SANP Enters into Letter of Intent to Merge with Canoe Bitcoin Mining Pool of China
Source: InvestorsHub NewsWire
Doral, FL -- September 29, 2017 -- InvestorsHub NewsWire -- Santo Mining Corp. dba PODWERKS (the "Company"), (OTCBB:SANP) and Chongqing Yuhuan Technology Co., Ltd also known as “Canoe Pool” today announced they have entered into a Letter of Intent (the "LOI") to merge and create “Canoe Pool America”. Under the terms of the LOI, upon execution of the definitive merger agreements, SANP shall issue to Canoe Pool 150 million shares of preferred stock of SANP, representing approximately 35% of SANP's post-merger preferred stock, and 50 million additional shares of preferred stock upon achievement of certain Bitcoin Mining technology goals, representing approximately 40% of SANP preferred stock. Canoe Pool shall have the right to appoint up to three directors to the SANP Board of Directors, and will assist SANP “Canoe Pool America” in developing the American Bitcoin Mining Pool market and to accelerate the further development of the combined company's Bitcoin Mining Pool pipeline. PODWERKS’ manufacturing expertise in modular container spaces coupled with a long history of doing business in China, sets the stage for both companies’ new mission to further develop the U.S. crypto currency mining market. The transaction is expected to be finalized in the next 30 to 45 days, and is subject to customary closing conditions.
Franjose Yglesias CEO of SANP stated; “This new group will constitutes an excellent platform for growth in the American cryptocurrency market and cryptocurrency mining pool, I’m excited to bring this merger to our shareholders. Both companies complement each other in all the right places; during the next few weeks we will be evaluating many aspects of this merger, including new directorships to guide the company into the future.” Additionally Mr. Li Ang Chairman of Canoe Pool stated; “Focusing on the American market has always been apart of our plans. Now that we have found the right partner we can more aggressively move towards becoming the number one mining pool with local representation and tech support in the American market. We are excited about the prospects for growth and profits over the next year. We are looking forward to working closely with and forming meaningful relationships as we spread across the American continents.”
About Chongqing Yuhuan Technology Co., Ltd a.k.a. Canoe Pool (www.canoepool.com)
Canoe Pool (Chongqing Yuhuan Technology Co., Ltd ), led by its founder Li Ang since 2013, is one of the fastest growing bitcoin mining companies in China with two large-size mining farms in Sichuan and Xinjiang, China; and with a total capacity of 75 thousand kilowatts, accommodating up to 50 thousand of the latest Bitmain S9 mining machines. Canoe pool has a total hashrate potential of 700P. Miners can choose between PPS or PPLNS payment systems with fees of 2% or 4%, accordingly. Canoe Pool currently supports Bitcoin Unlimited and represents 1.7% of the global crypto currency mining market share.
About PODWERKS (www.podwerks.com)
PODWERKS is a co-working space for cannabis entrepreneurs in the United States, providing the necessary framework to grow, market, and sell all cannabis related products. Our aim is to create a sustainable and community driven workspace by providing an affordable, scalable and a safe business environment for our tenants. All Podwerks spaces will feature three types of pods:
1-Growing pods o Nursery, Production and Drying
2-Office Space pods o Desk space, Wi-Fi, printers, copy machines, meeting rooms
3-Retail Space pods o Coffee Shop, Hardware Supply Shop, Co-op Shop
PODWERKS spaces will be located in urban designated zones permitting the commercial cultivation, and sales of cannabis related products. Each site will have an average of ten modified steel shipping container pods with an onsite manager overseeing day-to-day operations. Working with local and state agencies, Podwerks container pods will comply with all building code requirements to ensure the safety of our tenants. Community is an essential part to Podwerks mission of Grow for Life. PODWERKS tenants can benefit from a series of social and professional events designed to foster collaboration and create a strong and expansive community. Some of these events will include speaker series, investor panels and local governments outreach, among others.
PODWERKS is a division of Santo Mining Corp, a publically traded company in the Over-the-Counter (OTC) market. It currently trades under the ticker symbol SANP.
Media contacts:
PODWERKS
Mr. Matthew Arnett
844.420.4203
media@podwerks.com
http://www.podwerks.com/
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
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