VANCOUVER, British Columbia, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (“Squire”) announced today that it and Future Farm Developments Ltd. (“Future Farms”) have entered into a binding Letter of Intent (“LOI”) to wind up their joint venture company Arasystems Technology Corp. (“Arasystems”). All of the business functions contemplated to be performed by Arasystems will be taken on directly by Squire going forward.
Subject to Future Farms meeting certain conditions, Squire and Future Farms will enter into (a) a services agreement pursuant to which Future Farms will provide certain project management services to support Squire’s mining systems development, (b) a licensing agreement with respect to certain proprietary intellectual property of Future Farms, and (c) a non-exclusive distribution agreement where Future Farms will be granted the right to distribute mining systems developed by Squire.
The wind up of Arasystems is part of an on-going effort by Squire to streamline its business processes to maximize future value and reduce near-term operational overhead.
About Squire Mining Ltd.
Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing and operating data mining infrastructure and system technology to support global blockchain applications in the mining space including application specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin SV, Bitcoin Core and other associated SHA-256 derived cryptocurrencies.
For further information contact:
Taras Kulyk, JD, MBA
Chief Executive Officer, Director
Telephone: +1 (604) 260-6142
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” as defined under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, future demand for Bitcoin SV, Bitcoin Core and other cryptocurrencies and risks related to the mining thereof, integration issues, personnel and staffing requirements and technological change and obsolescence. There are no assurances that the Squire will successfully negotiate, enter into and complete a definitive purchase agreement on the terms presently contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Squire disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.