BitNile Holdings’ Subsidiary, Digital Power Lending, Makes Strategic Investment in Lab-Grown Diamond Manufacturer
August 29 2022 - 6:30AM
Business Wire
BitNile Holdings, Inc. (NYSE American: NILE), a diversified
holding company (“BitNile” or the “Company”)
announced today that its subsidiary, Digital Power Lending, LLC
(“DP Lending”), has lent $4.1 million to Adamas One Corp.
(“Adamas”) in the form of a senior secured convertible note.
DP Lending also received warrants to purchase shares of common
stock, which are exercisable if DP Lending elects to convert the
note. The Company sees this as a strategic investment to support
Adamas as they seek a public listing by the end of 2022.
Adamas, using proprietary technology, which includes a portfolio
of patents, is an emerging manufacturer of lab-grown diamonds meant
for consumer and industrial uses. The lab-grown diamond industry
has grown rapidly in recent years as it serves as a viable and
eco-friendly alternative to the traditional mined diamond industry.
The Adamas manufactured lab-grown diamonds have the same chemical,
physical and optical properties as mined diamonds without the
negatives associated with traditionally mined diamonds. Adamas
expects to capitalize on the growing lab-grown diamond industry
through consumer sales and industrial applications of their
products. The Company believes that Adamas’ management has the
expertise, experience, and support to capitalize on their
proprietary development techniques.
The Company’s Founder and Executive Chairman, Milton “Todd”
Ault, III stated, “I am very excited to be partnering with Adamas
as they explore a public offering. I believe the market for
lab-grown diamonds could grow exponentially in the coming years and
Adamas is well-positioned to take advantage of that growth. I look
forward to supporting the company, its management and employees,
and its overall operations as it grows into a leading supplier of
ethically sourced diamonds.”
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile’s public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, BitNile owns
and operates a data center at which it mines Bitcoin and provides
mission-critical products that support a diverse range of
industries, including oil exploration, defense/aerospace,
industrial, automotive, medical/biopharma, karaoke audio equipment,
hotel operations and textiles. In addition, BitNile extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. BitNile’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
Forward-Looking Statements
This press release contains “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, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.BitNile.com.
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BitNile Holdings Investor Contact: IR@BitNile.com or
1-888-753-2235
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