TSXV: CSTR
TORONTO, Sept. 2, 2021 /CNW/ - CryptoStar Corp.
(TSXV: CSTR) ("CryptoStar" or the "Company"), a
cryptocurrency mining and data centre operator, is pleased to
announce that, further to its news release dated August 12, 2021, the Company and a U.S. based
company (the "Alberta
Customer") have executed an equipment hosting agreement (the
"Hosting Agreement") effective September 1, 2021 for 10 megawatts (MW) of mining
capacity to be deployed in Alberta,
Canada.
Equipment Hosting Agreement
Under the terms of the Hosting Agreement, the Company will
provide hosting services and infrastructure to the Alberta Customer
for 10 MW of mining capacity at its data centre locations in
Alberta, Canada.
Highlights of the Hosting Agreement:
- Annual hosting and power revenues for the Company of up to
USD$5.3 million.
- Initial hosting term of 36 months, with the option to renew for
an additional 36-month term.
- Hosting services for the Alberta Customer to commence in Q4,
2021.
David Jellins, President and
Chief Executive Officer of CryptoStar stated, "We are delighted
that the Alberta Customer has selected CryptoStar as its hosting
provider. We are looking forward to providing hosting services to
the Alberta Customer and we anticipate that this will be the
beginning of a long term and mutually beneficial relationship. We
are seeing unprecedented levels of demand for power and
cryptocurrency mining hosting solutions from international mining
organizations, and we are looking forward to taking full advantage
of our power supply agreement in Alberta,
Canada at amongst the lowest power rates available in
North America."
About CryptoStar Corp.:
CryptoStar has cryptocurrency mining operations with data
centres located in the U.S.A. and
Canada. CryptoStar is currently
dedicated to becoming one of the lowest cost cryptocurrency
producers in North America and a
major supplier of GPU and ASIC miners worldwide.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as, "expects", "is expected", "anticipates", "intends",
"believes", or variations of such words and phrases or state that
certain actions, events or results "may" or "will" be taken, occur
or be achieved. Forward-looking statements include those relating
to CryptoStar's expectation of a long term and mutually beneficial
relationship with Alberta Customer, the expected revenue and timing
to commence the hosting services associated with the Hosting
Agreement and CryptoStar's plans of becoming one of the lowest cost
cryptocurrency producers in North
America and a major supplier of GPU and ASIC miners
worldwide. Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances. Actual results, performance or
achievement could differ materially from that expressed in, or
implied by, any forward-looking statements in this press release,
and, accordingly, you should not place undue reliance on any such
forward-looking statements and they are not guarantees of future
results. Forward-looking statements involve significant risks,
assumptions, uncertainties and other factors that may cause actual
future results or anticipated events to differ materially from
those expressed or implied in any forward-looking statements.
Except as required by law, CryptoStar undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE CryptoStar Corp.