Solar Alliance Closes Agreement with NuYen Blockchain
VANCOUVER, B.C. and KNOXVILLE, Tenn., Nov. 29, 2018 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce it has received TSX Venture Exchange approval to close an agreement with NuYen Blockchain Inc. (“NuYen”), announced on November 12, 2018, for the development of the Company’s cryptocurrency mining facility in Murphysboro, Illinois.
The agreement with NuYen is a joint venture with the Company pursuant to which the Company transferred the Murphysboro Facility to NuYen in exchange for NuYen reimbursing the Company US$40,000 representing the costs incurred by the Company to date. The Company retains a 2% net profits interest royalty in any blockchain mining operations conducted at the Murphysboro Facility payable to the Company quarterly. NuYen will upgrade the warehouse at its own cost for tenancy and undertake to contract the Company to fund the cost to construct and install a 1 MW solar project at the Murphysboro Facility at an agreed upon mark-up to cost. The Company will have the right of first offer to bid on an additional 4 MW solar expansion and battery storage when the Murphysboro Facility is expanded.
Jason Bak, Chairman and CEO
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Jason Bak, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an international energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither 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.”