MONARCH BAY, CA, United States, via ETELIGIS INC., 10/22/2014 – – Microelectronics Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY) – The Company has been working toward a significant business development, however, has yet to complete negotiations at the time of this update. The company anticipates that there will be a conclusion to negotiations in the very near future and will disclose by press release the results.
The Company is pleased to announce the current progress of the PHASE TWO build out.
The Company has changed the schedule for the build out of PHASE TWO by delaying the delivery of the first grouping of five hundred of one thousand servers on order due to the recent softness in BTC – Bitcoin pricing.
During the recent drop in BTC pricing, the company was able to re-negotiate the acquisition pricing for the BTC miners so that the net effect to the company resulted in over a 20% savings in acquisition costs.
This savings is significant due to the size of the overall order of over 1000 BTC Mining servers.
The company expects to receive the first 500 BTC Mining servers on or about November 15, 2014 with the additional 500 servers to arrive by year end.
Certain delays are in effect due to the manufacturing schedule and back orders at the BTC Mining manufacturer.
The Company has selected the model of server to be used for the phase two build out and is in the process of ordering one thousand units for the company’s existing facility.
The hash rate of each individual unit will be +/-1TH/s, which the thousand units will provide for a minimum 1 PH/s of new BTC mining hash rate.
This will provide the company with a combine hash rate of 1.1 PH/s.
BTCPOOLPARTY MINING POOL:
The Company also reports that the BTCPOOLPARTY will be re-launched on or before November 15, 2014. This re-launch will coincide with the delivery dates for the first servers which will be added to the BTC POOLPARTY mining pool as they are deployed.
The company has determined that after mining on the BTCPOOLPARTY from the date of August 25, 2014 and finding one block of 25 BTC that the pool requires significantly more hash rate to become a stable and consistently producing BTC mining pool.
The company is making security changes and various other modifications which will allow the company to open the mining pool to outside individual miners with additional hash rate to contribute.
The Company has retired from its balance sheet a total of $216,000.00 of 8% Convertible promissory notes issued to one its institutional investors Adar Bays LLC.
The company is continuing to negotiate the reduction of outstanding debt on an ongoing basis in an effort to minimize dilution to the current share structure.
Addition photos and video can be viewed at the company’s Facebook page:
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY’s ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements
Microelectronics Technology Co.
Mr. Brett Everett
SOURCE: Microelectronics Technology Company