Code Green Apparel (CGAC) Provides Shareholder Update Following Change in Control, Acquisition of Bitcoin Mining Assets and ‘Shell Company’ Status Upgrade
DRIPPING SPRINGS, TX –News Live– Code Green Apparel Corp.
McapMediaWire — Code Green Apparel Corp. (OTC: CGAC), a Bitcoin mining company, is pleased to provide the following shareholder update.
CGAC’s new CEO, Logan William Rice, stated: “It is with great anticipation that we bring what we believe is a unique business model to the OTC space:
We will treat our mined Bitcoin as a traditional commodity, in the same way as a traditional gold mining company, for example. We will (1) mine Bitcoin, (2) sell mined Bitcoin for cash and (3) regularly declare and distribute dividends in respect of available cash (as established by our Board of Directors) to our shareholders.
Common stockholders, as a group, will be entitled to 15% of available cash as dividends when and if declared by our board of directors.
We aim to build a sustainable and profitable mining operation by utilizing the latest technology and equipment and optimizing our processes to maximize efficiency and profitability.
The market for Bitcoin, as well as other digital currencies, has proliferated in recent years, with more investors and institutions entering. This has increased the demand for mining services, as more processing power is needed to validate transactions and produce new coins. The demand for Bitcoin mining will continue to grow in the coming years and we intend to capitalize on this significant opportunity to build a successful Bitcoin mining operation.
Our business model is based on building and operating a large-scale Bitcoin mining operation. We will acquire the latest mining equipment and technology and optimize our processes to minimize costs and maximize profitability. At least 80% of all capital made available to us will be used to purchase Bitcoin miners, as a way for our company to increase its revenue potential through the sale of mined Bitcoin. Bitcoin mining is expected to be our only source of income for the foreseeable future.
Our primary marketing strategy will be to leverage our expertise and experience in the Bitcoin mining space to attract investors and business partners.
Our mining operations are located in Texas, with our financial institution and their co-location partner, which has favorable electricity prices and a stable political and regulatory environment. We have experienced Bitcoin mining professionals to manage our operations and optimize our efficiency and profitability. We will also invest in ongoing research and development to stay ahead of the latest mining technologies and techniques.
The company’s purchased Bitcoin miners had been purchased with cash for just over $1,000,000 and these assets have been mined since September 2022. The assets generated gross revenue for the full year 2022 of approximately $54,000 – our revenue will be a function of Bitcoin mined and The Bitcoin site. the price we sell our mined Bitcoin at.
Over time, we expect our business to become more layered, but only in ways that we believe will maintain our thin overhead model while increasing available cash for our shareholders.”
Available cash. For the purpose of determining the amount of cash to be distributed as dividends to the holders of CGAC’s shares, the Company’s Board of Directors has defined “Available Cash” as follows: Available Cash shall be calculated as an amount, for any determination period, equal to (1) total proceeds from the sale of Company-mined Bitcoin, (2) minus total cost of Bitcoin mined by the company, (3) minus cash operating expenses of the company, (4) minus cash paid by the company for debt service, both principal and interest, (5) minus taxes paid by the company. If cash is available for a determination period, it will be distributed as dividends to holders of the Company’s capital stock, as follows: 15.0% to holders of common stock; 22.5% to holders of Series A Preferred Stock; 20.0% to holders of Series C Preferred Stock; and 42.5% to holders of Series D Preferred Stock.
About CGAC
Code Green Apparel Corp. is a Bitcoin mining company uniquely positioned within the OTC space. CGAC will treat its mined Bitcoin as a traditional commodity, similar to a traditional gold mining company, for example. CGAC will mine Bitcoin, then sell the mined Bitcoin for cash and, (3) periodically declare and distribute dividends in respect of available cash (as established by our Board of Directors) to our stockholders. CGAC’s primary business objective is to continuously increase its Bitcoin mining capacity, in order to increase cash available for distribution as dividends to shareholders.
Forward-looking statements:
This current press release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and includes statements of beliefs, plans, expectations or intentions regarding the future, including, but not limited to, any products sold or cash flow from operations.
Actual results may differ from those projected in any forward-looking statements due to a number of factors. Such factors include, among other things, inherent uncertainty related to distribution and difficulties related to obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this press release, and we undertake no obligation to update the forward-looking statements, or to update the reasons why actual results may differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, no assurance can be given that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to our most recent annual report for our most recent fiscal year, our quarterly reports and other periodic reports filed from time to time with the Securities and Exchange Commission.
Contact:
Logan William Rice
CEO
612-889-2418
SOURCE: Code Green Apparel Corp.
Contact information
Code Green Apparel Corp.
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