HOUSTON, May 04, 2023 (GLOBE NEWSWIRE) — via IBN — BlockQuarry Corp. (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial operations in the energy and infrastructure industry, is pleased to announce its acquisition of Blockchain Energy Services, LLC, a subsidiary of Pantheon Resources, Inc .
The Company has acquired all issued and outstanding shares of Blockchain Energy Services, LLC (“BES”). BES is developing a data processing facility in the state of Missouri specifically designed for cryptocurrency mining and artificial intelligence (AI) clients.
Certain infrastructure is already in place, including a ground lease that the company will take over. The ground lease has a five-year term expiring in September 2027 and requires annual payments of $18,000 in the first year, increasing 5% per year thereafter. The company will also take over the existing power agreement for the site that BES has previously carried out. The total power capacity for the entire facility is 30 megawatts (MW), with 3 megawatts (MW) already built out and ready to be energized.
The Company will issue to Pantheon $600,000 in Series B Convertible Preferred Stock, based on the equivalent market value of common stock issued under the Series B Convertible Preferred Stock.
Alonzo Pierce, President and Chairman of BlockQuarry, stated, “I am extremely excited about this new acquisition for BlockQuarry. It allows us to expand our business and continue to execute our long-term growth strategy of acquiring valuable land and power infrastructure to serve a broad range of customers. We are extremely excited and look forward to sharing some more developments on this in the coming weeks.”
In connection with this agreement, the company entered into a strategic partnership agreement with Pantheon where the company will finance and develop the infrastructure needed to make the data processing site operational, with Pantheon providing operational and engineering expertise. The partnership has an initial term of 12 months and can then be terminated by either party with 90 days’ notice. The company will pay 10% of all revenues from the mining area to Pantheon as consideration for the agreement.
Lawrence Davis, Chairman of Pantheon Resources, stated: “I am confident that this partnership with BlockQuarry will lead to extraordinary achievements and set new standards in the mining industry. We are incredibly proud to embark on this journey with BlockQuarry and we are eager to unlock the enormous potential that lies ahead.”
Jarrod Robertson, CEO of Pantheon, followed: “By leveraging the expertise of both organisations, we are poised to deliver outstanding value to our stakeholders and the communities we serve.
“BlockQuarry’s unparalleled expertise in advanced mining techniques and technology solutions will help shape the future of our business. Together, we will pioneer innovative approaches that will redefine industry standards and reshape the mining landscape.”
All the company’s updates, material and non-material, will only be made public via press releases, Twitter and/or via the company’s website: www.BlockQuarry.io.
About BlockQuarry Corp.
BlockQuarry Corp. (BLQC) is a trusted US energy and infrastructure partner dedicated to advancing carbon-negative industrial energy and facilitating its onshore deployment. We offer sustainable, renewable and cost-effective energy solutions for businesses that require high-volume power, such as data warehousing, manufacturing, artificial intelligence (AI) and cryptocurrency mining.
About Pantheon Resources Inc.
Pantheon is a leader in infrastructure with a core specialization in the design and construction of power distribution systems for high voltage facilities as well as providing tailored solutions to meet the unique needs of its customers across a wide range of industries and applications.
As a trusted partner in the energy sector, Pantheon Resources, Inc. continues to drive innovation and excellence, ensuring the highest standards of quality and safety in all of its endeavors. Pantheon’s passion for engineering positions them at the forefront of the industry as they continue to contribute to a more resilient energy landscape.
Forward-looking statements
This press release may contain forward-looking statements that involve risk and uncertainty. These statements relate to future events or the company’s future financial results. In some cases, forward-looking statements can be identified by terminology including “could”, “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” and the negative of these terms or other comparable terminology. Although these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always differ, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance proposed in this report. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform those statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with OTC Markets (www.otcmarkets.com).
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