Fredericksburg, VA, Dec. 21, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BitFrontier Capital Holdings, Inc. (OTC: BFCH) is excited to provide a 2021 year-end recap and expansion plans for 2022.
Fiscal Year 21' marked the most challenging year of operation for the team at BitFrontier. We are incredibly proud of the team's unprecedented commitment and dedication to overcoming the many obstacles to driving the company forward.
Earlier this year, we finalized the purchase of the 1.32-acre lot of land our mining facility occupies. This purchase brings our portfolio to three debt-free properties, currently assessed at a value of $1,071,300.
As many are aware, with recent amendments to SEC Rule 15c2-11 staying current and up to date on financials is now more important than ever. BitFrontier brought in fresh talent and made strategic changes to the management structure and procedures, strengthening its existing management structure. With the help of our newly appointed Chief Financial Officer (CFO), John D. Allen, the company filed all past due financial reports and compliance documents with OTC Markets Group, bringing the company current in its reporting obligations.
We were also able to secure the final components to finish the buildout of our immersion cooling system, which we expect to be fully operational in Q1 of 2022.
Finally, we want to give special recognition to Ronnie Williams and the TelesisIT team for the incredible expansion they have achieved. Ronnie Williams, Managing Director of TelesisIT adds, “For Fiscal Year 2020, we had a 101.3% increase in recurring cloud services sales and a 19.2% increase in product sales compared to Fiscal Year 2019. For the same period of Q1 through Q2 2021, we had a 40.1% increase in recurring cloud services sales and a 65.1% increase in product sales.
“During the pandemic of 2020, we saw an increase in cloud services sales due to the increased number of businesses requiring their employees to work from home. Although many large businesses were well positioned for this transition, many in the SMB sector had not fully committed. Our expertise with cloud infrastructure allowed us to help existing and new customers to embrace this move. We continue to see growth in cloud services in 2021 as many businesses who have made the move are continuing to move their infrastructure, security, and communications to the cloud. Our product sales increases, although a smaller portion of total sales, are a direct result of the increased spending on cloud services.
“Although we are heavily focused on cloud services, we obviously see the huge potential in blockchain technologies and are seeking out new opportunities in this market that is expected to grow to $394 billion by 2028. Source: (https://store.isaca.org/s/community-event?id=a334w000004SGrRAAW).”
Looking ahead to 2022, we have several items we would like to get completed early on.
Obtaining a PCAOB audit firm to audit our financial statements will allow us to meet the requirements of not only up listing to the OTCQB but will also allow us to go fully SEC reporting. The company has already been in contact with several audit firms, and we plan to get the audit in motion within the first few weeks of 2022.
Going fully SEC reporting has been a goal of ours for quite some time now, and we believe we are finally in a position to move forward with this. Once we obtain an audit letter, we will be moving forward with the filing of a Form 10 (or equivalent) to take the company fully SEC reporting. At the same time, we plan to up list to the OTCQB. This will require us to find one more independent board member as well.
Additionally, we will be entertaining joint ventures and acquisitions to strengthen our balance sheet, hiring additional employees as we expand mining operations and finding a location for our second facility.
Finally, as stated earlier in this release, we expect the immersion cooling system to be completed in Q1 of 2022, which we can then move full steam ahead with rapid expansions to our mining capacity.
We are incredibly proud of the team's perseverance while prevailing through pandemic lockdowns, severe supply chain problems, and unplanned obstacles that stood in the way. We want to thank our loyal shareholders and supporters for their patience and dedication to the cause we are pursuing. During these challenging times, the company's progress moved forward, albeit slow at times, and never regressed. We would like to thank shareholders for their support thus far, and fully expect 2022 to be our breakout year.
About BitFrontier Capital Holdings, Inc.:
BitFrontier Capital Holdings' business plan is to concentrate on crypto-currency related investments and development opportunities through crypto-currency mining, investments in private and/or public entities, joint ventures, and acquisitions of block-chain related companies. BitFrontier Capital Holdings has two wholly owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc. Through the Company's wholly owned subsidiary, BitFrontier Technologies, Inc., the Company is currently in the final stages of construction of a warehouse specifically designed for hosting crypto-currency mining equipment. Crypto-currency mining (e.g. Bitcoin mining) entails running ASIC (application-specific integrated circuit servers or other specialized servers which solve a set of prescribed complex mathematical calculations in order to add a block to a block-chain and thereby confirm digital asset transactions. A party which is successful in adding a block to the block-chain is awarded a fixed number of digital assets in return.
For additional information please visit www.bitfrontiercapitalholdings.com
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings on file at www.otcmarkets.com.
BitFrontier Capital Holdings Investor Relations
540-736-3069
ir@bitfrontiercapitalholdings.com
