Previously Announced Proposed Acquisition, SV CryptoLab, Upgrades Network and Increases Mining Capabilities
VANCOUVER, BC / ACCESSWIRE / December 29, 2017 / 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE, FWB: C5B, OTC PINK: BKLLF) announces that its previously proposed acquisition, SV CryptoLab, has increased its mining capabilities and upgraded its network in anticipation of increased activity upon the close of the acquisition.
- SV CryptoLab grows network in order to increase cryptocurrency mining capacity
- SV CryptoLab's upgraded mining rig includes state of the art "Antminers"
- Proprietary evaluation algorithm will identify and target the most attractive cloud-mining contracts
"The upgrade of the SV CryptoLab technology, including its network, readies our company with an opportunity to benefit from an increase in cryptocurrency mining," said George Tsafalas, 360's President. "The new technology, along with SV CryptoLab's proprietary evaluation algorithm, will empower the company to identify and focus specifically on the most attractive cloud-mining contracts," added Mr. Tsafalas.
Silicon Valley-based SV CryptoLab utilizes a proprietary evaluation algorithm to enter into the most attractive cloud-mining contracts. The company plans to enter into more mining contracts on a weekly basis. 360's due diligence on its proposed investment in SV CryptoLab is advancing. There is no assurance that the proposed acquisition will be completed.
"In preparation for scaling our business model, we have installed an additional 'Antminer' to increase Bitcoin research and mining capacity," said Mr. James Cerna, Founder and CEO of SV CryptoLab. "This state-of-the-art mining rig uses more than 180 specific microprocessors, increasing efficiency and the company's overall capabilities," added Mr. Cerna.
SV CryptoLab provides an adaptable tech environment. During working hours, it's a cutting-edge facility that's part hacker space and part social space that is open to the public; blockchain and cryptocurrency enthusiasts are invited to attend weekly meetups and hackathons free of charge. On nights and weekends, the facility's significant hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.
About 360 Blockchain Inc.
Our Mission: To empower blockchain technologies with capital and experience to create exponential value.
Company Description: 360 Blockchain Inc. has an all-round view to accelerate the development and application of revolutionary blockchain technologies by investing capital and expertise. We are founded on the belief that blockchain technology, essentially a distributed ledger which is transparent and incorruptible, has the potential to transform the way business is conducted, delivering security, cost savings and efficiency gains not seen before in our internet connected world. 360 Blockchain will be focused upon identifying and empowering blockchain technologies applying to crypto-currencies, smart contracts, eSports, data management, the internet of things, equity trading, privacy applications and beyond.
For further information, please contact:
Joe Bleackley
Investor Relations
Telephone: 1 (778) 806-5150
E-mail: IR@360blockchaininc.com
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "predicts," "intends," "targets," "aims," "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: 360 Blockchain Inc.
