Microelectronics Technology Corporation (OTCBB: MELY) (OTCQB: MELY), is pleased to announce the Company has negotiated with a Bitcoin equipment supplier for the acquisition of the 100 Th/s Bitcoin Mining servers.
The agreement calls for the initial delivery of three (1TH/s servers) Bitcoin mining servers to the companies Dynamo server co-location facilities for installation and testing.
Upon the determination of the performance abilities of the servers and the power consumption profile has been established, the company has agreed to take delivery of ten (1 TH/s servers) every two weeks for the next twenty weeks.
Upon completion the company will have established the planned first phase 100 TH/S BTC Mining Center by September 1, 2014
The company anticipates the launch of its Bitcoin Mining pool May 1, 2014.
The company will add the first 3 (1TH/S servers) Bitcoin Mining Servers to the mining pool upon completion of the initial testing, with the addition of 10 (1TH/s servers) every two weeks contingent upon consistent delivery of the servers from our supplier.
The company will be operating this cyber currency mining center in an open pool configuration allowing other miners to join the pool for a proportional percentage share of the mining pool production.
"The establishment of a consistent and reliable supplier of Bitcoin mining servers is such a significant key to the company's success that we have made the consistent supply as our first priority," states company president Brett Everett. "The company is very pleased with the supply negotiations to date and looks to take delivery of the first three (1TH/s servers) within the next two weeks."
The Company acquisition remains on schedule with the closing date of April 18, 2014.
About Dynamo Servers
The Dynamo Servers platform was built from the ground-up to accommodate the needs of modern dedicated server customers, with features that are unique to the market. A simplified pricing model was applied to an expansive configuration system, allowing for predictable pricing without the customization limitations or penalties that are common among providers. An API was built to allow for integration with custom software and 3rd-party services. Social features were added to enable a dialogue among customers and a level of transparency unheard of in the industry. As long-time dedicated server customers, the people behind Dynamo Servers built a platform that they would want to use themselves.
Dynamo Servers provide dedicated servers to clients through our point of presence in Vancouver, Canada inside a carrier neutral facility owned and operated by Cologix Inc. www.dynamoservers.com
Forward-Looking Statements:
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.
CONTACT:
For further Information:
Microelectronics Technology Co.
President:
Mr. Brett Everett
1-949-436-9382
SOURCE: Microelectronics Technology Company
Associated Documentation:
Link to submission on http://www.eteligis.com
MELY_4-16-2014_PAP_ETL.docx
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