Joint Venture Between Puissant Industries, Inc. and EnerMining Corp.

Rhea-AI Summary

Puissant Industries, Inc. (PSSS) announced a Joint Venture with EnerMining Corp. on January 11, 2022, to operate two Hash Huts and 40 ASICS computers. Both companies will share a 50% ownership through a Florida LLC. PSSS will issue 300,000 shares to EnerMining, covering technical operations and maintenance costs. Revenue will initially split 70% for EnerMining and 30% for PSSS, later adjusting to 50% each after EnerMining earns $100,000. The partnership aims to enhance shareholder value and explore additional agreements in Bitcoin mining.

Positive

• Formation of a Joint Venture with EnerMining, potentially increasing shareholder value.
• PSSS to gain technical operations and maintenance expertise from EnerMining.
• Potential for additional agreements with Bitcoin miners to enhance revenues.

Negative

• Revenue split heavily favors EnerMining at the outset, with only 30% allocated to PSSS.

VERSAILLES, KY / ACCESSWIRE / January 14, 2022 / On January 11, 2022, Puissant Industries, Inc., a Florida Corporation ("PSSS"), and EnerMining Corp., a Canadian Private Corporation ("EnerMining"), entered into a Joint Venture to operate 2 Hash Huts and 40 ASICS computers (microbt M20 and M21 ASICS computers) owned by EnerMining Corp.

The Joint Venture is potentially beneficial to both parties and to accomplish the Joint Venture's objectives. PSSS and EnerMIning agreed to both operate the Joint Venture through a to be registered Florida Limited Liability Company, each of which will have 50% equal ownership.
PSSS agreed to issue 300,000 shares of its Restricted Common Stock to EnerMining; PSSS is to supply the technical operations, gas, maintenance for the generators, and equipment necessary for operating and maintaining the equipment operating in the joint venture.
The revenue split provides for 70% and 30% of the Joint Venture to be paid to EnerMining and PSSS, respectively; upon EnerMining receiving cumulative revenues of $100,000 , the revenue split will change to a 50% revenue distribution each to EnerMining and PSSS.
The joint venture will be managed by the LLC's Board of Directors, with up to two members each from PSSS and EnerMining. Both companies believe that the synergies between the two companies participating in the Joint Ventures represent potential revenue streams.

"I'm excited to announce this JV with EnerMining. This is one step PSSS is taking to potentially increase shareholder value. We will attempt to secure additional agreements with Bitcoin miners on mutually acceptable terms."
The CEO of PSSS; Marshall Holbrook

About Puissant Industries

Puissant Industries, Inc. ("PSSS"), founded in 2009, conducts crude oil and natural gas exploration, development, and various production activities in fractured shale gas formations. Alongside its gas generation business, PSSS conducts Bitcoin mining farm using ASIC computers to validate transactions on the blockchain. PSSS is in Versailles KY 40383, USA.
BITCOIN Farming Operations

Mining Bitcoin involves using ASIC computers to validate transactions and create new Bitcoin. Also, Bitcoin ownership and transactions are easily tracked and carried out. Bitcoin is a decentralized digital currency. It doesn't need a single administrator or a central bank. It can be sent from user to user while using a peer-to-peer Bitcoin network without using intermediaries.

These ASICS transactions are verified by network nodes through cryptography and recorded in public distributed ledger called a blockchain.

About EnerMining Corp

EnerMining Corp. is a private Canadian bitcoin mining company founded in 2020 and will be operating in the U.S. through its wholly owned U.S. subsidiary. EnerMining currently has bitcoin mining operations in Canada focused on stranded energy solutions. .

Forward Looking Statement Disclaimer

This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of Puissant Industries, Inc. (the "Company"). All information presented herein with respect to the existing business and the historical operating results of the Company and estimates and projections as to future operations are based on materials prepared by the management of the Company and involve significant elements of subjective judgement and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, the Company makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, the Company reserves the right to amend or replace some or all the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information. No information in this press release should be construed as any indication whatsoever of our future revenues, results of operations, or stock price of the Company.

Further Information, Contact:
Puissant Industries Inc
(859)-251-3626
480 Lexington Rd Suite 12
Versailles KY 40383

SOURCE: Puissant Industries Inc.

View source version on accesswire.com:
https://www.accesswire.com/683560/Joint-Venture-Between-Puissant-Industries-Inc-and-EnerMining-Corp

FAQ

What is the Joint Venture between PSSS and EnerMining?

The Joint Venture focuses on operating Hash Huts and ASICS computers for Bitcoin mining, with PSSS and EnerMining sharing ownership.

How will revenues be split in the PSSS and EnerMining Joint Venture?

Initially, revenues will be split 70% to EnerMining and 30% to PSSS, changing to a 50-50 split after EnerMining reaches $100,000 in cumulative revenues.

What is the significance of PSSS issuing shares to EnerMining?

PSSS will issue 300,000 shares to EnerMining as part of the Joint Venture agreement, contributing to operational costs.

When was the PSSS and EnerMining Joint Venture announced?

The Joint Venture was announced on January 11, 2022.

What type of operations does PSSS conduct?

PSSS is involved in crude oil and natural gas exploration, development, and Bitcoin mining.