FORT LEE, NJ, July 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that the Company has engaged Forest Hill Electric to upgrade their cryptocurrency mining facility which includes the installation of additional ASIC Bitcoin Miners and ventilation systems.
GDET CEO, Anil Idnani, commented, “My team and company vision has always supported the longevity and worldwide integration of cryptocurrency. Not only have we seen a bullish spike in the market cap of cryptocurrency and strong support levels but also major announcements from companies like Facebook with the creation of their own currency, Libra. I am looking forward to work with Forest Hill Electric’s team once again to expand our facility and increase our Bitcoin hashrate.”
Management has already prepared the ASIC miners for immediate installation on site and is looking to upgrade the entire ventilation system with the purchase of additional, industrial-grade fans. Following the upgrade of the facility’s electric capacity, Forest Hill Electric was able to consult the Company on how to safely maximize the number of miners available for installation. At present, the Company is working to achieve the following near-term objectives:
- Installation of brand new ASIC Bitcoin Miners
- Installation of industrial-grade fans
- Integrate the miners to increase overall hashrate
- Engage third-party electricity providers to lower monthly power costs
Forest Hill Electric CEO Mike Fiore added, “My team is looking forward to upgrading this facility so that it can run at maximum capacity in a safe and controlled environment. We are also happy to announce that our company is officially working in house at the GDET mining facility, which will allow us to provide special attention to this project moving forward.”
GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.
About GDET
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities 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 worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
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 and Technology annual and quarterly financials for a more 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.