Vancouver, B.C, July 18, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that its wholly-owned subsidiary, Red Water Acquisition Corp. (“Redwater”) has successfully acquired development rights for a prime site in Sturgeon County, Alberta, Canada. The rights were obtained through the assistance of Tru North Data Systems Ltd (“TNDS”), a leading provider of data centre solutions, specializing in optimizing high-performance computing systems for enterprise clients based in Calgary, Alberta.
TNDS, acting on behalf of the site owner, an oil and gas producer, played a pivotal role in facilitating the commissioning of the site. The collaboration between Redwater and TNDS will enable the utilization of natural gas associated with oil production, which is currently being flared, as a sustainable and cost-effective fuel source for Redwater's state-of-the-art crypto mining facility.
"We are thrilled to secure this prime location in Sturgeon County, which will serve as the foundation for our advanced crypto mining operations," commented CryptoBlox Interim Chief Executive Officer, Taryn Stemp. "With TNDS's expertise and the support of the site owner, we can effectively harness waste gas and transform it into a renewable energy source, aligning our operations with our commitment to environmental sustainability."
As part of the ongoing collaboration, TNDS is currently negotiating a Gas Supply Agreement (GSA) with the site owner. The GSA will establish a formal agreement for the supply of waste gas to Redwater's mining facility, ensuring a reliable and continuous source of fuel.
"The Gas Supply Agreement will be a crucial step in our mission to utilize environmentally friendly energy sources for our mining operations," added Ms. Stemp. "We are confident that our partnership with TNDS and the site owner will lead to a mutually beneficial relationship, enabling us to reduce carbon emissions while maximizing operational efficiency."
Redwater's focus on air-cooled data centers and advanced heat recapture products sets it apart in the crypto mining industry. By employing innovative technologies, Redwater aims to achieve optimal efficiency and cost-effectiveness while prioritizing environmental sustainability.
The acquisition of the Sturgeon County site and the collaboration with TNDS mark significant milestones for Redwater's mission to become a leader in eco-conscious mining practices. The Company remains committed to pushing the boundaries of efficiency, sustainability, and responsible resource utilization within the cryptocurrency industry.
On behalf of the Company,
Taryn Stemp,
Interim Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The Company’s acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259- 0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the future plans and operations of the Company and Redwater; development of facilities at the Sturgeon Lake site; securing of the gas supply agreement for the Sturgeon Lake site; Redwater’s focus on air-cooled data centers and advanced heat recapture products and the benefits of same; the benefits of Redwater’s partnership with TNDS; the Company’s ability to harness waste gas and transform it into a renewable energy source; and the Company’s commitment to environmental sustainability. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
