TORONTO, Dec. 20, 2021 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL" or the "Company"), a vertically integrated blockchain infrastructure and service provider for enterprise, is pleased to announce that it has closed the previously announced share purchase transaction, acquiring 100% ownership of Chief Fuels Inc., and with it, indirect ownership of a 60,000 sq/ft facility in Grand Falls, New Brunswick. With this transaction, TAAL gains access to 50 megawatts of clean energy, which the Company expects will ultimately allow it to power up to 2 Eh/s of Bitcoin mining in New Brunswick, Canada.
Once filled to capacity, the Grand Falls facility is expected to have 50 megawatts of power to mine Bitcoin at an industrial scale.
- 50-MW energy will power up to 2 Eh/s of mining capacity
- New Brunswick based facility will become TAAL's cornerstone Bitcoin mining asset
- New Brunswick Power Corporation supplies energy to industrial and residential customers in the Province of New Brunswick that is over 80% non-emitting, over 40% from renewables
Preliminary Q4 2021 Guidance
The Company is also announcing that it anticipates, based on information currently available to management, that the financial results for Q4 2021 will include the following highlights:
- Consolidated revenue expected to be in the range of $13.75 – $14.25 million
- Approximately 70,000 BSV held in treasury at the end of the quarter
- $35 million in prepaid deposits on mining equipment, power deposits, and infrastructure for future growth
All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world's largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.
Visit TAAL online at www.taal.com
The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: the Company's expectations for the newly acquired facility, expectations for consolidated Q4 2021 results, including in respect of consolidated revenue, anticipated holdings of BSV and prepaid deposits on mining computers and infrastructure during the quarter. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include delays in equipment delivery, expected operation, network conditions in the future and other risks set out in TAAL's Annual Information Form for the financial year ended December 31, 2020 dated April 30, 2021 under the heading Risk Factors and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
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