Virtual Medical International, Inc. Announces Completion of Strategic Investment
Target company operates integrated hydropower and bitcoin mining business lines, produces 25MW of power and has capacity to install 100,000 bitcoin mining machines
Virtual Medical International, Inc. now owns 40% of largest bitcoin operator in West Sichuan/Tibet Region of China
Las Vegas, NV /TheNewswire /May 24, 2018 - Virtual Medical International, Inc. (OTCMKTS: QEBR) announced that today it closed its strategic acquisition of 40% of Xiaojin County Ruibo Big Data Technology Co., Ltd. ("Ruibo") a company in western Sichuan Province, China, which operates a 25-megawatt powerplant that supplies energy to its 100,000-machine capacity bitcoin farm. In consideration for the Ruibo equity interests, QEBR issued to Ruibo 10,000,000 shares of QEBR common stock, representing approximately 2.4% of the total outstanding common stock of QEBR. The Ruibo equity is held by QEBR's subsidiary, a wholly foreign owned enterprise which is itself owned by QEBR subsidiary Environmental Robotics Limited.
"This strategic acquisition gives our company a foothold at the forefront of the cryptocurrency mining sector in western China, and we intend to aggressively seek further cash-generating opportunities in this sector," said Yueng Yuenyong, CEO of QEBR. "The cryptocurrency mining sector is notoriously power-intensive. We cannot promise that each target company will independently produce their own electricity, but we can promise to work tirelessly to identify and acquire assets with similarly high value propositions."
Ruibo's bitcoin farm sits on fifteen acres of land in Xiaojin County in western Sichuan Province, China. Currently, 1,750 mining machines have been installed in the farm, and the company expects to install 2,000 machines per month for the next twelve months. Ruibo is currently in negotiations to acquire other bitcoin mining farms in the region and in greater China. https://www.otcmarkets.com/stock/QEBR/news/story?e&id=1091692