LUXXFOLIO signs Term Sheet to acquire leading Commercial Technology Development and Services Company
VANCOUVER, BC – September 2, 2021 – LUXXFOLIO Holdings Inc. (the “Company” or “LUXXFOLIO”) (CSE: LUXX) (OTCQB: LUXFF) is pleased to announce that the 100 miners announced early August have been received with substantially all installed and operational.
- Our mining site is currently operating at approximately 50 PH/s, which is a 24% increase from the average for the month of August 2021;
- As we fully optimize our existing 690 miners through our SmartLuxx platform, we expect to achieve in excess of 60 PH/s from these miners over the coming months;
- The Company has achieved total rewards to the end of August of 13.83 BTC for approximate revenues of CAD$765,000.
Acquisition of Technology Development Firm
As well, the Company is pleased to announce the signing of a term sheet (the “Term Sheet”) to acquire Isotechnics (the “Transaction”) – a leading Commercial Technology Services Company specializing in IT Management Products and Solutions for Crypto Mining and Commercial Properties including office, retail and industrial. As a result of the Transaction, the Company will continue to accelerate the development of SmartLuxx, a platform designed to track and record performance analytics and ownership of real world assets (“RWA”) with crypto mining assets as being the first vertical of RWA.
SmartLuxx roadmap will include the following:
- Greatly improve operational efficiency through automation, analytics, and machine learning;
- Provide end-to-end traceability into all aspects of the mining process through the crypto mining data stack;
- Enable new applications and revenue streams to be developed on top of the mining operations.
“This integration provides a foundation to ensure that as we expand the SmartLuxx platform into different protocols, we can optimize our performance and maximize our revenue streams as a leading vertically integrated digital asset company,” said LUXXFOLIO CEO Dean Linden. “This acquisition will play a key strategic role for us as we continue to build a portfolio of services and offerings aligned to leading-edge developments in finance”.
In consideration for the Transaction, LUXXFOLIO will issue 550,000 common shares of LUXXFOLIO to the principals of Isotechnics upon closing (“Shares”). Shares issued for this Transaction will vest and be released one year after they are issued. LUXXFOLIO will enter into employment agreements with the principals. Each principal shall receive 125,000 Options. The Options will have a standard 2-year vesting period and be priced in accordance with the LUXXFOLIO employee option plan.
As it relates to the Transaction, entering into the Definitive Agreement is conditional upon LUXXFOLIO first completing a satisfactory due diligence review of Isotechnics and the acquisition. The closing of the acquisition is subject to applicable statutory and regulatory approvals. The parties will use reasonable best efforts to satisfy or obtain such approvals by October 31, 2021. If the Transaction is not closed by this time, the Term Sheet will terminate.
Recent Company Highlights
- LUXXFOLIO began its active mining operation as announced on (NR July 28, 2021);
- With the addition of the 2,500 Bitmain S19j Pro bitcoin miners previously announced (NR May 27, 2021 and NR August 4, 2021, LUXXFOLIO is now targeting Bitcoin production to be approximately 310 PH/s by Q3 2022 based on current miners on order;
- Construction is beginning on the expansion of the mining facility, which will increase power capacity to an estimated 15 MW and which the Company anticipates will provide LUXXFOLIO with the ability to push computing hash rates to more than 400 PH/s based on current technology and miner availability; and
- The Company recently up-listed in the US to the OTCQB under the symbol LUXFF (NR May 19, 2021).
Estimated Calendar Miner Delivery Dates
- Q3 2021: 300 Miners
- Q4 2021: 600 Miners
- Q1 2022: 600 Miners
- Q2 2022: 600 Miners
- Q3 2022: 300 Miners
LUXXFOLIO Holdings Inc. is a CSE listed, vertically integrated digital asset company based in Canada. We operate an industrial scale cryptocurrency mining facility in the United States powered primarily by renewable energy with a focus on Bitcoin mining and generating digital assets on the blockchain ecosystem. LUXXFOLIO provides investors with a liquid alternative for exposure to digital assets like Bitcoin via the traditional capital markets.
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The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans to” “estimated”, “anticipated”, “will be”, or variations of such words and phrases or statements that certain actions, events, or results “will” occur. Forward-looking statements regarding the Company, its hosting operations, miners, and the Company’s development of its growth strategy are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.