Squire Releases First Month Financial Results Since Acquiring First Phase of CoinGeek Cloud Computing Operations
18 6월 2019 - 2:56AM
Squire Mining Ltd. (
CSE:SQR |
FWB:9SQ |
OTCQB:SQRMF)
(“
Squire”) announces its financial results for the
first month of cloud computing operations for the month ended May
31, 2019. As previously announced, on May 1, 2019 Squire acquired
all of the issued and outstanding shares of Freschette Limited
(“
Freschette”), which operates a cloud computing
fleet of 20,500 units, representing 276 petahash/second (PH/s) of
computing power operating in Kazakhstan. On the same date Taal
Technologies SEZC (“
Taal Tech”), a wholly owned
Cayman Islands based subsidiary of Squire, entered into a cloud
computing agreement with Freschette pursuant to which Taal Tech has
exclusively engaged Freschette’s computing power in connection with
its blockchain infrastructure support and cryptographic transaction
verification activities.
Over the period from May 1, 2019 to May 31,
2019, Taal Tech realized a total of 306.76 Bitcoins
(“BTC”) or estimated gross revenue of US$2.24
million for its first month of operations. Site operating costs in
connection with operations for the period were US$1.23 million,
resulting in cloud computing operating profit of US$1.01 million or
cloud computing operating profit margin of 45%. Estimated gross
revenue is measured based on the fair value of the BTC received at
the time it is received. The fair value is determined using the
estimated closing BTC index (BTC/USD) price each day per a third
party quotation provider. To determine estimated gross
revenue, the Company is relying on data available from a third
party quotation provider to be an accurate representation of the
closing price for the digital assets.
These numbers as reported are not audited.
Financial results of Squire for the three months and six months
ended June 31, 2019 will be available on Squire’s SEDAR profile at
www.sedar.com in due course. The results presented in this report
are not indicative of the results that may be expected for any
future period.
About Squire Mining Ltd.
Squire is a Canadian based technology company
engaged, through its subsidiaries, in the business of developing
and operating cloud computing data infrastructure and system
technologies to support global blockchain applications related to
Bitcoin SV, Bitcoin Core and other associated SHA-256 derived
digital assets.
For further information contact:
Angela Holowaychuk
Interim Chief Executive Officer
Telephone: +1 800‐371‐2809
The CSE accepts no responsibility for the adequacy or accuracy of this release.
FINANCIAL MEASURES: There are measures included
in this release that do not have a standardized meaning under
generally accepted accounting principles (GAAP) and therefore may
not be comparable to similarly-titled measures and metrics
presented by other issuers and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with GAAP. Squire includes these measures because it
believes certain investors use these measures and metrics as a
means of assessing financial performance. In this release, certain
terms are used, which are not found in the Chartered Professional
Accountants of Canada Handbook and do not have any standardized
meaning prescribed under GAAP and may not be comparable to similar
measures presented by other companies. In particular, cloud
computing operating profit is a non-GAAP measure.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This release includes “forward-looking information” as
defined under applicable Canadian securities legislation.
Forward-looking information and statements include, but are not
limited to, disclosure regarding possible events, that are based on
assumptions about future economic conditions and courses of action.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties, uncertain and volatile equity and capital
markets, lack of available capital, future demand for Bitcoin SV,
Bitcoin Core and other cryptocurrencies and risks related to the
mining thereof, integration issues, personnel and staffing
requirements and technological change and obsolescence. There are
no assurances with respect to: the realization, if at all, of the
fair value of BTC on the basis of the estimated closing BTC index
(BTC/USD) price each day provided (as provided by a third party
quotation provider) and statements made regarding the financial
position (including operational revenue, cost, profit and profit
margin) and operational success of Squire and any of its
subsidiaries (including Freschette and Taal Tech). Actual results
and future events could differ materially from those anticipated in
such forward looking information. Accordingly, readers should not
place undue reliance on forward-looking information. All forward
looking information in this release is made as of the date hereof
and qualified by these cautionary statements and those in our
continuous disclosure filings available on SEDAR at www.sedar.com.
Squire disclaims any intention or obligation to update or revise
such forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
Squire Mining (CSE:SQR)
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