PHILADELPHIA, April 18, 2018 /PRNewswire/ -- Integrated Ventures, Inc. (OTCQB: INTV) (the "Company") today announced that it has entered into an Asset Purchase Agreement ("APA") with digiMINE, LLC, to acquire certain cryptocurrency assets, consisting of (1) 150 assorted ASIC miners and related mining equipment and (2) $175,000 in cash, to be used for the purchase of 145 assorted Antminers by Bitmain Technologies. The remaining capital will be deployed for the build out for the 5,900 sq ft warehouse facility, located in Marlboro, NJ.
Following the completion of this equity based and non-dilutive acquisition, Integrated Ventures will own and operate 650 assorted cryptocurrency miners, consisting of Antminer S9, Antminer L3, Antminer X3, Antminer A3, Nemesis 8G and Panda B3 Pro models.
Pursuant to the executed APA, the aggregate consideration for all the assets being acquired, consist of 16,666 Restricted Preferred B Shares, to be issued to the digiMINE, LLC.
According to the terms of this equity based APA, the Company will acquire rights to the multi-year lease agreement between digiMINE, LLC and warehouse facility, equipped with 4,000 amp power capacity and capable of hosting up to 1,500 mining rigs.
The Company is in final stages of consolidating of its mining operations according to the following plan:
- INTV will maintain all mining operations at Buck Rd, PA (Location 1)
- INTV is relocating all mining equipment from Armstrong St, PA to Paul St, PA (Location 2)
- INTV will commence mining operations at Boundary St, NJ, by the middle of June (Location 3).
As result, the total hosting capacity, between all locations is expected to reach 2,500 units.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments: "We are very excited about this non-dilutive transaction and Company's prospects going forward. Our Q3, which is scheduled by be filed by 05/15/2018, will disclose zero dilution and convertible debt, solid cash position and increase in revenue generating mining assets. For past 60 days, the focus has been on streamlining mining operations and adding mining power capacity. In addition, our team is panning on launching a number of a blockchain powered initiatives, designed to improve profitability and efficiency of cryptocurrency mining operations."
The closing of the APA is subject to customary closing conditions and is expected to close on or before April 20, 2018. The Company intends to file Form 8-K within 4 days of signing this APA..
About Integrated Ventures Inc: Integrated Ventures is focused on acquiring, launching and operating companies in the cryptocurrency sector ("BitcoLab"), mainly in digital currency mining, equipment manufacturing, sales of branded mining rigs ("Nemesis") and blockchain software development ("LoanFunder").
For more details, please visit www.integratedventuresinc.com.
***About Cryptocurrency Investments & Risks***
Integrated Ventures urges all current and potential investors to visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11, (2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/ and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scamsto understand the risks involved in cryptocurrency investing.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
SOURCE Integrated Ventures, Inc.