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Canada Computational Unlimited (SATO) Signs LOI to Acquire New Miners for Its Center One Facility
Toronto, Ontario–(Newsfile Corp. – December 28, 2021) – Canada Computational Unlimited Corp. (TSXV: SATO) (the “Company”,”CCU.ai” or “SATO”) is pleased to announce the signing of a non-binding letter of intent with Foundry Digital LLC for a transaction that would make it possible for the Company to purchase 700 miners. This addition of an equivalent of 65 PH/s at Center One shows our progress and commitment to reach 600 PHs.
Key Highlights
- Addition of mining equipment for 65 PH/s
- Center One based on the 20MW renewable energy contract will allow CCU.ai to reach an equivalent of 600 PH/s
- The Q3 average to mine 1 Bitcoin in electricity power is USD$ 7,636 based on Q3 Financials*
- Possibility to extend the contract with Foundry to get more miners
Romain Nouzareth, CEO and Chairman of CCU.ai, commented, “This increment is the result of a collaborative effort from both parties and is the first of many that we have planned to reach our capacity of 600 PHs for Center One. This further proves that we are on a path to reaching our targets.”
The Company and Foundry will seek to conclude a definitive agreement prior to the end of January 2022.
On behalf of the board,
Romain Nouzareth,
CCU.ai CEO and Chairman
About CCU.ai
CCU.ai operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company’s high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded in 2017, CCU.ai is led by technology entrepreneurs, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
*The average cost of electrical power required to mine 1 Bitcoin is a non-IFRS financial measure. We calculate that by first isolating the total cost of electricity for the three months ended September 30,2021 included in the Site Operating Costs on the Company’s Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended September 30, 2021. From the total electricity costs, we isolate the electricity costs related to the operation of the Company’s Bitcoin Miners (excluding hosted miners, Ethereum miners and other non-mining uses of electricity). We then convert that to US$ using the Bank of Canada exchange rate as of September 30, 2021, and divide that by the 20 Bitcoin mined in the three months ended September 30, 2021, as shown in Note 7 to the Company’s Condensed Interim Consolidated Financial Statements. The Company’s calculation of the average cost of electrical power required to mine 1 Bitcoin may not be comparable to similar measures presented by other issuers. The Company believes that this measure, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company’s performance and ability to generate cash flow from its operations. Accordingly, this measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For additional information, please contact:
Caroline Klukowski,
Tel: 604.260.5490
[email protected]
Canada Computational Unlimited Corp. (“CCU.ai”)
INVESTORS can read more about CCU high-grade, carbon-free bitcoin mining and ESG vision at: www.ccu.ai/investors
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108562
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eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
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