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Stockholm IT Ventures AB: STOCKHOLM IT VENTURES AB AGREES PURCHASE OF BITCOIN MINING BUSINESS
Nacka Strand (pta/22.12.2017/15:50) The Board of Stockholm IT Ventures has approved subject to Due Diligence the acquisition of a Bitcoin mining business with a current capacity of 10 Megawatts with immediate growth potential to 40 Megawatts in an all share deal. SITV have also acquired the use of a bond to the value of Eur25 million, through which it hopes to create what is believed to be a unique offering of bond backed forward selling of Bitcoin. This will provide funding for the increased capacity of the Bitcoin mining operations and allow growth in a relatively short period of time.
The company will release full details on the transaction as soon as the contracts are signed.
This completes SITV’s strategy that it has pursued since the beginning of this year with a series of acquisitions ( Pimboo OU, Fantrac Global Ltd, Blocktrade Technologies Ltd and Wyrify) to build a total service solution for blockchain and cryptocurrencies. SITV will be able to mine Bitcoins, create other cryptocurrencies, provide safe storage of cryptocurrencies, sell cryptocurrencies, create branded cryptocurrencies for major brands and celebrities, provide and manage retail solutions enabling retailers to accept cryptocurrencies at point of sale, support ICOs and IBOs and most if not all other envisaged blockchain, Bitcoin and other cryptocurrency activities. SITV has a number of significant client contracts under negotiation and will be announcing these as they complete. During the next month SITV will complete its due diligence, integration and testing of the entire chain of businesses with the intention to begin revenue generation before the end of Q1.
Wayne Lochner, Chairman of SITV said “We are pleased that we have finally completed this stage of our strategy which has taken all of this year. A huge amount of credit has to go to Tony Norman our CEO, who has successfully pulled all of the parties together and has worked tirelessly with the board to ensure the vision of the company as we enter 2018 has been achieved. Tony and I will be hosting a Webinar on Thursday 28th December 2017 at 17.00 CET to explain the different moving parts of the business to shareholders and interested parties so they can understand why 2018 is looking to be a very exciting year ahead for Stockholm IT Ventures AB”
Full details of the webinar and how to register will be available on the company’s website: (http://184.108.40.206/Projects/stockholmit/stockholm-it-ventures-ab-general-update-webinar-28th-december-1700-cet/)