ISW Holdings Tops Milestones to Trigger Bonus $1.7 Million in Bitmain Miners
9/30/21, 08:00
LAS VEGAS, Sept. 30, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to announce that the Company has surpassed agreed-upon milestones related to the performance of its common stock price and will, therefore, receive an additional 150 Bitmain S19 95TH/s miners from Minerset, a Delaware LLC, due to negotiated milestone clauses included in the asset purchase agreement (the “Agreement”) reached between the two companies in August.
These 150 miners are supplemental to the 400 miners already paid for and received as part of the original Agreement.
The Company leveraged its shares of Preferred B stock to purchase its initial tranche of 400 miners. As a part of the contract, ISW Holdings President and Chair Alonzo Pierce and Minerset managing member Elias Fernandez Sanchez negotiated a graduated milestone provision deeming that ISW Holdings would earn 75, 150 or 225 additional Bitmain S19 95TH/s miners based on the performance of the Company’s common stock at or above $2, $3 or $4, respectively.
The Company has now triggered two of those milestones and looks forward to the opportunity to reach the next; the stock price for common shares of ISWH closed at $3.44 on Monday after hitting a 52-week intraday high of $3.78 during the session.
“This contract was a win for both companies; we didn’t have to part with $3.8 million in cash, and Minerset was able to quickly move its inventory,” noted Pierce. “With the appreciation of our stock price, both companies have already been amply rewarded for this partnership.”
Upon delivery, the miners will be prepped and deployed in POD5 units at the Company’s Pennsylvania mining project.
“In addition to being a surprise reward for our shareholders on the asset side, this new tranche of miners will drive significant further bottom line performance gains over coming quarters,” added Pierce. “We also continue to work with FINRA on our name and symbol change, which is our first step of many on our way toward a NASDAQ listing.”
