VANCOUVER, British Columbia, June 17, 2019 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire”) announces its financial results for the first month of cloud computing operations for the month ended May 31, 2019. As previously announced, on May 1, 2019 Squire acquired all of the issued and outstanding shares of Freschette Limited (“Freschette”), which operates a cloud computing fleet of 20,500 units, representing 276 petahash/second (PH/s) of computing power operating in Kazakhstan. On the same date Taal Technologies SEZC (“Taal Tech”), a wholly owned Cayman Islands based subsidiary of Squire, entered into a cloud computing agreement with Freschette pursuant to which Taal Tech has exclusively engaged Freschette’s computing power in connection with its blockchain infrastructure support and cryptographic transaction verification activities.
Over the period from May 1, 2019 to May 31, 2019, Taal Tech realized a total of 306.76 Bitcoins (“BTC”) or estimated gross revenue of US$2.24 million for its first month of operations. Site operating costs in connection with operations for the period were US$1.23 million, resulting in cloud computing operating profit of US$1.01 million or cloud computing operating profit margin of 45%. Estimated gross revenue is measured based on the fair value of the BTC received at the time it is received. The fair value is determined using the estimated closing BTC index (BTC/USD) price each day per a third party quotation provider. To determine estimated gross revenue, the Company is relying on data available from a third party quotation provider to be an accurate representation of the closing price for the digital assets.
These numbers as reported are not audited. Financial results of Squire for the three months and six months ended June 31, 2019 will be available on Squire’s SEDAR profile at www.sedar.com in due course. The results presented in this report are not indicative of the results that may be expected for any future period.
About Squire Mining Ltd.
Squire is a Canadian based technology company engaged, through its subsidiaries, in the business of developing and operating cloud computing data infrastructure and system technologies to support global blockchain applications related to Bitcoin SV, Bitcoin Core and other associated SHA-256 derived digital assets.
For further information contact:
Interim Chief Executive Officer
Telephone: +1 800‐371‐2809
The CSE accepts no responsibility for the adequacy or accuracy of this release.
FINANCIAL MEASURES: There are measures included in this release that do not have a standardized meaning under generally accepted accounting principles (GAAP) and therefore may not be comparable to similarly-titled measures and metrics presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Squire includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance. In this release, certain terms are used, which are not found in the Chartered Professional Accountants of Canada Handbook and do not have any standardized meaning prescribed under GAAP and may not be comparable to similar measures presented by other companies. In particular, cloud computing operating profit is a non-GAAP measure.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This release includes “forward-looking information” as defined under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, future demand for Bitcoin SV, Bitcoin Core and other cryptocurrencies and risks related to the mining thereof, integration issues, personnel and staffing requirements and technological change and obsolescence. There are no assurances with respect to: the realization, if at all, of the fair value of BTC on the basis of the estimated closing BTC index (BTC/USD) price each day provided (as provided by a third party quotation provider) and statements made regarding the financial position (including operational revenue, cost, profit and profit margin) and operational success of Squire and any of its subsidiaries (including Freschette and Taal Tech). Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Squire disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.