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Friday, 01/29/2021 11:14:21 AM

Friday, January 29, 2021 11:14:21 AM

Post# of 422
The company bought GigaWatt's intellectual property and certain other property and rights associated with GigWatt's crypto mining operation. The acquisition was approved by the United States Bankruptcy Court for the Eastern District of Washington and was consummated by EcoChain on May 20, 2020. As previously announced by MTI, EcoChain purchased the subject GigaWatt assets for cash consideration of $200,000 and will be assuming certain contractual obligations of GigaWatt related to existing leases and utility power supply.
https://www.prnewswire.com/news-releases/mechanical-technology-incorporated-announces-closing-of-previously-announced-gigawatt-acquisition-301063081.html

Here is the general backstory from The Seattle Times, most interestingly noting that GigaWatt took in some $47 million building their business:
https://www.seattletimes.com/business/washington-bitcoin-pioneer-seeks-chapter-11-protection/

ECOchain swooped in for more cheap equipment from the GigaWatt bankruptcy in 10/2020 (read items 24 - 26):
https://casetext.com/case/in-re-giga-watt-inc


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