FORT LEE, N.J., July 25, 2018 (GLOBE NEWSWIRE) — GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that the Company has completed a major power upgrade to its primary New Jersey Cryptocurrency mining facility centered on a complete overhaul of the facility’s electric capacity. The net result of the upgrade is a 100% increase in total power capacity from 400 amps to 800 amps at the facility.
GDET CEO, Anil Idnani, commented, “We are ramping up capacity right on schedule, and already benefitting from tremendous market conditions. Bitcoin prices are on the march higher, adding over $40 billion in market cap since we began full-scale mining operations in June. This facility upgrade will add to the tremendous performance we have already seen, and put us in an even better position to capitalize on the positive market dynamic.”
The Company retained Forest Hill Electric, a major electric firm servicing the Tristate Area, to manage the facility upgrade process. The capacity upgrade has already been completed. Remaining steps to bring that new capacity fully online include:
- Installation of three breaker panels to accommodate power to the remaining machines
- Installation of critical meter connection components
- Completion of New Jersey Town Inspection and issuance of “Cut-In Card”
- Installation of on-site transformers
- Completion of change-over with PSE&G
Forest Hill Electric CEO Mike Fiore added, “We are happy to announce the on-time completion of the GDET Mining Facility upgrade. I am proud of how our team handled this job. Working conditions provided by GDET management paved the way for some of our best work to date. It is also my pleasure to sign an exclusive Maintenance Contract for the GDET facility. We look forward to working with GDET on future projects.”
GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.
GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers overseas to ensure future purchasing.
Safe Harbor Provision
Cautionary statement for purposes of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.
GD Entertainment and Technology
1 Bridge Plaza
Fort Lee, NJ 07024
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