Bullet's Bitcoin Mining Operations Will Be Relocated From Kazakhstan
RENO, NV / ACCESSWIRE / April 25, 2022 / Bullet Blockchain, Inc. ("Bullet" or the "Company"), (OTCMKTS:BULT), announced today that as noted in the Company's 2021 Year-End Financial Disclosures (https://bit.ly/3LhqwjP), Bullet and its initial infrastructure partner, AQ Group Limited ("AQ"), have mutually agreed to unwind the working relationship to the common benefit of both parties.
Resolved during March of 2022, the Deed of Mutual Contract Rescission, executed between Bullet and AQ, triggered a joint return of assets. AQ returned to Bullet 112,195,122 shares of the Company's common stock, and the Company returned 3,500 ASIC miners to AQ. Peripherally, as part of this rescission, Bullet's investors will also be satisfied, giving management the ability to move its Bitcoin mining operations out of Kazakhstan.
Imran Ellis, the CEO of Bullet Blockchain, Inc., stated, "While this was not an easy decision for either Bullet or AQ to make, to preserve Bullet's broader financial vision, unwinding what was otherwise a positive relationship, was essential. Fortunately, going forward with all our financial relationships intact, we have been able to align with additional infrastructure partners in the U.S. and the Middle East. We intend to begin with a buildout of 10 megawatts of capacity and expand from there."
Management believes that in repositioning the Company's infrastructure partners, Bullet is better situated to build a multi-national bitcoin mining operation. With indications of support from key ASIC miner manufactures following this month's Bitcoin Mining Conference in Miami, management is optimistic on its ability to quickly replace the 3,500 ASIC miners returned to AQ. The Company will begin with roughly 3,000 ASIC miners for its 10 megawatt allocation.
"We ask that our shareholders maintain a steadfast confidence in our ability to strategize and execute on a sensible and achievable model-resulting in sustainable growth and profitability," concluded Mr. Ellis.
A summary of the rescission has been provided in the Subsequent Events section of the Company's 2021 Year-End Financial Disclosures, filed on Thursday, April 21st, 2021 (https://bit.ly/3LhqwjP). The Company will be receiving the legal opinion of counsel to accompany this filing. Once received, reviewed, and accepted by the OTC Markets Group, Inc., the Company's status will be upgraded from a YIELD sign, back to the Pink Current Information designation.
For more information, please visit www.BulletBlockchain.com.
Bullet Blockchain, Inc. is a blockchain technology company that secures the bitcoin blockchain ledger. Bullet secures partnerships that afford the Company access to highly coveted hardware, software, land, modular data centers, security, etc. Bullet is focused on efficiency, stability, transparency, and scalability, as well as optimizing its revenue for expanded opportunities in other blockchain endeavors.
For investor and general information, please email: [email protected]
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.
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SOURCE: Bullet Blockchain, Inc.