TUSTIN, CA, July 21, 2021 (GLOBE NEWSWIRE) – CalEthos, Inc. (OTC Markets: BUUZ.PNK) (“CalEthos” or the “Company”) today released the following business update from Michael Campbell, President and Chief Executive Officer Officer:
To our fellow CalEthos stakeholders:
Over the past few months, many notable changes have been made to CalEthos as we continue our efforts to create value for all CalEthos stakeholders. As most of you know, prior to the outbreak of the COVID-19 pandemic last year, we intended to focus our business development efforts on building a large-format cannabis supermarket chain. to meet the needs of the rapidly growing Southern California. cannabis market. However, over the past two years, funding for large-scale cannabis development projects has largely dried up, causing us to rethink our business outlook and our ability to secure funding and be successful. in this industry. Fortunately, however, as we determined at the end of 2020 that the door to starting a cannabis business was closing, we reconnected with a longtime IT industry associate who was planning to develop a next-level high-performance computer system. generation for cryptography processing. transactions. After careful consideration, we made the decision to team up and move the company to the development and manufacture of transaction processing systems for cryptocurrency, token and blockchain applications.
Based on months of research on the crypto industry, we now plan to focus our business efforts on building a high performance computer hardware business by developing a 5 nanometer ASIC chip and mining system. Dip-cooled bitcoins for the biggest cryptocurrency mining companies. As part of our change of business focus, we plan to change our name to AIQ Blockchain, Inc. (“AIQ”) and our trade symbol, pending FINRA approval, to AIQB.QB. This will result in the filing of an information statement with the Securities and Exchange Commission regarding the name change and a request with FINRA for the change of CUSIP. In addition, as part of these activities, we intend to file an application with OTC Markets Inc. to upgrade the trading market for our common shares to the OTCQB level of OTC Markets Inc.
Along with these efforts, we intend to hire a CTO, technical support team, and chip and systems engineering team under contract to develop a 5 nanometer ASIC chip for the machines of bitcoin mining and an immersion cooled bitcoin mining system that we plan to manufacture for large bitcoin mining companies.
The development of the ASIC chip and the immersion cooled system is expected to take 10 to 12 months. In the final stages of development, we plan to complete prototypes for the ¼ and ½ MW immersion cooled bitcoin mining systems for customer testing and demonstration. We plan to design the systems to require more than 50% less energy than conventional air-cooled bitcoin mining operations which currently account for over 90% of the global bitcoin mining fleet. .
We intend to finance the development of our ASIC chips and our immersion cooled systems through equity or debt financing from accredited investors.
For more information please contact:
Michael campbell
Telephone: 714 / 855-8100
Email: [email protected]
Forward-looking statements
Certain statements contained in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions and estimates regarding future economic performance and conditions, and involve risks and uncertainties that could result in so that actual results differ materially from those anticipated by statements made here. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “believe”, “expect”, “may”, “” provided “,” target “,” see “,” potential ” , “Estimates”, “preliminary” or “anticipates” or the negative thereof or comparable terminology, or by a discussion of strategy or objectives or other future events, circumstances; . , or effects. Additionally, forward-looking statements contained in this release include, without limitation, the Company’s ability to raise capital to fund its research and development and product development efforts, demand and general acceptance of crypto. – currencies in the United States and around the world; . the impact of the current COVID-19 pandemic, which may limit access to the Company’s facilities, customers, management, support staff and professional advisors, demand for products and services offered by the Company Company, economic conditions in the United States and around the world, and the ability to recruit and retain management, technical and sales personnel. Further information relating to factors that may affect the Company’s results and forward-looking statements is 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 as required by law, to update or revise any forward-looking statement, whatsoever. either because of new information, future events or otherwise.
