PHILADELPHIA, Jan. 9, 2018 /PRNewswire/ -- Integrated Ventures, Inc., (OTCQB: INTV) ("Company") is pleased to provide this comprehensive financial update to all shareholders and investors with the following highlights:
Integrated Ventures has finished Q2 2017 with estimated revenues of $122,786 (unaudited). These preliminary results were achieved in only 39 days of Crypto Currency operations and consist of (1) cash proceeds from mining operations of $27,500, (2) equipment retail sales of $51,500 and (3) ownership of mined assets (BTC,ETH,LTC), with market value (dated 12/31/2017) of $43,786.
The total number of installed mining rigs had reached 125. This number is directly related to the availability of the electric power, which is currently at maximum utilization capacity at both locations.
The initial number of units purchased was 150, however it was reduced to 125, due to the unexpected price increase by the supplier (Innosillicon), from $1,600 to $3,200.
The Company has placed a stand by purchase order for an additional 80 mining rigs (Nemesis 6GPU/8GPU/190-220 MH/S) which will be activated, once an additional mining capacity is secured.
The Company has entered 2018 with a strong Balance Sheet, including a cash position of $130,000 (unaudited) and without any Convertible Debt obligations.
As of December 31, 2017, all of the Company's outstanding Convertible Debt has been eliminated. The process has been accomplished as follows:
- Two outstanding Convertible Debt Notes (#1/dated December 30, 2017 and #2/dated July 7, 2017) with Global Opportunity Fund ("Lender") were retired via Share Exchange using Viva Entertainment Group common stock
- One outstanding Convertible Debt Note (#3/dated March 28, 2017) with the Lender was converted on 01/05/2018 into INTV shares. The Lender had agreed to the 60 day lock-up period with volume limitations
- One outstanding Convertible Debt Note (#4/dated September 9, 2017) with Private investor was retired via cash payment by the Company, in the amount of $5,635.88
- As a part of Share Exchange transaction, the Company will receive a cash payment in the amount of $15,000 from the Lender.
The Company is in advanced discussions with two groups in regards to (Group 1/IT Company) engagement to complete a blockchain software design & development for CryptoFunder and (Group 2/International Bank) to secure funding capital required to market and fund crypto-collateralized debt instruments powered by the CryptoFunder blockchain.
The Company has made an offer and has received a verbal acceptance from property seller (bank) in regards to the purchase of the 9,000 sq ft warehouse facility. This pending real estate purchase is designed to increase the capacity of the mining operations up to 1500 rigs. Estimated time (post purchase) for a complete build out is 60-75 days. Monthly operating expenses (mortgage payment) for this property will be significantly reduced or eliminated by renting out 1,500 sq ft as an office space.
The Company's Share Structure (A/O 01/08/2018) is as follows: (A/S) is at 40,000,000, (O/S) is at 8,388,377 and (T/Float) is at 7,308,158.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments: "Our entry into Crypto Currency Mining business has been flawlessly executed and we are very pleased to report that as of 01/05/2018, the Company is officially debt free with all mining equipment and other assets being fully paid for. The Q2/2017 report will be filed no later then February 14, 2018. In addition, we would like to point out that The Company has entered 2018 in the solid financial position with the goal to establish Integrated Ventures as one of the premier companies operating in Crypto Currency sector."
About Integrated Ventures, Inc: the Company is focused on acquiring, launching and operating companies in the Crypto Currency sector, mainly in digital currency mining, an equipment manufacturing, sales of branded mining rigs as well as blockchain software development. For more details about please visit www.integratedventuresinc.com.
About BitcoLab: This majority owned subsidiary is pursuing opportunities in Crypto Currency sector with focus on mining, hosting, pooling, manufacturing and distributing of its own brand of rigs and the development of blockchain applications targeting financial markets. For more details about BitcoLab, Inc , please visit www.bitcolab.io.
About CryptoFunder: The world's first financial blockchain platform which acts like a decentralized and encrypted lending ledger that offers a secure, efficient, verifiable and permanent way of storing records and other lending information. These protocols are the backbone of numerous digital currencies that are being mined by the Company, including Bitcoin, Ethereum and Litecoin. The CryptoFunder blockchain consists of qualifying, initiating, underwriting, processing and managing funding transactions, including tracking of digitally mined assets and using them as a main mode of payment for loans, lending contracts and convertible notes.
***About CryptoCurrency Investments & Risks***:
The Company urges all current and potential investors to visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11, (2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/ and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scamsto to fully understand all risks involved in Crypto Currency investing.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control.