Integrated Ventures Announces Signing of Letter of Intent to
Acquire 80 MW Power Plant For 39 Million With Capacity to Host Up
To 52,000 Mining Rigs
PHILADELPHIA, PA -- March 20, 2019 -- InvestorsHub NewsWire
-- Integrated
Ventures Inc (OTCQB: INTV)
("Company") is pleased to announce the execution of a Letter of
Intent ("LOI") to acquire a fully permitted and currently idled, 80
MW natural gas-fired combined heat and power plant ("Power Plant"),
located in Pennsylvania.
In consideration for the
acquisition, the Company is issuing $39 million of INTV common
stock, valued at the 60-day trailing VWAP, from the signing of the
Definitive Agreements. The transaction is comprised of (i) the
Power Plant which is capable of generating power at an estimated
cost $0.03 per kwh (*) and (ii) approximately 16 acres of land
which allows for the Power Plant and mining facilities to be
collocated. Current operational plans
will allow the Company to
install up to 52,000 (**) mining rigs and will be comprised of a
45,000 sq. ft complex, consisting of micro mining farms combined
with a 40 HQ standalone mining containers.
The Company intends to complete
the restart of the Power Plant and to launch cryptocurrency
operations within 4-5 months. The Company operations will focus on
(i) mining using the Company's owned mining rigs, (ii) hosting
third-party mining rigs and (iii) operating a mining
pool.
Steve Rubakh, CEO of Integrated
Ventures, Inc, is proud to add the following commentary:
"Today's announcement is a game
changer for the Company and its shareholders. Cogeneration is a
proven technology that produces up to 75% increase in
efficiency, delivers up to 70%
(***) in energy savings, up to 50% reduction in GHG emissions,
eliminates reliance on local utilities, thus provides a stable and
reliable access to the electricity. The Power Plant will generate
electricity, at the below market cost, which turns 100% of rigs
that mine BTC, ETH and LTC profitable. Due to Power Plant's
generation capacity of 80 MW, the Company will have an unmatched
ability to grow the revenue streams by gradually scaling mining and
hosting operations and by establishing synergistic partnerships
with companies operating in the same space. All of these
factors, make Cogeneration Power Plant an ideal solution to power
cryptocurrency mining facilities and to establish Integrated
Ventures as one of the largest and most diversified players in
North America."
The Company plans to file Form
8K in a timely matter, which will
contain details in regards to the power plant operations, business
initiatives, plans for funding and up coming corporate
events.
About
Integrated Ventures Inc: The Company operates as a Technology Holdings Company
with focus on cryptocurrency sector. For more information, please
visit the
company's website
at
www.integratedventuresinc.com.
(*) One of the lowest rates
available worldwide, including Russia, China and Iceland
(**) 1MW is capable to provide
power to host 650 mining rigs
(***) Using 10 cents per KWH as
nationwide average
Safe Harbor
Statement:
The information
posted in this release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. You can identify these statements by use of the words
"may," "will," "should," "plans," "explores," "expects,"
"anticipates," "continue," "estimate," "project," "intend," and
similar expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, general economic and business
conditions, effects of continued geopolitical unrest and regional
conflicts, competition, changes in technology and methods of
marketing, and various other factors beyond the company's
control.