Fortress Technologies Inc. Provides Corporate Update on Strategic Venture with GAM
TORONTO, June 25, 2021 (GLOBE NEWSWIRE) — Fortress Technologies Inc. (TSX-V: FORT) (the “Company” or “Fortress”) provides an update on operations and business development in its strategic venture with Great American Mining LLC (“GAM”). GAM specializes in developing and operating environmentally sustainable Bitcoin mining containers which convert vented/flared natural gas into electricity, which reduces greenhouse gas emissions. On April 6, 2021, Fortress announced the launch of a new Environmental, Social, and Governance (“ESG”) conscious Bitcoin mining venture with GAM.
The first container with 11.6 PH/s of Bitcoin mining capacity using 180 MicroBT M32S ASIC miners has been successfully deployed and is hashing at GAM’S flared gas well pad in Oklahoma.
Fortress recently acquired an additional 540 Micro BT M31SE ASIC miners, which will outfit GAM’s next 3 containers to be deployed in July and produce an additional 40.4 PH/s.
This will bring the Fortress and GAM Bitcoin mining operating hashrate to 52 PH/s for the first 4 containers in the field – producing approximately 10 Bitcoin per month at current difficulty levels.
Aydin Kilic, CEO of Fortress, had the opportunity to visit the engineering and development team at GAM’s production headquarters in Louisiana. Aydin Kilic commented: “We were very pleased with the level of in-house sophistication and design innovation at GAM’s production facility in Louisiana, which includes electrical distribution, IT, welding and software and hardware systems integration.”
Fortress initially commissioned and has paid for 12 containers in its strategic venture with GAM, to operate 2,160 new generation ASIC miners (180 miners per container). With 4 containers being deployed in the field this July, the remaining 8 containers are on the production line and can be deployed in the gas fields within approximately a month of ASICs being acquired.
Fortress continues to strategically evaluate opportunities to acquire ASIC miners at a competitive $/TH (USD per tera-hash) price to ensure a good return on capital invested for the remaining 8 containers.
These remaining 8 containers are expected to produce an additional 110 PH/s of Bitcoin mining hashrate, along with the Company’s existing capacity of 52 PH/s from 4 containers. Upon the deployment of all 12 containers and ASICs, the Company expects to have 162 PH/s of Fortress/GAM containers in addition to 20 PH/s from the Company’s existing data center operations. This would total 182 PH/s and generate approximately 36 Bitcoin per month at current difficulty. The Company notes it is fully funded for deploying the 12 containers with ASICs, and retains a strong working capital balance for further business opportunities.
About Fortress Technologies
Fortress Technologies Inc. (TSX-V: FORT) is a well-capitalized company focused on developing projects where access to growth capital is highly valued, which can also advance ESG and environmentally conscious business initiatives.
For further information, please contact:
Chief Executive Officer
604 477 9997
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the establishment and prospects for the Bitcoin mining venture with Great American Mining (“GAM”); the intentions, plans and future actions of the Company, as well as the Company’ ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: there is no assurance that the Company’s Bitcoin mining venture with GAM will operate as expected on a commercial basis or at all; there is no assurance that the Company will find other profitable undertakings or that it can successfully conclude a purchase of such undertakings at all or on terms which are commercially acceptable; the status and impact of new electrical power rates and the status of deliberations by the Grant County Public Utility District; risks relating to the global economic climate; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and, volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of the Company include but are not limited to: the inability to operate the Bitcoin mining venture with GAM on a profitable basis or at all and thereby impairing the investment in the venture; failure to identify beneficial business opportunities, failure to convert the potential in the pursued business opportunities to tangible benefits to the Company or its shareholders; the impact of new electrical power rates which could impair profitability and operating performance; deliberations by the Grant County Public Utility District which could limit the ability of the Company to carry on business on a profitable basis or at all; the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the Grant County of the State of Washington; the ability to complete current and future financings; any regulations or laws that will prevent the Company from operating its business. In addition, particular factors which could impact future results of the business of the Company include but are not limited to: the ability to establish the Bitcoin mining venture with GAM on the agreed schedule in accordance with the contract terms and the potential for further improvements to profitability and efficiency across mining operations; the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the ability to complete current and future financings; any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; there will be no regulation or law that will prevent the Company from operating its business; and those risks set out in the Company’s public documents filed on SEDAR. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.