FORT LEE, N.J., June 15, 2018 (GLOBE NEWSWIRE) — GD Entertainment And Technology (OTC:GDET) (“GDET” or the “Company”) is excited to announce the Company’s delivery of over 100 Cryptocurrency mining machines. These state- of- the- art machines (Bitmain and Avalon) are the most powerful units in the marketplace today. The shipment was comprised of Bitmain S9 T9 A3 Avalon 821 models.
The Company has taken delivery of the units in the New Jersey mining facility and is in the process of setting up custom mining rigs. These machines will establish our initial in-house mining operation. Corporate accounts have been set up and approved for both the mining pool and a Cryptocurrency exchange to convert the “mined revenues” into dollars.
The Company is in the process of achieving the following critical near-term objectives in order to expand its mining operations:
- Secure permits to upgrade heavy power for data center
- Locate an additional data center to accommodate future deliveries
- Work with local electric company to negotiate subsided electricity costs
GD Entertainment and Technology is already in the process of seeking additional heavy power upgrades to its facility and has explored several options to help with the expansion. With the cooperation of PSE&G Electric, the Company will discuss the possibility of maximizing the facility’s capacity while creating an industry standard mining environment.
While the current focus of the Company’s mining operation is Bitcoin, many other machines are available to diversify the portfolio into other cryptocurrencies such as Ethereum, Litecoin, etc. With the help of the broad market knowledge of its overseas supplier, the Company plans on acquiring the latest in mining technology as well as other products and services. By adapting to the market conditions, other Cryptocurrencies will be explored and taken into consideration in order to stay current with market trends.
Shareholders can expect new updates very soon as the Company is in the process of working on all these objectives in real time.
GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers overseas to ensure future purchasing.
Safe Harbor Provision Cautionary statement for purposes of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state