Integrated Ventures Announces Signing of Letter of Intent to Acquire 80 MW Power Plant For 39 Millio
PHILADELPHIA, March 18, 2019 / PRNewswire/ - Integrated Ventures Inc (OTCQB: INTV) (“Company”) is pleased to announce the execution of a Letter of Intent (“LOI”) to acquire a fully permitted and currently idled, 80 MW natural gas-fired combined heat and power plant (“Power Plant”), located in Pennsylvania.
In consideration for the acquisition, the Company is issuing $39 million of INTV common stock, valued at the 60-day trailing VWAP, from the signing of the Definitive Agreements. The transaction is comprised of (i) the Power Plant which is capable of generating power at an estimated cost $0.03 per kwh (*) and (ii) approximately 16 acres of land which allows for the Power Plant and mining facilities to be collocated. Current operational plans
will allow the Company to install up to 52,000 (**) mining rigs and will be comprised of a 45,000 sq. ft complex, consisting of micro mining farms combined with a 40 HQ standalone mining containers.
The Company intends to complete the restart of the Power Plant and to launch cryptocurrency operations within 4-5 months. The Company operations will focus on (i) mining using the Company’s owned mining rigs, (ii) hosting third-party mining rigs and (iii) operating a mining pool.
Steve Rubakh, CEO of Integrated Ventures, Inc, is proud to add the following commentary:
“Today's announcement is a game changer for the Company and its shareholders. Cogeneration is a proven technology that produces up to 75% increase in efficiency, delivers up to 70% (***) in energy savings, up to 50% reduction in GHG emissions, eliminates reliance on local utilities, thus provides a stable and reliable access to the electricity. The Power Plant will generate electricity, at the below market cost, which turns 100% of rigs that mine BTC, ETH and LTC profitable. Due to Power Plant's generation capacity of 80 MW, the Company will have an unmatched ability to grow the revenue streams by gradually scaling mining and hosting operations and by establishing synergistic partnerships with companies operating in the same space. All of these factors, make Cogeneration Power Plant an ideal solution to power cryptocurrency mining facilities and to establish Integrated Ventures as one of the largest and most diversified players in North America.”
The Company plans to file Form 8K in a timely matter, which will contain details in regards to the power plant operations, business initiatives, plans for funding and up coming corporate events.
About Integrated Ventures Inc: The Company operates as a Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit the company's website at www.integratedventuresinc.com.
(*) One of the lowest rates available worldwide, including Russia, China and Iceland
(**) 1MW is capable to provide power to host 650 mining rigs
(***) Using 10 cents per KWH as nationwide average
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.