CRESTVIEW, FL, Dec. 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – BitFrontier Capital Holdings, Inc. (OTC: BFCH) is providing this year end summary showing their accomplishments, ongoing actions, and outstanding issues and progress made in major projects.
BFCH current and future shareholders,
After acquiring the company via court appointed custodian back in August, we’ve been quite successful in the turnaround efforts thus far. Over the last few months we've added well qualified personnel to the board, paid off all existing bills from prior management, regained current status, relaunched mining efforts, formed Liquid Immersion Worldwide, and signed a LOI with one of the largest Asic Miner resellers in the United States.
I would like to touch lightly on many things before we head into the new year in hopes that all questions get answered.
Asic Miners US- As we previously announced, we signed a letter of intent with Asic Miners US. That company is currently owned by BFCH newly appointed board member Andrew Gilton. Just this year, ASIC Miners US had over $6 million in revenue, and it should fit in well with our company strategy going forward. “Once the merger is complete, we will add that revenue stream to our books almost immediately. The merger should be completed in January of 2023. Later on, Andrew will be taking over as CEO of BitFrontier Capital Holdings, Inc., replacing myself, who will be taking over the Chief Operating Officer position once the custodianship is discharged, which should be complete by the end of the 1st quarter of 2023.” states President Bryan Wilkinson.
Crypto Mining- The company is currently Mining BTC/KDA/CKB. We expect our KA3 Miners to be delivered in the next few weeks. Currently with our initial fixed starting price of .072¢ / per kWh power cost, each KA3 miner is making approximately 40 dollars per day per miner. We will also be introducing our hosting model very soon and think that we hold a huge advantage to filling up facilities quickly utilizing Asic Miners US customers and other customers brought to us from our partners. In this volatile market we’ve been seeing, we feel a multi prong approach, including hosting some capacity to other miners will help us keep a steady revenue stream without the risk associated with traditional full-fledged mining companies.
New Board Members- All new board members have taken 2 year employment agreements and will be given Preferred C shares for employment, these shares do not convert for a minimum of 2 years. We would like to add, no salary will be taken until the first facility is at 98% capacity. “We hope this paints a clear picture of just how serious our commitment is to our shareholders.” states Mr. Wilkinson
TelesisIT- TelesisIT to date has had its strongest year since being acquired by BFCH, and will look to expand its team as it keeps growing year over year. Currently there are several new clients emerging interested in TelesisIT services and we hope to announce several new contracts in the 2023 year.
Old Management- We had our attorneys investigate pursuing prior management for possible recovery of funds and/or equipment that was not acquired during the initial takeover. It was determined that the minimal amounts that might be recovered did not offset the time, money and resources that would be put into that pursuit and therefore we will move on from our efforts.
Debt- We are now in good standing with the sole creditor, and have their full support moving forward with our current plans. We will work with them to renegotiate existing notes as needed to help propel the company and possibly obtain more financing in the future if we require. We feel that our debt is minimal compared to other mining companies at this time and we are better positioned than most.
Websites- The all new AsicMinersUS.com was just revealed recently and has been seeing increased traffic week after week. Soon, we will be introducing the all new BFCH corporate, Liquid Immersion Worldwide, and TelesisIT websites.
The upgrade of the North Carolina facility to an immersion cooled mining facility will take place over the first few months of 2023. Until that changeover, all miners will continue to run on the racks using air cooling as we have previously shown. We have the pump on site, cooler, first 5 tanks and the Bitcool fluid to fill them. We are waiting on the arrival of five additional tanks and five more power panels that we expect to be delivered sometime in January. In the interim, we will continue to prepare the facility for the changeover to immersion cooling, including the installation of the plumbing to move coolant between the pump, cooler and the tanks and electrical upgrades including the installation of our transformer from Duke Energy and power panels set to be delivered this week.
Asic Miners US, Liquid Immersion Worldwide, and TelesisIT will be our foundation going forward and we plan to do regular press releases on all of the companies in 2023. We are also working on adding more partners and additional joint ventures over the next year also. Mr. Wilkinson states, “I would like to thank shareholders for keeping the faith over the 2022 year while I gained control of the company and made the changes needed to help us move forward. I have no doubts that 2023 is going to be a major pivot year for this company.”
To keep up on further announcements in-between our scheduled press releases, please follow our new twitter account https://twitter.com/bfchstock
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's respective filings at www.otcmarkets.com.
Bryan Wilkinson Bryan@bfchco.com