FORT LEE, N.J., July 19, 2018 (GLOBE NEWSWIRE) — GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is proud to announce that it has completed its inaugural month of full-scale Bitcoin mining operations. The Company experienced no downtime, no technical issues, strong performance, and better-than-expected overall results.
GDET CEO, Anil Idnani, commented, “The vicissitudes of the market are impossible to predict. All we can do is maintain high standards for operational efficiency and a robust vision. That said, we certainly aren’t going to complain about the fact that a potential key bottom and a $20B rally in Bitcoin may have come into place during our inaugural month of major mining operations. It certainly gets us off on the right foot! More importantly, our machines have been running 24/7 without fail, we have experienced precisely zero problems or even half-problems, and our principal facility continues to accommodate all of our needs extremely well”.
GDET further disclosed that a substantial percentage of the Bitmain S9 fleet of rigs was continuously running during the entire inaugural month, which accounts for the exceptional performance the Company saw during this period. In addition, the Company received delivery last month of a major influx of new machines (in excess of 100 new mining rigs). All new units have already been preinstalled. The next phase of operations includes accessing sufficient energy to power all assets and get the facility working at maximum capacity.
The Company will begin to convert mined coins into fiat currency units at advantageous points, to be determined by the progression of market prices over the remainder of the fiscal quarter, and according to the objective of maximizing shareholder returns.
GDET Management believes that recent enthusiasm voiced by market participants in favor of the establishment of a new Bitcoin ETF (the SEC recently published a request for public commentary, and the response was one-sidedly supportive), when paired with recent clarification statements by the SEC to confirm that Bitcoin would not be treated as a security, pave the way for positive potential in the space. Among other factors, the combination of a potential ETF as well as the establishment of Bitcoin futures both work to further construct a platform for new institutional interest in the cryptocurrency complex.
“The tone in this space may be on the mend. We have already seen several major prime brokers in the UK sign on to facilitate more services to work as a foundation for crypto-centric hedge funds and high-net-worth money flows. That represents our effective downstream. This next wave of interest could be both much larger and much stickier from an asset management standpoint than what we saw in 2016-17. In any case, we are well-situated to maximize the impact,” continued Mr. Idnani.
GDET shareholders can continue to expect frequent updates as the Company’s operational launch proceeds over the near term.
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.
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