CleanSpark, Inc. Comments on Recent Trading Activity and Stock Price
February 20 2020 - 4:20PM
CleanSpark, Inc. (Nasdaq: CLSK), a diversified software development
and intelligent energy services company, issues this press release
in response to recent trading activity in its shares, and stock
price decline.
The Company does not usually opine on stock price and trading
activity, however, given the recent decline, and inquiries from
investors, the Company confirms the following:
Everything material has been disclosed by the Company in either
its press releases or quarterly reports. CleanSpark further
confirms that none of the business developments disclosed
previously are at risk. Last but not least, the Company wishes to
reassure CleanSpark’s shareholders that we remain on track with our
current and prospective projects, and that all contracted projects
are being worked on, and such activity will be reflected in the
Company’s future quarterly results.
CleanSpark CEO Zach Bradford remarked, “While we don’t normally
comment on our stock price or performance, it is important to
stress that nothing has fundamentally changed in our
business. We continue to deliver solid financial results, and
we remain very confident in our prospects.”
Over the last few months, the Company has achieved numerous
milestones. Some notable items include:
- Completed Nasdaq uplisting in January 2020
- January 2020 acquisition of p2kLabs Inc. expected to add $2 Mil
in annual revenue with margins that exceed 50%
- Six consecutive quarters of year-over-year quarterly
growth
- Quarter ending December 31, 2019 Revenue of $976,824, up 372%
from $262,907 in 2018.
- Quarter ending December 31, 2019 Gross profit increased 238% to
$94,103, up from $39,581 in 2018.
- Quarter ending December 31, 2019 Net loss per share improved by
$0.23 per share to $(0.40) from $(0.63) in 2018.
- CleanSpark announced a 10-year exclusive agreement with
International Land Alliance (ILAL). The agreement calls for
CleanSpark to provide its microgrid Value Stream
Optimizer (mVSO) software services to support system design
and engineering as well as integrating CleanSpark’s mPULSE software
into the final systems on all future energy projects across the
ILAL portfolio of properties. We are currently working with ILAL on
two initial feasibilities studies and we anticipate that in 2020 we
will recognize at least $200,000 in related revenue with a large
increase expected in 2021 as ILAL’s development efforts begin to
accelerate.
- CleanSpark announced the signing of a Memorandum of
Understanding (“MOU”) with the Shoreline Unified School District to
form a Strategic Alliance for Microgrid Assessment and
Deployment. In accordance with the MOU, CleanSpark will
evaluate two stages of grid resiliency for the District. The
intended Resiliency Zones would utilize Solar Energy, Storage and
Back-up Generation controlled by our mPulse controls platform to
meet the School District’s energy needs and provide back-up energy
to the surrounding communities during emergencies.
- Release of new features and improvements to our SaaS Microgrid
Value Stream Optimizer (mVSO) platform, which includes the enhanced
equipment library, the ability to run scenario comparisons and
upload site plans. We believe these features further distinguish
CleanSpark as a market leader in the space.
- Release of new features and improvements to our mPulse Controls
platform, which includes enhanced reporting and the release of a
low costs ‘light-version’ for smaller systems. We expect this
enhancement to further allow us to not only compete on price but
also on functionality.
“In the months ahead, we look forward to reporting our operating
results in this fast-growing industry and providing updates on our
growth efforts,” stated Mr. Bradford.
About CleanSpark:
CleanSpark provides advanced energy software and control
technology that enables a plug-and-play enterprise solution to
modern energy challenges. Our services consist of intelligent
energy monitoring and controls, microgrid design and engineering,
microgrid consulting services and turn-key microgrid implementation
services. CleanSpark's software allows energy users to obtain
resiliency and economic optimization. Our software is uniquely
capable of enabling a microgrid to be scaled to the user's specific
needs and can be widely implemented across commercial, industrial,
military, agricultural and municipal deployment.
Forward-Looking Statements:
CleanSpark cautions you that statements in this press release
that are not a description of historical facts are forward-looking
statements. These statements are based on CleanSpark's current
beliefs and expectations. The inclusion of forward-looking
statements should not be regarded as a representation by CleanSpark
that any of our plans will be achieved. Actual results may differ
from those set forth in this press release due to the risk and
uncertainties inherent in our business, including, without
limitation: the fitness of the product for a particular application
or market, the expectations of future growth may not be realized,
timing of deliveries, demand for our software products; and other
risks described in our prior press releases and in our filings with
the Securities and Exchange Commission (SEC), including under the
heading "Risk Factors" in our Annual Report on Form 10-K and any
subsequent filings with the SEC. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and we undertake no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof. All forward-looking statements
are qualified in their entirety by this cautionary statement, which
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Shawn Severson
Integra Investor Relations
(415) 233-7094
info@integra-ir.com
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