Highlights:
- DMG and SixtyOneC intend to co-develop and co-market turnkey immersion cooling solutions optimized initially for the needs of cryptocurrency mining
- DMG brings proven experience distributing power to crypto mining equipment at scale and leveraging its proprietary mine management software
- SixtyOneC brings proprietary immersion cooling technology which enables much lower-cost per compute crypto mining vs stock equipment
VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG” or the “Company”), a diversified blockchain and technology company, announced that it has signed a letter of intent with SixtyOneC Technology Corporation (“SixtyOneC”) to co-develop and co-market turnkey immersion cooling solutions optimized for the needs of cryptocurrency mining.
DMG brings proven experience distributing power to crypto mining equipment, most recently demonstrated at its 85-megawatt-capable mining facility in eastern British Columbia. The Company’s partnership with SixtyOneC will continue to advance state-of-the-art cryptocurrency mining technologies through the introduction of immersion cooling solutions.
SixtyOneC designs are cutting edge immersion cooling technology that increases the efficiency and performance of any computing hardware. By using state-of-the-art SixtyOneC technology, companies can increase the output of their computing hardware through a process called ‘overclocking.’ In a traditional air-cooled environment, this process will quickly cause hardware to overheat and malfunction. However, with SixtyOneC’s technology, hardware is safely pushed beyond a 50% increase in performance. This technology also allows for a significant increase in hardware density, lower electricity costs and near silent operation.
Sheldon Bennett, Chief Operating Office at DMG, stated, “By partnering with SixtyOneC, DMG gains a competitive advantage by offering solutions with more crypto mining power per dollar, accelerating DMG’s ability to expand its Mining as a Service (MaaS) hosting business while enabling its customers to enjoy greater profits. SixtyOneC’s technology also enables DMG to enter the HPC market with an immediate competitive advantage and scalability for rapid growth.” SixtyOneC CEO, Dieter Morgan, added, “DMG is an ideal partner, as it brings the data center and system-level expertise required to bring immersion cooling to the mainstream.
We look forward to a long-term relationship, which should be a catalyst for profitable growth for both companies.”
DMG and SixtyOneC intend to enter into a definitive agreement subject to completion of due diligence.
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Direct: 778-868-6470
About SixtyOneC Technology Corporation
SixtyOneC Technology Corporation is a datacenter innovation company, looking to provide solutions to datacenters so that they are prepared for the exponential growth in compute requirements. By creating the world's predominant single- and two-phase immersion cooling systems, SixtyOneC has proven that its technology can increase datacenter output while lowering electricity consumption, reducing physical space requirements and significantly decreasing noise.
For more information on SixtyOneC Technology Corporation visit: www.sixtyonec.com
On behalf of the Board of Directors,
Dieter Morgan, CEO & Director
For further information, please contact:
SixtyOneC Technology Corporation
Investor Relations: Kevan Matheson
Email: kevan@sixtyonec.com
Web: www.sixtyonec.com
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, entering into a definitive agreement with SixtyOneC, acquisition of customers, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.