CGAC
Completes $894,325 Purchase of 412 Bitcoin Miners, Mining
Operations Underway
Dripping Spring, TX -- April 28, 2023
-- InvestorsHub NewsWire -- Code Green Apparel Corp. (OTC:
CGAC), a Bitcoin mining company, announces the successful
$894,325 purchase of 412 Antminer S19 Pro+ (Bitcoin miners)
machines, bringing CGAC's total fleet of miners to cumulative 517
miners. The 412 Antminer S19 Pro+ will begin production in two
weeks. CGAC used funds in the private sale of a first tranche of
secured promissory notes, with a maximum possible funding of
$5,000,000.
Logan Rice, CGAC's CEO, stated, "We
are thrilled to unveil the initial results of our recently
established finance program aimed at expanding our fleet of
machines. This initial phase of our funding program aims to raise
$5,000,000 in long-term debt. The financing package will include
issuing restricted shares for no more than 4.99% of our stock." Mr.
Rice continued, "The company is dedicated to protecting its
treasury and will issue shares sensibly to capitalize on the fleet
of machines we plan to build. This move reflects Code Green's
commitment to growth and expansion in the industry while
maintaining responsible financial practices."
CGAC has partnered with ASICMiners.us
and Liquid Immersion Worldwide, Inc., wholly owned subsidiaries of
Bit Frontier Capital Holdings (OTC: BFCH), to increase production
of the Antminer S19 Pro+ by 50%. This arrangement will allow CGAC
to overclock these machines in a specially engineered Liquid
Immersion tank produced by Liquid Immersion Worldwide,
Inc.
"The purchase of these Antminer S19
Pro+ machines also represent a strategic move for us, as the Liquid
Immersion will allow us to increase our production capabilities
significantly, resulting in higher operating efficiency, a better
rate of return, and, as we stay true to our commitment to low
overhead, a better chance for our shareholders to receive cash
dividends, which is out stated objective," added Mr.
Rice
The Antminer S19 Pro+ is one of the
most reliable Bitcoin mining machines available, producing a stock
122 t/h out of the box. With this strategic partnership, CGAC is
poised to increase its Bitcoin mining capabilities and
profitability significantly.
About
CGAC:
Code Green Apparel Corp. is a Bitcoin
mining company uniquely positioned within the OTC space. CGAC will
treat its mined Bitcoin as a traditional commodity, like a gold
mining company. CGAC will mine Bitcoin, then sell the mined Bitcoin
for cash, and (3) regularly declare and distribute dividends
concerning Available Cash (established by our Board of
Directors)
To our shareholders. CGAC's primary
business objective is to continually increase its Bitcoin mining
capacity and increase cash available for distribution as a dividend
to its shareholders.
CGAC completa la compra de $894,325 de 412 mineros de Bitcoin,
Operaciones mineras en marcha
Forward-Looking
Statements:
This current press release contains
"forward-looking statements," as that term is defined in Section
27A of the United States Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934. Statements in
this press release that are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations, or intentions regarding the future,
including but not limited to any products sold or cash flow from
operations.
Actual results could differ from
those projected in any forward-looking statements due to numerous
factors. Such factors include, among others, the inherent
uncertainties associated with distribution and difficulties
associated with obtaining financing on acceptable terms. These
forward-looking statements are made as of the date of this news
release. We assume no obligation to update the forward-looking
statements or the reasons why actual results could differ from
those projected in the forward-looking statements. Although we
believe that the beliefs, plans, expectations, and intentions
contained in this press release are reasonable, there can be no
assurance that such beliefs, plans, expectations, or intentions
will prove accurate. Investors should consult all of the
information set forth herein. They should also refer to our most
recent annual report for our last fiscal year, quarterly reports,
and other periodic reports filed occasionally with the Securities
and Exchange Commission.
Contact:
Name: Logan William Rice
Title Chief Executive
Officer
Telephone 612-889-2418
Website: https://www.thenewcgac.co
Twitter: @thenew_cgac
Instagram: @TheNewCGAC
Email
Address: codegreenapparelcorporation@gmail.com
SOURCE: Code Green Apparel
Corp.