Microelectronics Technology Corporation (OTCBB: MELY) (OTCQB: MELY) is pleased to announce the Company has initiated negotiations with Institutional Investment Funds for equipment acquisition financing.
The company is in negotiations for a NON-DILUTIVE credit facility of five million dollars for the acquisition and development of the digital currency mining center the company is developing through its Dynamo Server division.
The company is in the planning stages for the development of a first phase 100 TH/s
BTC mining center.
The company will be investing in the required hardware needed to provide the targeted 100 TH/s rate over the period of six to eight months.
The company will be operating this cyber currency mining center in an open pool configuration allowing other miners to join the pool for a proportional percentage share of the mining pool production.
"Bitcoin mining is a very competitive arena that requires the application of significant financial resources to the mining of Bitcoin as quickly as possible," states company president Brett Everett "upon the completion of the current acquisition closing April 18, the company will be introducing its plans for the roll out of phase one and timelines for completion."
The acquisition remains on schedule with the closing date of April 18, 2014.
The installation of the digital mining servers is also on schedule with the first transitioned servers to the Dynamo Servers co-location facility by April 30, 2014.
This transition will allow for peak efficiency utilizing the state of the art server facility and seamless expansion capability Dynamo servers can provide.
Bitcoin Mining: BTC
Upon the completion of the Digital Mining Server installation at the Dynamo Server co-location facilities, the company will begin to offer fractional Bitcoin Digital Currency Mining server rentals to interested third parties for an annual fee based upon the hash rate available for partitioning.
It is anticipated that the partitions will be available for lease in minimum 20 Gh/s hash rates with any multiple of 20 Gh/s available.
About Dynamo Servers
The Dynamo Servers platform was built from the ground-up to accommodate the needs of modern dedicated server customers, with features that are unique to the market. A simplified pricing model was applied to an expansive configuration system, allowing for predictable pricing without the customization limitations or penalties that are common among providers. An API was built to allow for integration with custom software and 3rd-party services. Social features were added to enable a dialogue among customers and a level of transparency unheard of in the industry. As long-time dedicated server customers, the people behind Dynamo Servers built a platform that they would want to use themselves.
Dynamo Servers provide dedicated servers to clients through our point of presence in Vancouver, Canada inside a carrier neutral facility owned and operated by Cologix Inc.
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital. Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.
For further Information
Microelectronics Technology Co.
Mr. Brett Everett
SOURCE: Microelectronics Technology Company