HOUSTON, May 04, 2023 (GLOBE NEWSWIRE) -- via IBN -- BlockQuarry Corp. (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial-stage operations in the energy and infrastructure industry, is pleased to announce its acquisition of Blockchain Energy Services, LLC, a subsidiary of Pantheon Resources, Inc.
The Company has acquired all of the issued and outstanding shares of Blockchain Energy Services, LLC (“BES”). BES is developing a data processing site in the state of Missouri, specifically designed for cryptocurrency mining and artificial intelligence (AI) clients.
Certain infrastructure is already in place, including a land lease that the Company will assume. The land lease has a five-year term expiring September 2027 and requires annual payments of $18,000 in the first year, increasing 5% per year thereafter. The Company will also take over the existing power agreement for the site that BES has previously executed. The total power capacity for the entire site is 30 megawatts (MW), with 3 megawatts (MW) already built out and ready to be energized.
The Company will issue Pantheon $600,000 worth of Series B Convertible Preferred Stock, based on the equivalent market value of the common shares issuable under the Series B Convertible Preferred Stock.
Alonzo Pierce, president and chair of BlockQuarry, stated, “I am extremely excited about this new acquisition for BlockQuarry. This allows us to expand our business operations and continue to execute on our long-term growth strategy of acquiring valuable land and power infrastructure to serve a wide range of clients. We are extremely excited and look forward to sharing some more developments on this in the coming weeks.”
In connection with this agreement, the Company entered into a strategic partnership agreement with Pantheon whereby the Company will fund and develop the infrastructure needed to make the data processing site operational, with Pantheon providing operational and engineering expertise. The partnership has an initial term of 12 months and is thereafter cancelable by either party with 90 days’ notice. The Company will pay 10% of all revenues from the mining site to Pantheon as consideration for the agreement.
Lawrence Davis, chairman of Pantheon Resources, stated, “I am confident that this partnership with BlockQuarry will lead to extraordinary achievements and set new benchmarks in the mining industry. We are immensely proud to embark on this journey with BlockQuarry, and we are eager to unlock the immense potential that lies ahead.”
Jarrod Robertson, CEO of Pantheon, followed, “By leveraging the expertise of both organizations, we are poised to deliver unprecedented value to our stakeholders and the communities we serve.
“BlockQuarry's unparalleled expertise in advanced mining techniques and technology solutions will be instrumental in shaping the future of our operations. Together, we will pioneer innovative approaches that will redefine industry standards and reshape the mining landscape.”
All Company updates, material and nonmaterial, will only be made public via press releases, Twitter and/or via the Company’s website: www.BlockQuarry.io.
About BlockQuarry Corp.
BlockQuarry Corp. (BLQC) is a trusted American energy and infrastructure partner dedicated to fostering carbon-negative industrial energy and facilitating its establishment on land. We offer sustainable, renewable and cost-effective energy solutions for businesses that have a need for high-volume power, such as data warehousing, manufacturing, artificial intelligence (AI) and cryptocurrency mining.
About Pantheon Resources Inc.
Pantheon is a leader in infrastructure with a core specialization in designing and constructing power distribution systems for high-voltage sites in addition to providing tailored solutions to meet the unique needs of their clients across a wide range of industries and applications.
As a trusted partner in the energy sector, Pantheon Resources, Inc. continues to drive innovation and excellence, ensuring the highest standards of quality and safety in all their endeavors. Pantheon’s passion for engineering excellence positions them at the forefront of the industry as they continue to contribute to a more resilient energy landscape.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or the Company’s future financial performance. In some cases, forward-looking statements may be identified by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
Company Contact:
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