- Link Global Technologies Signs Contract Commissioning an Additional 10 Megawatts for Bitcoin Mining, and May Increase Gross Revenues by 167%
- Through its Partnership with Block One Technologies, Link Adds Phil Harvey as General Manager of Operations
VANCOUVER, BC, CANADA - TheNewswire - November 25, 2020, LINK GLOBAL TECHNOLOGIES INC. (CSE:LNK) (CNSX:LNK.CN) (FRA:LGT) (OTC:LGLOF) ("LINK" or the "Company"), an innovative power and infrastructure solutions provider for Bitcoin mining and data hosting operations, is pleased to announce that it has signed an additional agreement (the "Agreement") with Block One Technologies Inc. ("Block One") dated November 20, 2020 pursuant to which Link has agreed to supply Block One with 10 megawatts (MW) of electrical power for an initial term of one year, at an agreed-upon rate calculated in Canadian dollars per kilowatt-hour. With the signing of this Agreement, Link may increase the gross revenues reported in the last fiscal quarter (Q3 2020).
This latest Agreement is part of a phased power generation alliance between Link and Block One. Link has been supplying Block One with clean power generated from inactive oil and gas wells in Alberta and semi-portable infrastructure solutions that improve Bitcoin and digital currency mining efficiency.
Link's competitive advantage centers around its proprietary process of contracted stranded hydrocarbons. Link's techniques essentially reduce potential harmful hydrocarbon emissions by converting it to electricity in an environmentally responsible way.
With this new power commission Agreement, Link will now have the following operations in Alberta:
- Eastern Alberta site - 3.75 MW
- Western Alberta 1 site - 5 MW
- Western Alberta 2 site - 10 MW
The commissioning of the new Western Alberta site is currently underway. As previously disclosed, Link plans to continue its rapid development of Bitcoin mining sites in 2021.
"We are very pleased with this expansion of our existing power generation operations and the increased revenues that this contract may bring in," said Stephen Jenkins, President & CEO of Link. "As digital currency is being accepted more into everyday life, Link is well-positioned to capture additional market share of supplying the infrastructure necessary for operations to be profitable."
New General Manager, Operations - Phil Harvey
Link is also pleased to announce that effective immediately, Mr. Phil Harvey, Chief Operating Officer of Block One, will be acting as General Manager, Operations for both companies moving forward. Mr. Harvey comes from a strong project management and operations background, having led multinational and multidisciplinary teams across a multitude of projects around the world. Since being in the blockchain space since 2014, Mr. Harvey established and led Block One's blockchain and cryptocurrency team in its rapid growth of operations resulting in one of the most significant and most efficient crypto-miners in North America. The dual role with Link Global will continue to align the synergies and complementary business that the two entities share.
"With Phil's appointment, we ensure an alignment in the operations of the two entities, manifesting in increased operational efficiency which we expect will help us reach our goal of profitability across both platforms in the near future," commented Mr. Jenkins.
About Link Global Technologies Inc.
Link is engaged in the business of providing infrastructure and operating expertise for digital mining and data hosting operations. Link's objectives include locating and securing, for lease and option to purchase, properties with access to low-cost, reliable power, and deploying this low-cost power to conduct digital mining and supply clean energy and infrastructure for other data-hosting services.
About Block One Technology Inc.
Block One Technology, Inc. is built upon our founders' five years of experience establishing, optimizing, and developing efficient and secure turnkey crypto mining facilities in multiple jurisdictions for individuals and institutions. Profitability and ensures uninterrupted operations.
On behalf of Link Global Technologies Inc.
Chief Executive Officer & Director
For more information, visit http://linkglobal.io/ or contact:
Investors, please contact:
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION. This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "forecast", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "would", "could", "should" or "might" occur. Forward-looking statements made in this news release include, but are not limited, to: statements with respect to the Agreement and the terms and potential benefits thereof; Link's phased power generation alliance with Block One; Link's plans to continue its rapid development of Bitcoin mining sites in 2021; the projected increases in revenues due to the Agreement; the continued acceptance of digital currency in everyday life; the perceived benefits of the appointment of the new General Manager, Operations; and other statements regarding the business plans of the Company. All such forward-looking statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. In the case of the Company, these risks, uncertainties, assumptions and other factors include, without limitation: that actual results from the Agreement may differ materially from the parties' expectations; those set out in the Company's most recent MD&A, fluctuations in the price of electricity, fluctuations in the price of digital currencies/Bitcoin, the future potential halving of Bitcoin, increases in the network difficulty rate and price of digital currencies/Bitcoin, negative changes in the level of digital currency/Bitcoin rewards per block, the securing of economic rates for the purchase of power, the opportunities for acquiring digital currency mining hardware, unanticipated changes in laws, regulations or other industry standards affecting the business of the Company, reliance on key management personnel, the Company's ability to implement its business plan, litigation risk, stock price volatility, the effects of general economic and other factors beyond the control of the Company, and other matters that may occur in the future. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Link's prospective results of operations, including revenue, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about Link's future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by securities law. Investors are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
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