BlockQuarry Corp. Announces Favorable Settlement Agreement, HOUSTON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- via IBN – BlockQuarry Corp. (OTC: BLQC), a leading Texas-based energy and infrastructure company, is pleased to announce results of a favorable judgment in the case of Blockquarry Corp v. Litchain Corp et al. The Company has reached a settlement agreement, regaining possession of mining inventory that includes pods, transformers, storage containers and miners, amongst other proceeds, from the current Gaffney, South Carolina, location.
In addition to the acquisition of these assets, the Company is excited to provide several forward-looking statements regarding updates on future debt consolidation, and operational plans for the current mining inventory and assets on hand.
Alozno Pierce, president and chair of BlockQuarry, couldn’t be more excited as to what this moment means for the future of the Company.
“This (moment) has been a long time coming and a result in which we were confident of achieving,” Pierce states, in response to the settlement agreement. “We have already identified next steps for both the mining equipment and settlement proceeds, which includes having our new operations management team getting to work on the equipment and reducing the Company’s dilutive debt liability.”
BlockQuarry will look to capitalize on this momentum in a few key areas of the business, establishing a foundation that will help propel the Company forward both operationally and financially. Below are a few key areas the Company will be focusing on in the near term:
- Acquire all mining assets from the Gaffney location and prepare them to be shipped to a new Company site in Jackson County, Missouri.
- Utilize highly experienced engineers to conduct assessments for all mining and infrastructure equipment at a facility in close proximity to the Jackson County site and make adjustments to retrofit the equipment for future planned operations.
- Establish the Operations Management team at the new Jackson County site and begin to assimilate the mining infrastructure to prepare for operational expansion.
- Allocate settlement proceeds toward the significant reduction of debt liability of the Company by targeting the remaining excess dilutive convertible debt, ensuring the elimination of any future excessive dilution.
“This is a very proud moment for the Company and for its shareholders,” said Pierce. “We’re just getting started and I’m excited to reveal more about our upcoming operations and the expansion that is in store for the immediate future of BlockQuarry.”
The Company looks forward to providing more detailed updates on the execution of these key areas of business expansion as they become complete.
For more information about BlockQuarry Corp. and its pioneering projects, please visit the company's website at www.BlockQuarry.io. Stay updated with the latest news and developments by following BlockQuarry on Twitter and through official press releases.
https://www.globenewswire.com/news-release/2023/11/08/2776853/0/en/BlockQuarry-Corp-Announces-Favorable-Settlement-Agreement-Regains-Possession-of-Gaffney-Mining-Assets-and-Reveals-Plans-For-Current-Operations-Debt-Consolidation.html