Marathon Patent Group Announces Installation of 700 M30S+ ASIC Miners and Company is Debt Free
June 03 2020 - 8:32AM
Marathon Patent Group, Inc. (NASDAQ:
MARA)
("Marathon" or "Company"), one of the few Nasdaq listed
cryptocurrency mining companies in the United States, today
announced the completed installation of 700 M30S+ ASIC Bitcoin
Miners that were purchased on May 11, 2020. The company is awaiting
delivery of 1,160 Bitmain S19 Pro ASIC Miners in the next 60 days.
Convertible Note Fully Converted to Equity
On May 19, 2020, Marathon announced the reduction of the
conversion price of Convertible Note originally issued on August
31, 2017. The entire principal balance of $999,105.60 and
$215,411.30 of accrued interest has been fully converted by the
Note holder to Marathon Common stock, reducing the company’s
Long-Term Debt to zero. This reduction in Debt results in a
substantial improvement in the company’s Balance Sheet and
increases our Stockholders Equity.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 1A of our most recent Annual Report on
Form 10-K for the fiscal year ended December 31, 2018. If any of
these risks were to occur, our business, financial condition or
results of operations would likely suffer. In that event, the value
of our securities could decline, and you could lose part or all of
your investment. The risks and uncertainties we describe are not
the only ones facing us. Additional risks not presently known to us
or that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. See "Safe
Harbor" below.
Forward-Looking Statements
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements can be identified by the use of
words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue,” or comparable terminology.
Such forward-looking statements are inherently subject to certain
risks, trends and uncertainties, many of which the Company cannot
predict with accuracy and some of which the Company might not even
anticipate and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
CONTACT INFORMATION
Name: Jason Assad Phone: 678-570-6791 Email:
Jason@marathonpg.com
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