Toronto, Ontario--(Newsfile Corp. - July 13, 2022) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO", formerly known as Canada Computational Unlimited ''CCU'') is pleased to announce the signing of an agreement with Foundry Digital LLC ("Foundry") for a transaction that would make it possible for SATO to host up to 4,300 miners of new generation at Center One in Québec, all powered by renewable energy.
Key Highlights of the agreement:
- 1,500 miners of new generation already hosted since end of May 2022 ;
- 2,800 miners remain to be received in the coming weeks ;
- Increase of annualized hosting revenues of around USD 9,500,000.
SATO and Foundry will seek to conclude a definitive agreement prior to the end of July 2022.
Romain Nouzareth, CEO and Chairman of SATO commented "We've been through a crypto winter before. We managed to grow then and are doing it again this time. With our low OPEX and our laser-focused team working in collaboration with Foundry, we are showing we can deliver ahead of forecast, even in a volatile market. With this deal, we are also increasing our monthly cash flow while continuing to grow our self-mining power and keeping our digital assets in our balance sheet."
He added, "The exceptional work made by the SATO team to reach this agreement proves one more time our long-term commitment to the company's success. We can't wait for what's coming next!"
"We are pleased to have SATO as a valued client of Foundry," said Jeff Burkey, VP - Business Development at Foundry. "Via the FoundryX platform, we continue to provide mining companies with various options to purchase machines at prices and schedules that best meet their business goals through ever-changing market conditions."
On behalf of the board,
Romain Nouzareth,
SATO CEO and Chairman
About SATO
SATO operates a state-of-the-art, responsible bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded in 2017, SATO is led by technology entrepreneurs, finance, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
For additional information, please contact:
Romain Nouzareth
invest@bysato.com
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Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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