TUSTIN, CA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- CalEthos, Inc. (OTC Markets: BUUZ.PNK) (“CalEthos” or the “Company”) today announced the following business updates:
In connection with its shift into developing and manufacturing high-performance computer systems for processing cryptocurrencies and blockchain based transactions, and its corporate name and trading symbol changes, CalEthos (to be renamed AIQ Blockchain, Inc.), recently closed a $3.5 million financing to complete the initial development phases of a 5 nanometer ASIC chip for bitcoin mining. AIQ plans to manufacturer ¼ to ½ megawatt immersion-cooled bitcoin mining systems in a horizontal 48U tank configuration for larger bitcoin mining operations. The ASIC chip and immersion-cooled system development is expected to take nine to 10 months. AIQ plans to have prototypes completed for testing and customer demonstration by mid Q2-2022. The Company’s goal is to provide miners with energy efficient mining systems that consume 50% (or more) less electricity than conventional air-cooled bitcoin mining operations, which currently make up over 90% of the global bitcoin mining fleet.
The Company recently hired Hyuncheol Kim as its Chief Technology Officer and is in the process of building out its engineering team in South Korea to complete the development of its 5 nanometer ASIC chip with GoanChips and a team of system engineers in the U.S. that will be working on the design of a purpose-built immersion-cooled bitcoin mining system.
The Company is in the process of preparing an Information Statement that it plans to file with the Securities and Exchange Commission (SEC) to change its corporate name to AIQ Blockchain, Inc. In addition, the Company plans to file an application with OTC Markets Inc. to upgrade the trading market for its common stock to the OTCQB exchange, and in connection with the name change, the Company plans to change its trading symbol, pending FINRA approval, to AIQB.QB. Lastly, the Company is in the process of preparing a registration statement on form S-1 to register the resale of certain shares held by non-affiliate investors for trading.
For more information, please contact:
Michael Campbell
Telephone: 714/855-8100
Email: mc@aiqblockchain.com
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, the Company’s ability to raise capital to fund its research and development, to hire and contract engineering teams and support staff to complete its computer chip and immersion-cooled bitcoin mining system development efforts, to contract and or partner with immersion-cooled system technology providers to help the Company develop its planned bitcoin mining systems, to build an adequate supply chain for parts and components for the immersion-cooled systems, to meet customer technology requirements, and to build an adequate technical sales and marketing organization to sell systems to large bitcoin miners when completed; the demand for and general acceptance of cryptocurrencies in the U.S. and worldwide; the impact of the current COVID-19 pandemic, which may limit access to the Company's facilities, customers, management, support staff, and professional advisors; the demand for the Company's proposed products and services; economic conditions in the U.S. and worldwide; and the Company's ability to recruit and retain management, technical, and sales personnel. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
