Sysorex Provides Business Update and Addresses Frequently Asked Questions Following Reverse Merger with TTM Digital Assets & Technologies
Sysorex (OTCQB: SYSX) has provided a business update following its reverse triangular merger with TTM Digital Assets & Technologies, a public Ethereum mining company. Sysorex operates two primary businesses: Sysorex Government Services, which contracts with the U.S. Government, and TTM, focusing on Ethereum mining. Since April 1, 2021, TTM mined 572 ETH valued at approximately $1.5 million, while SGS reported revenue of over $5.2 million. Sysorex emphasizes the profitability of TTM, with historical margins exceeding 75% and plans for further expansion.
- TTM has mined 572 ETH valued at approximately $1,498,640 since April 1, 2021.
- SGS reported revenue of $5,232,773 from U.S. Government contracts.
- TTM has a historical net profit margin greater than 75%.
- Sysorex has not yet filed audited financial results.
- Shares from the merger are restricted and cannot be sold for a specified period.
Herndon, VA, April 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sysorex (OTCQB: SYSX), following its reverse triangular merger with TTM Digital Assets & Technologies, Inc., a data center owner and operator and the largest U.S.-based, publicly traded Ethereum mining and blockchain technology company, provided a business update in the form of answers to frequently asked questions of shareholders.
How does Sysorex make money?
Sysorex has two operating companies: Sysorex Government Services (SGS) and TTM Digital Assets & Technologies.
TTM is the principal operating company of Sysorex and its primary business is the mining of Ether (ETH) – the currency of the Ethereum blockchain. The Ethereum mined by TTM is held in TTM’s cryptocurrency wallet at Coinbase. Future financial filings will include specific information about the value of the Ethereum mined and held by TTM.
SGS is a provider of goods and services related to cybersecurity and network engineering to agencies of the U.S. Government and the U.S. Armed Forces through several active contracts.
How much revenue did Sysorex make this month?
While audited reports of Sysorex’s financial results are expected to be timely filed as required by the U.S. Securities Laws, the following information is accurate but has not yet been audited:
Since April 1, 2021:
- TTM has mined 572 ETH at a mined value of
$1,266,563. The approximate current value of this ETH is$1,498,640. - SGS has recognized revenue of
$5,232,773 from payments made by U.S. Government Agencies.
Why invest in Sysorex?
ETH is trading near all-time highs and while Sysorex’s experienced management team believes the value of ETH will continue to appreciate in the near and mid-term, for most ETH investors, simply owning ETH does not provide a guarantee of revenue.
An investment in SYSX common stock allows our shareholders the opportunity to benefit from the profits that we generate mining ETH. TTM has been profitable since its inception in 2017, and with access to cost-effective hydro power at our primary data center, TTM’s historical net profit margin has been greater than
We are the largest U.S.-based, publicly traded Ethereum mining and blockchain technology company, but we have been mining ETH in large quantities for the last four years. With our recent acquisition of thousands of NVIDIA’s Cryptocurrency Mining Processors (CMPs), and our plans to continue to grow our mining operations, we intend to protect and advance our leadership in transparent ETH mining.
While we are currently exclusively mining ETH, our team has successfully mined a number of cryptocurrencies and we may utilize our GPUs to mine other cryptocurrencies in the future.
What is the relationship between Sysorex and Inpixon?
Sysorex began its life as a public company after it was spun-out of Inpixon in 2019. Inpixon is a significant stakeholder in Sysorex post-merger. Inpixon does not have immediate plans to enter the Ethereum mining business but Inpixon’s holdings in Sysorex substantially expand its balance sheet and Inpixon is adding business lines in areas such as artificial intelligence that may be complementary to Sysorex’s growth plans.
Are TTM shareholders who exchanged their stock for SYSX common stock selling in the market?
As of April 14, 2021, the ‘Merger Date’ that the triangular reverse merger between Sysorex and TTM was completed,
When can a registration statement be filed?
Based on advice of counsel, we may not file a registration statement unless and until we have filed our Super 8-K. The Super 8-K must be filed 75 days from the Merger Date, and will include information about the merger and change of control, two years of audited financial statements, and unaudited reviewed interim periods to the date of filing. If that advice changes, we will let you know.
Does Sysorex Management review every inquiry to Investor and Public Relations?
Yes, however, given the volume of inbound inquiries post-merger, and in certain cases where queries may request non-public, material information that may not be disclosed except to the public generally in the form and manner required by the SEC, management will not be able to respond to every request. However, you are heard, and we advocate an open line of communication with our shareholders to the extent permissible under the U.S. Securities Laws.
What does Sysorex Management think about the price of SYSX common stock?
We’re newly public, but experienced regarding the public markets. Every member of our team, starting with our CEO, understands that stock performance is an important measure of the current success and future potential of our business. And we recognize that each shareholder represents an owner of our company and each share, a vote of confidence in our ability to execute.
Please visit our TTM Website for more information.
We will retain the SYSX stock ticker symbol until further notice.
For more information:
Company – info@ttmdigitalassets.com
Investor Relations – ir@ttmdigitalassets.com
Jimmy Caplan, Market Makers
Public Relations – pr@ttmdigitalassets.com
Rick Eisenberg, Eisenberg Communications
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex, Inc. and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Sysorex's results of operations, Sysorex’s ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Sysorex’s technology. Other factors that are detailed in Sysorex's periodic and current reports available for review at sec.gov. Furthermore, Sysorex operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Sysorex disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
FAQ
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