Marathon Patent Group Withdraws Offer to Acquire Fastblock Mining; Companies Unable to Reach Long-Term Power Agreement at A...
September 17 2020 - 4:15PM
Marathon Patent Group, Inc. (NASDAQ:
MARA)
("Marathon" or "Company"), today announced that as of September
11th, 2020, the Company has withdrawn its offer to acquire
Fastblock Mining.
During its due diligence process, the Company discovered that
the Power Agreement pursuant to which Fastblock would provide power
at a subsidized rate of $0.0285KwH, would expire in three years.
The Company and Fastblock were unsuccessful in attempts to extend
the term of that agreement with the power provider to the 7-10 year
Window which the Company would need for this acquisition to be
economically feasible.
The Company has executed a term sheet with an alternate power
company to provide 104MwH of power at $0.028KwH for 11 years, for
which terms will be announced upon completion of due diligence and
execution of definitive documentation.
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, 2019. 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. Future
changes in the network-wide mining difficulty rate or Bitcoin
hashrate may also materially affect the future performance of
Marathon's production of Bitcoin. 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.
Name: Jason Assad Phone: 678-570-6791 Email:
Jason@marathonpg.com
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