CalEthos Inc (GEDC)

[MegaDeath]

CalEthos Closes Financing for Energy Efficient Bitcoin Mining Systems

TUSTIN, CA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- CalEthos, Inc. (OTC Markets: BUUZ.PNK) (“CalEthos” or the “Company”) today announced the following business updates:

In connection with its shift into developing and manufacturing high-performance computer systems for processing cryptocurrencies and blockchain based transactions, and its corporate name and trading symbol changes, CalEthos (to be renamed AIQ Blockchain, Inc.), recently closed a $3.5 million financing to complete the initial development phases of a 5 nanometer ASIC chip for bitcoin mining. AIQ plans to manufacturer ¼ to ½ megawatt immersion-cooled bitcoin mining systems in a horizontal 48U tank configuration for larger bitcoin mining operations. The ASIC chip and immersion-cooled system development is expected to take nine to 10 months. AIQ plans to have prototypes completed for testing and customer demonstration by mid Q2-2022. The Company’s goal is to provide miners with energy efficient mining systems that consume 50% (or more) less electricity than conventional air-cooled bitcoin mining operations, which currently make up over 90% of the global bitcoin mining fleet.

The Company recently hired Hyuncheol Kim as its Chief Technology Officer and is in the process of building out its engineering team in South Korea to complete the development of its 5 nanometer ASIC chip with GoanChips and a team of system engineers in the U.S. that will be working on the design of a purpose-built immersion-cooled bitcoin mining system.

The Company is in the process of preparing an Information Statement that it plans to file with the Securities and Exchange Commission (SEC) to change its corporate name to AIQ Blockchain, Inc. In addition, the Company plans to file an application with OTC Markets Inc. to upgrade the trading market for its common stock to the OTCQB exchange, and in connection with the name change, the Company plans to change its trading symbol, pending FINRA approval, to AIQB.QB. Lastly, the Company is in the process of preparing a registration statement on form S-1 to register the resale of certain shares held by non-affiliate investors for trading.

https://www.otcmarkets.com/stock/BUUZ/news/story?e&id=2002698