HOUSTON, March 26, 2024 (GLOBE NEWSWIRE) -- via IBN – BlockQuarry Corp. (OTC: BLQC), a leading Texas-based energy and infrastructure company, today officially announced the mutual departure of two key members of its executive team: Lawrence Davis, former Chief Operating Officer, and Sam Escobar, former Director of Ground Operations. The Company has also provided an updated outlook on its operations and financial performance.
Davis and Escobar played pivotal roles in the early stages of BlockQuarry's partnership, overseeing the relocation of the Company’s mining equipment to the Missouri site and initiating and establishing key relationships with the highly credentialed team of engineers that are currently operating the Company’s mining facilities. The departure of Davis and Escobar, following the completion of their responsibilities and compensation, was a mutual decision that allows them to focus on their private endeavors with Pantheon Resources while continuing to be an advisory partner for BlockQuarry, while BlockQuarry will continue to work in direct partnership with the engineering team in Missouri.
BlockQuarry's core business model remains unchanged, with a focus on self-mining operations. The company will continue to work directly with the engineering team in Missouri to expand its self-mining operations. Alonzo Pierce will oversee public company operations, while the engineering team will manage day-to-day bitcoin mining activities.
Key factors that led to the shift from a partner-led bitcoin mining and hosting business model to a sole operating bitcoin self-mining facility, were very clear to the Company. While spending considerable time and resources evaluating the future of the business and the current market, it was evident that focusing resources as a direct self-mining operation, would lead to a greater increase in net revenue and the ability to operate at speed and agility. These key factors will have a direct positive impact on the operational and financial outlook of BlockQuarry, and will allow the Company to create consistent value to its shareholders at a much more rapid rate.
Financially, BlockQuarry is on a solid footing, projecting annual revenue between $2.2 million and $2.5 million. This reflects a revised forecast from our previous annual estimates between $1.4 million and $1.7 million. Additionally, the Company is committed to sourcing and powering up to three additional megawatts by the end of Q3, for a total of up to 5 MW of operational power, with plans to continue expansion commensurate with revenue and funding.
With a focus on growth and efficiency, BlockQuarry is poised to continue its leadership in the cryptocurrency mining industry and deliver immense value to its shareholders and looks forward to building and scaling operations in anticipation of the Bitcoin halving and highly anticipated bullish Bitcoin cycle ahead.
About BlockQuarry Corp.
BlockQuarry Corp. (BLQC) stands at the forefront of innovation in the U.S. energy and infrastructure sectors, passionately committed to advancing the implementation of carbon-negative industrial energy on a global scale. Specializing in the provision of green, sustainable, and economically viable energy solutions, BlockQuarry caters to industries with substantial power requirements, including data storage hubs, manufacturing, and cryptocurrency mining.
Key Focus Areas:
Capitalizing on an extensive network strategically located for the development of data centers and computational infrastructure, BlockQuarry guides enterprises toward precise energy solutions. We take on the responsibility of securing all necessary permits and navigating engagement processes, allowing our clients to focus entirely on their core business operations.
Philosophy of Mutual Prosperity:
At BLQC, our approach to forming energy partnerships goes beyond commercial requirements. We strive to create a cycle of mutual prosperity, from generating employment opportunities in construction and maintenance to stimulating revenue growth for municipalities and state governments.
Renewable Energy Commitment:
By identifying locations with power surpluses and aligning businesses with these potent resources, BlockQuarry is committed to creating a scenario where everyone emerges victorious. Our dedication to renewable energy ensures that our operations leave a positive imprint on the planet. Whether it's planting trees or engaging in other ambitious eco-initiatives, BLQC goes the extra mile in pursuit of our goals.
Transmuting Industrial Power Needs:
At BlockQuarry Corp., we aim to transform your industrial power needs into a force for wider community benefit. Our focus on clean, renewable, and cost-efficient energy solutions reflects our commitment to a sustainable future.
For more information about BlockQuarry Corp. and its pioneering projects, visit the company's website at www.BlockQuarry.io. Stay updated with the latest news and developments by following BlockQuarry on Twitter and through official press releases.
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