PARK Metropolis, Utah–(Enterprise WIRE)–Sep 9, 2021–
Creek Street Miners, Inc. (OTCQB:CRKR) announces letter to shareholders from its Main Govt Officer, Scott D. Kaufman. The text of the letter follows:
We are enthusiastic to share with you the new course of Creek Street Miners, Inc. (“Creek Road”). 2021 has verified to be a major 12 months comprehensive of reinvigorating improvements for Creek Street. In March 2020, unbeknownst to us, we created our previous pop culture dwell party. Now, sixteen months later on, we are aggressively pursuing our planned cryptocurrency mining functions. How did we get in this article? Where are we now? The place are we going from in this article?
How did we get here?
Due to the onset of the COVID-19 pandemic, Creek Road, then Wizard Planet, transitioned dwell gatherings to an on the net working experience. Our lovers could interact with talent through moderated dwell video clip chat rooms, acquire signatures and customized video messages and transact inside our memorabilia ecommerce system. As aspect of that effort and hard work, in Could 2021, we prolonged our ecommerce merchandise presenting to contain 2D and 3D Non-Fungible Tokens. Our lovers embraced the thought, and in get for us to mint acquired NFTs, we wanted direct ownership of cryptocurrency. In exploring how to purchase these property, we uncovered that setting up our very own cryptocurrency mining operations is a extra economical signifies of securing electronic forex than shopping for it and provides potentially bigger funds market place valuations for our traders.
Where are we these days?
As a end result of our in depth investigation into cryptocurrency mining and reviewing our core business enterprise, we established that as a organization, we necessary to adjust program. As we have publicly declared, our six (6) most prestigious reside functions will now be created by Enthusiast Expo. We wish them the greatest and are proud to have them proceed developing on our legacy. All other reveals will cease generation. Jevo, our Jell-O shot device organization, is a non-main asset and will be dealt with accordingly. What remains is our ecommerce system, the Vault ( www.WizardWorldVault.com ). The Vault is our bridge to our new small business product.
We think that crytpocurrencies are in this article to continue to be, and that Creek Road’s evolution around this previous year has laid the foundation for growth in this marketplace. Creek Road’s method is to utilize cellular power era models and mining services to leverage stranded and dismissed all-natural gasoline electrical power suppliers whilst getting our individual power sources and twin earnings streams. A pure vertical integration tactic possibly allows Creek Road to retain (fairly than promote or lever) its mined cryptocurrency whilst avoiding dilution for our buyers to address running expenses.
We believe that that many aspects of the cryptocurrency mining company are ordinarily outdoors the regulate of mining businesses, these kinds of as Creek Street. Miners, mining amenities, and energy technology techniques are all in significant need. Even for establishments with economies of scale acquiring power, at minimum presently, pricing and accessibility is decided by the companies. No matter of who you are, you ought to get in line and shell out.
Nonetheless, there are two particular areas of cryptocurrency mining that we think are in our manage and, therefore, spots of our strategic concentrate.
- Charge of Power. There is an obvious concentrate on value for every Kilowatt hour (kwh). Doing away with the intermediary should really permit Creek Road to receive power at significant savings to even wholesale energy pricing. Regardless of whether it be by employing stranded normal gas, wellhead organic gasoline, or even a diverse form of combustible clean strength we consider we can significantly lessen our expense for each kwh.
- Dual Earnings Streams. We have discovered supplemental revenue streams in our vitality acquisition method that probably offset most, if not all, of our running costs. Our best goal is to be in a position to retain ownership of all the coin we mine. Preferably, we will not (i) have to provide or leverage any of our mined coin, (ii) have our traders endure more dilution, or (iii) have Creek Highway Miners noticeably leveraged.
So wherever is Creek Road Miners in our Proof of Concept?
- Acquiring Miners – As publicly disclosed, we have compensated for 160 S19J Professional Bitmain miners that are scheduled to be sent in September.
- Acquiring Operating Services – We have recognized an UL permitted mobile mining facility. We have previously paid out 50% of the price tag of the cellular facility and shipping and delivery is scheduled for the conclusion of September.
- Ability Generation Procedure – Our 1-megawatt cell unit is prepared and we are coordinating its simultaneous supply with our mobile mining facility.
- Actual physical Spot – We have determined two likely places, every with natural gasoline. We are performing toward documenting these preparations and search ahead to disclosing the outcomes as before long as practicable.
- Management Team – we have expanded our group to involve people with considerable cryptocurrency implantation and working practical experience. If our evidence of concept is productive, we appear ahead to introducing our new crypto staff.
In which are we likely from right here?
Creek Street plans to assemble our evidence-of-principle mining facilities inside of the next numerous months, and we look forward to asserting the launch of our mining routines. In the course of this continued time of COVID-impacted firms and functions, our timeline is sadly issue to opportunity logistic delays outside of our management.
From a funding perspective, supplied our recent capital raise of over $3,500,000 and our present-day hard cash reserves, coupled with the truth that our miners have been thoroughly paid for (excluding delivery expenses) and 50% of the expense of our cellular working amenities has previously been compensated, we think our current capital demands are thoroughly achieved, enabling us to protect all remaining know-how and functioning costs to start and operate our evidence of principle.
In summary, for all the causes talked over herein, this is an enjoyable time for Creek Road Miners. We are geared up for what we hope will be a successful start of our proof of notion. We are well capitalized, have sturdy associations with our suppliers, and are tricky at perform pinpointing new power resources and utilizing our strategy. Thank you as often for your ongoing help.
Last but not least, we will have to adhere to legal guidance and note that particular statements in this letter contain “forward-hunting statements” pertaining to long term functions and our future effects. All statements other than statements of historical info are statements that could be deemed to be ahead-hunting statements. These statements are dependent on latest expectations, estimates, forecasts, and projections about the marketplaces in which we run and the beliefs and assumptions of our management. Phrases these types of as “expects,” “anticipates,” “targets,” “objectives,” “jobs”, “intends,” “ideas,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may perhaps,” or variants of such words and phrases, and identical expressions are meant to identify such ahead-seeking statements. You are cautioned that these ahead-looking statements are topic to a range of challenges, uncertainties and assumptions that are hard to forecast, estimate or confirm. Thus, genuine results could vary materially and adversely from those people expressed in any ahead-seeking statements. These kinds of dangers and uncertainties consist of individuals factors described in Creek Road’s most modern once-a-year report on Sort 10-K, as these types of may possibly be amended or supplemented by subsequent quarterly experiences on Form 10-Q, or other experiences filed with the Securities and Trade Commission. The forward-looking statements are built only as of the day hereof, and we undertake no obligation to publicly launch the outcome of any revisions to these forward-searching statements. For extra information and facts, be sure to refer to Creek Road’s filings with the Securities and Trade Commission.
Scott D. Kaufman
Chairman and CEO
Check out source version on businesswire.com:https://www.businesswire.com/news/house/20210909005884/en/
Call: Investor Relations and Media:
Scott A. Sheikh
Creek Road Miners, Inc.
Keyword: UNITED STATES NORTH The united states UTAH
Market Search term: Professional Companies FINANCE
Resource: Creek Highway Miners, Inc.
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PUB: 09/09/2021 12:49 PM/DISC: 09/09/2021 12:49 PM