Phone: 678-570-6791
Email: Jason@marathonpg.com
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