Bonus clause activated from August deal with Minerset adds 150 S19 miners to Company’s fleet
LAS VEGAS, Sept. 30, 2021 (GLOBE NEWSWIRE) — via InvestorWire — ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to announce that the Company has surpassed agreed-upon milestones related to the performance of its common stock price and will, therefore, receive an additional 150 Bitmain S19 95TH/s miners from Minerset, a Delaware LLC, due to negotiated milestone clauses included in the asset purchase agreement (the “Agreement”) reached between the two companies in August.
These 150 miners are supplemental to the 400 miners already paid for and received as part of the original Agreement.
The Company leveraged its shares of Preferred B stock to purchase its initial tranche of 400 miners. As a part of the contract, ISW Holdings President and Chair Alonzo Pierce and Minerset managing member Elias Fernandez Sanchez negotiated a graduated milestone provision deeming that ISW Holdings would earn 75, 150 or 225 additional Bitmain S19 95TH/s miners based on the performance of the Company’s common stock at or above $2, $3 or $4, respectively.
The Company has now triggered two of those milestones and looks forward to the opportunity to reach the next; the stock price for common shares of ISWH closed at $3.44 on Monday after hitting a 52-week intraday high of $3.78 during the session.
“This contract was a win for both companies; we didn’t have to part with $3.8 million in cash, and Minerset was able to quickly move its inventory,” noted Pierce. “With the appreciation of our stock price, both companies have already been amply rewarded for this partnership.”
Upon delivery, the miners will be prepped and deployed in POD5 units at the Company’s Pennsylvania mining project.
“In addition to being a surprise reward for our shareholders on the asset side, this new tranche of miners will drive significant further bottom line performance gains over coming quarters,” added Pierce. “We also continue to work with FINRA on our name and symbol change, which is our first step of many on our way toward a NASDAQ listing.”
ISW/BlockQuarry Corp. is quickly becoming one of the largest mining and hosting providers in the digital currency space in North America as it seeks to transform the financial markets of the future. ISW Holdings’ complement of cutting-edge technologies has enhanced the bitcoin/cryptocurrency ecosystem, enabling its customers to take advantage of real-time cost savings. At the same time, the Company’s customers can feel confident that their digital transactions and assets are entirely secure. ISW Holdings utilizes a scalable blockchain infrastructure to convert unique identifiable assets (UIAs) into interchangeable digital assets such as Bitcoin and other fungible digital assets. The Company offers immediate liquidity in the form of fast, confidential transactions, as well as the issuance of assets in the traditional capital markets.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or future financial performance. In some cases, forward-looking statements can be identified by terminology including “could,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, ISW Holdings does not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with OTC Markets (www.otcmarkets.com).
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