FORT LEE, N.J., Nov. 07, 2018 (GLOBE NEWSWIRE) -- GD Entertainment and Technology (OTC PINK: GDET) ("GDET" or the "Company"), a leading diversified cryptocurrency transactional-based enterprise issues the following letter to its Shareholders:
Dear Valued Shareholder,
Earlier this year we made the statement that we would become a “premier player in the cryptocurrency mining space”. It is with great enthusiasm to say that we are well underway to achieving that goal. Our vision of expanding into the many other verticals of the blockchain industry is coming to fruition as we have ventured into mining, storage, colocation, trading, managing, liquidating and ecommerce.
In April of this year, we laid out our initial path for the bitcoin and cryptocurrency mining operations which consisted of a selected number of near-term objectives.
Since, we have secured a commercial space to house a state-of-the-art data center and we successfully obtained the required power permits in the month of July.
I am also very happy to report that we have arranged extremely good pricing with strategic partners overseas for future mining expansion.
In June of this year, we opened a 5,000 sq. ft New Jersey based headquarters to host its first Bitcoin and cryptocurrency mining operations and we were very excited to learn in July of this year that PSE&G was conducting a site visit of our New Jersey mining facility in order to approve our service upgrade. The approval was granted which now allows the facility to run at max capacity.
The upgrade which consisted of a major overhaul includes a new transformer as well as transmission lines to accommodate the higher power use. We are currently in the process of negotiating with PSE&G and other third-party power suppliers to subsidize the supply charge rate in order to lower overhead and maximize our bottom line.
Shortly after PSE&G’s site visit, we were issued a Permanent Certificate of Occupancy from the town hall. We believe that this represents a strong signal that the Company has the backing of local economic and municipal leadership.
GDET has been moving at an incredible pace. GDET, originally planned for an excess of 1,000 standard mining rigs to be up and producing cryptocurrencies – We have received our first 100 machines on June 15th, 2018 and by July 15th, we were seeing sustained revenue from only our first 100 machines of an estimated $120,000.00 annualized
Right now, we are testing the building’s maximum power capacity. Only 96 miners are in operation and we have more on standby pending amperage / electricity capacity tests. We believe the price of Bitcoin will begin to appreciate and as a result, we will yield higher revenue and margins. We plan to be running at full capacity with 1,000 machines while targeting close to $2 million in revenue by Q1 2019.
At this time, we will be sourcing our next data center to duplicate the process.
Another major milestone that I am proud to announce is the Q2, 2018 acquisition of DreamCard, LLC., which moved GDET into the $2.7 trillion white label credit and debit card market.
The integration of DreamCard into the Company’s operations and strategic vision has already begun and will incorporate GDET’s expertise in the crypto and blockchain space with DreamCard’s passion for a strong intersection between form and function.
GDET, with its new team-members on board, plans to build and launch a crypto-backed, personalized metal payment card, also by Q1 2019 that is capable of making purchases at everyday merchants just like a standard bank-issued debit and credit card.
This will allow our users to not only purchase goods and services using their crypto card but also store their assets offline. This process significantly reduces any risk of hacking; a problem that has been inherent in the crypto space since inception.
As we close out Q3, 2018, we have had yet another exciting announcement. We entered the “Crypto ATM” space, to where individuals can purchase or sell cryptocurrencies at our strategically placed ATM Machines using fiat (cash). One can also convert cryptocurrencies to cash and withdraw the cash.
To facilitate this move, the Company has officially retained BitAML, the most prominent firm in the space, and a nationally recognized leader in compliance advisory services.
It will be a pleasure to work with them to obtain our license for the operation of ATMs through the Financial Crimes Enforcement Network (“FINCEN”).”
At present, the Company is working to achieve the following near-term objectives:
- Obtaining full AML/KYC Compliance (Anti-Money Laundering, Know-Your-Customer)
- Receiving conditional approval for MSB though FINCEN (Money Services Businesses)
- Securing relationships with reputable Cryptocurrency ATM vendors
- Locating a pilot location for initial ATM services launch
- Working with established overseas strategic partners to secure large order of new mining rigs
The company’s business model is now aligned to adapt with the emerging marketplace and is focused on providing exclusive financial products and services to the blockchain community.
Shareholders can expect updates on the following company year-end goals:
- The completion of our mining facility with a 100% mining run rate
- Issuing DreamCard prototypes and initial launch of cold storage cryptocurrency debit and customizable credit cards
- Receive Money Transmitter License (MSB) license from Financial Crimes Enforcement Network (FINCEN)
- Purchase first order of cryptocurrency ATMs following MSB license issuance
- Secure license to operate ATMs in selective states in an effort to become the premier Cryptocurrency ATM Network
GDET shareholders can expect new updates very soon as the Company continues its aggressive phase of operational development over the near term.
Our mission at GDET is to become the unambiguous leader in the blockchain space. We started this company with aggressive positioning in the mining and mining services segment and have been adapting and growing into a more diversified strategic player, leveraging our experience and deep understanding of emerging trends in the Blockchain marketplace.
This latest move to enter the Crypto ATM space follows tightly on the heels of our acquisition of DreamCard, each representing significant added growth potential.
I am committed to our shareholders to continue to provide you with regularly scheduled updated of our progress moving in to the new year as we move into 2019.
Best Regards,
Anil Idnani, GDET CEO
About GDET
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 & Technology annual and quarterly financials for a 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.
Contact:
732-851-3756
anil@gdet.co
1 Bridge Plaza
2nd Floor
Fort Lee, NJ 07024