Next phase of expansion would bring total capacity to 12.2 megawatts by end of this year
MIAMI, July 25, 2018 (GLOBE NEWSWIRE) -- Miami-based United American Corp ("UnitedCorp") (OTC:UAMA) announced today that it is now in negotiations for a second site for its BlockchainDome Heat Stations as well as the installation of 2 additional Domes. This would bring the Company's total capacity to 12.2 megawatts.
With the recently announced contracts and expansion of 3 more BlockchainDomes currently under construction and to be completed in October, UnitedCorp has reached the limit of its capacity of 5,500 servers on the existing site. The Company has therefore been in negotiations for a new site on leased property within the territory of its current power supplier, the Coopérative Régionale d'Électricité de St-Jean-Baptiste-de-Rouville ("COOP"). Earlier this year UnitedCorp executed a series of power contracts with the COOP to service its existing site and expansion. The move is in response to the high level of interest that UnitedCorp has received for its BlockchainDome and Heat Station technology following the success of its first installation.
"We have been very pleased with the technical success of the BlockchainDome, particularly in light of this year's unusually hot summer," stated Lawry Trevor-Deutsch, UnitedCorp's Senior Vice President of Corporate Affairs. "As a result of this, and the need we see for BlockchainDome capacity, this expansion is the next logical step in the company's development."
The COOP's General Manager, Jacques Collins stated, "With their focus on supporting the agricultural industry in Québec, from our perspective the BlockchainDomes represent a very good use of the electricity. We have also been very impressed with UnitedCorp's technology and implementation of this very exciting project and look forward to working with the company during the next phase."
How BlockchainDomes work can be seen at: https://www.youtube.com/watch?v=YDmhhaJKHLg
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and more recently in Blockchain PSTN technology.
The UnitedCorp BlockchainDome was designed to provide heat for agricultural operations using ASIC (application-specific integrated circuit chip) mining operations where efficiency and low-cost operations are a priority. The BlockchainDomes, which utilize a proprietary passive cooling ground-coupled heat-exchanger technology, are particularly suited for situations where rapid cluster deployment is required as they can be erected and commissioned in a matter of weeks rather than up to a year using the traditional "Bricks and Mortar" approach. BlockchainDomes can be configured in a wide range of sizes to service any type of greenhouse operation.
About the Coopérative Régionale d'Électricité de St-Jean-Baptiste-de-Rouville
The COOP was founded in 1944 with a mandate to provide power to rural communities in the region of St-Jean-Baptiste-de-Rouville, Québec. As the only electrical cooperative in the province, it provides its members with a reliable and high quality supply of electricity and complementary services to meet the needs of consumers and businesses. In addition to rural markets in its territory, it also serves 16 local municipalities.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.
Source:
United American Corp
Coopérative Régionale d'Électricité de St-Jean-Baptiste-de-Rouville
Contact:
Jenna Trevor-Deutsch
Investor Relations
investorrelations@unitedcorp.com
604 398 5000 ext: 109
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/543e2b8c-bd0c-4ab1-aa67-f31105ce762e
http://www.globenewswire.com/NewsRoom/AttachmentNg/d2a945fe-80bf-454c-aa7c-385c4c0640f8