GDET Announces Regulatory Approval for Large Scale Bitcoin Mining Operations
FORT LEE, N.J., July 12, 2018 (GLOBE NEWSWIRE) — GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that it has received a permanent regulatory permission to continue full-scale cryptocurrency mining operations in the New Jersey borough where the Company has established its primary operational base.
Management believes that the Permanent Certificate of Occupancy from the Town Hall represents a strong signal that the Company has the backing of local economic and political leadership.
Mr. Anil Idnani, CEO of GDET, initially approached Town Hall representatives earlier this year to discuss the details of the mining operation, including a pending upgrade of its facility to allow for massive mining operations, where he was welcomed with a spirit of support that has emboldened Company management with respect to future investments in its facility in the borough.
The permanent Certificate of Occupancy was an important initial step that now clears the way for an aggressive path forward for the Company.
Next steps include:
• Build headcount through full-time hires on site
• Finalize plans for sweeping facility upgrade, including planning permissions
• Negotiate longer and more advantageous facility lease terms
• Partner with local energy infrastructure to optimize and maximize operational mining capacity
Mr. Idnani commented, “We’re moving forward at a sprint because the market opportunity is particularly acute right now. Our vision is predicated on building a market-leading presence ahead of a broad recovery in the cryptocurrency asset class. Research places crypto mining as a $38 billion industry seven years out. Our objective is to sit at the top of that pyramid on the way up. But the first step is to establish a cutting-edge facility in the tri state area. This sign of support from the local leadership here in our home town will help us push that agenda forward at a rapid pace.”
GDET shareholders can expect new updates very soon as the Company enters an aggressive phase of operational development over the near term.
GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility 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 overseas to ensure future purchasing.
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.