BitMine Immersion Technologies, Inc. Announces Name Change and Symbol Change to "BMNR"

Rhea-AI Summary

BitMine Immersion Technologies, Inc. (OTC: BMNR), previously known as Sandy Springs Holdings, Inc., announced its name change and new ticker symbol approved by FINRA on March 3, 2022. The company is transitioning to a Bitcoin hosting center utilizing immersion cooling technology, which enhances efficiency by up to 95%. It recently signed its first client under a three-year hosting agreement, achieving a revenue-positive status in Q2 2022. The management believes these changes reflect the company's new direction focused on providing institutional quality hosting for Bitcoin miners.

Positive

• New name and ticker symbol approved, aligning with business focus.
• First client signed to a three-year hosting agreement, becoming revenue positive in Q2 2022.
• Utilization of immersion cooling technology enhances efficiency and machine longevity.

Negative

• None.

ATLANTA, March 17, 2022 (GLOBE NEWSWIRE) -- BitMine Immersion Technologies, Inc. (OTC: BMNR) f/k/a Sandy Springs Holdings, Inc., www.bitminetech.io, is pleased to announce that on March 3, 2022 FINRA approved the Company’s name change from Sandy Springs Holdings, Inc. to BitMine Immersion Technologies, Inc., and concurrently approved a new ticker symbol whereby the Company is now trading under the symbol "BMNR".

In July of 2021, new management was appointed for the Company in order to enable the Company to enter the business of creating a hosting center for Bitcoin mining computers primarily utilizing immersion cooling technology, as well as mining the Bitcoin digital currency for its own account.

Immersion cooling is the process of submerging computer components (or full servers) in a thermally, but not electrically, conductive liquid (dielectric coolant) allowing higher heat transfer performance than air and many other benefits. Immersion cooling can be up to 95% more efficient than standard air cooling, producing an estimated PUE (power usage effectiveness) of 1.05. This cooler environment has been shown to extend machine lives by 30% or longer.

As a result of the change in the business focus of the Company, the management felt it was in the best interest of the Company and its shareholders to change the name of the Company from Sandy Springs Holdings, Inc. to BitMine Immersion Technologies, Inc. to better reflect the new business focus of the Company.

Chairman of the Board Jonathan Bates was quoted as saying: "We feel the name change and the new ticker symbol accurately reflects new business focus as an institutional quality hosting service for mining companies, and operations as a Bitcoin Miner."

BitMine Immersion Technologies recently signed its first client to a 3 year hosting agreement, becoming revenue positive in its second quarter of its 2022 fiscal year. Additionally, the Company sold this client several Bitcoin miners allowing it to expand its mining capacity, The Company is currently in talks with several large mining enterprises to fill its initial 50 MW capacity.

President Erik Nelson added: "I am very pleased with our recent addition of a new hosting client. This is our first step towards establishing a world class hosting company servicing Bitcoin miners. Additionally, our name change and symbol change should allow us to communicate our business to our customers as well as the investing public."

About BitMine Immersion Technologies, Inc.​:

BitMine Immersion Technologies, Inc. (OTC: BMNR) is constructing a Bitcoin hosting and mining enterprise using oil cooled immersion technology to provide a superior environment to host Bitcoin mining computers. BitMine Immersion Technologies passes through some or all of its fixed costs to hosting clients, while entering into a profit-sharing agreement to receive a percentage of the mined Bitcoins. BitMine Immersion Technologies also mines Bitcoin for its own account.

Forward-Looking Statements:

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies' control, including those set forth in the Risk Factors section of BitMine Immersion Technologies’ Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on September 7, 2021 and any other SEC filings, as amended or updated from time to time. Copies of BitMine Immersion Technologies’ filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine Immersion Technologies undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

BitMine Immersion Technologies Contact:
www.bitminetech.io
Jonathan Bates
Chairman

info@bitminetech.io

FAQ

What does the name change to BitMine Immersion Technologies signify?

The name change reflects the company's new focus on Bitcoin hosting and mining operations utilizing immersion cooling technology.

When was the name change to BitMine approved?

FINRA approved the name change on March 3, 2022.

What is the significance of the new ticker symbol BMNR?

The ticker symbol BMNR represents the company’s new identity and business strategy in the cryptocurrency sector.

What is immersion cooling technology?

Immersion cooling involves submerging computer components in a dielectric liquid, significantly improving cooling efficiency and machine performance.

How has BitMine Immersion Technologies performed financially recently?

The company has become revenue positive after signing its first client for a three-year hosting agreement.