LAS VEGAS, Sept. 02, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to update its current and prospective shareholders as the Company moves toward several key milestones, including a corporate name and trading symbol change, maximizing mining performance in Pennsylvania, and further cancellations of outstanding convertible debt pursuant to the Company’s shareholder-friendly initiative announced in fall 2020.
Corporate Name and Symbol Change. As communicated in the Company’s Aug. 3 press release, ISW Holdings has officially filed for a corporate name change to “BlockQuarry Corp.” The Company has also more recently filed to change its trading symbol. Both filings are now actively going through FINRA, and more details will be announced soon when FINRA has completed its due diligence process. These actions were taken to bring the Company’s corporate brand into better alignment with its emerging operational character, given its growing commitment to blockchain infrastructure, cryptocurrency mining and collaborative hosting.
Mining Efficiency in Pennsylvania. As recently noted, the Company has switched on its mining operations in Pennsylvania. The miners there are now running at 90% operational efficiency as the Company approaches its target hashrate of 54000 TH/s at this location. Management is pleased with the smooth operations at the site and looks forward to substantial revenue production from this property over coming months and quarters.
Convertible Debt Elimination. As noted in the Company’s press release dated Aug. 23, total derivative liabilities were reduced 96% in the first six months of 2021 to under $750,000. The Company is working hard to continue this trend with recent cancellations and negotiations to cancel more variable convertible notes to eliminate another 500,000 shares of potential dilution. Further updates will be coming soon to communicate more details on this theme.
“As we see our mining efficiency begin to approach optimum levels for our current capacity, we are making strides toward rebranding our stock to better reflect what we are building here,” commented Alonzo Pierce, president and chairman of ISW Holdings. “When we began this pivot last year through our partnership with Bit5ive, we had tremendous conviction in the future role that cryptocurrency would play in the world. At the time, Bitcoin was trading under $10,000. It is now five times that level, with strong future growth potential as the dominoes of institutional and mainstream acceptance continue to tip in our favor. This backdrop has also allowed us to make good on our pledge to systematically eliminate dilution risk along the way.”
About ISW/BlockQuarry
ISW/BlockQuarry Corp. is quickly becoming one of the largest mining and hosting providers in the digital currency space in North America as we seek to transform the financial markets of the future. Our complement of cutting-edge technologies has enhanced the bitcoin/cryptocurrency ecosystem, enabling our customers to take advantage of real-time cost savings. At the same time, our customers can feel confident that their digital transactions and assets are entirely secure. Our company utilizes a scalable blockchain infrastructure to convert unique identifiable assets (UIAs) into interchangeable digital assets such as Bitcoin and other fungible digital assets. We offer immediate liquidity in the form of fast, confidential transactions, as well as the issuance of assets in the traditional capital markets.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
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