VANCOUVER, British Columbia, June 19, 2018 (GLOBE NEWSWIRE) — Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (OTCPINK:ATLEF) (the “Company” or “Atlas Cloud”), an experienced IT service provider focused on becoming the lowest cost producer in the blockchain and digital currency mining sector, is pleased to announce it has received shareholder approval and subsequent authorization from the Canadian Securities Exchange allowing its change of business and resumption of trading effective June 19, 2018.
In related news, Atlas Cloud’s five-megawatt (5.0 MW) Grant County Data Centre (“GCDC”) has completed build-out and component renovations into a dedicated Bitcoin mining enterprise location. The Company has invested approximately $3,000,000 CAD which funded the completion of the facility upgrade. The GCDC will initially benefit from three-megawatts (3.0 MW) of low cost dedicated electrical provisioning. A second phase infrastructure upgrade (an additional 2.0 MW) is planned for completion in 2019. GCDC’s 3.0 MW service will allow the Company to host up to 1,874 S9i-14 TH/s Antminer servers, with a hash rate of 26.24 PH/s.
The regional power utility company has advised it will provide internet connectivity and a transformer suited to the proposed future needs of the facility. Leveraging its proximity to Washington State’s Grand Coulee Dam on the Columbia River, the Company benefits from electrical provisioning rates at approximately $0.03/kWh, one of the most cost-effective commercial rates in the world. Atlas Cloud’s treasury reports approximately $7,700,000 in-hand and is fully financed for the acquisition of additional miners to outfit the facility to maximum projected operational demands. Atlas Cloud’s treasury position further allows it to take participate in numerous synergistic business opportunities in the marketplace.
Atlas Cloud currently continues to mine bitcoin at its industry-partner operated co-location facility. The partner operation delivers computing capacity of 13.5 petahashes per second (PH/s), at an all-in provisioning rate of $0.10 USD/kWh.
About Atlas Cloud Enterprises Inc.
Atlas Cloud Enterprises Inc. is a growth oriented, CSE-listed company focusing on the business of providing co-location and backup/redundancy IT, telecom equipment and cloud computing. Atlas Cloud will provide customers with secure power access, cooling and bandwidth to ensure co-located, back-up or Cloud systems offer minimum risk of failure. Furthermore, Atlas is focused on the blockchain sector and digital currency mining. Atlas Cloud aims to become the lowest-cost producer of digital currency mining and blockchain infrastructure. Atlas Cloud owns a facility currently undergoing preparations for use as a digital currency mining operation located in Electric City, WA. This location currently benefits from a dedicated low-cost energy source of 5.0 MW and the Company is seeking to significantly expand its operations with the development of additional facilities offering economical, high-yield energy infrastructure opportunities.
On behalf of the Board,
Charlie Kiser, Chief Executive Officer
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the future business operations of Atlas Cloud. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward- looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in the news release are made as of the date of this news release, and the Company does not undertake any obligations to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.