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Squire Mining operations undergo temporary power outage
VANCOUVER, British Columbia, Sept. 20, 2019 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (the “Company”) announced that it has been informed by its hosting provider in Kazakhstan that the facilities housing the Company’s cloud computing fleet will undergo temporary power black-outs. The black-outs are the result of the hosting provider’s power supplier undertaking a necessary upgrade in the substation transformer supplying power to the facility. The upgrades are being carried out to address reliability issues prior to the upcoming winter season. The Company’s hosting provider has advised that the outage is expected to last between 10 and 14 days. During this time, some of the Company’s cloud computing fleet located in Kazakhstan will be non-operational and non-profitable for periods but will also accrue proportionally lower electricity costs during such times.
The Company is working with its hosting provider to minimize impact to its operations.
About Squire Mining Ltd.
The Company is a Canadian based technology company engaged, through its subsidiaries, in the business of operating, managing and developing cloud computing data infrastructure and system technology to support global blockchain applications related to Bitcoin SV, Bitcoin Core and other SHA-256 based digital assets.
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, failure of plant, equipment or services relating to the upgrade to be completed as anticipated or that the upgrade may not be completed on time or at all, the costs to be incurred by the Company in connection to the upgrade and the ability of the Company to minimize impact of the disruption on operations. 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.
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