MONARCH BAY, CA, United States, via ETELIGIS INC., 03/23/2015 – – Microelectronics Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY) The Board of Directors is pleased to report the following corporate events:
Share Capital Structure:
The company is in the process of completing the dividend declared in January.
The distribution process is being shifted to be handled by DTCC the Depository Trust Company in order to streamline the distribution process to the shareholders brokerage firms.
The company has successfully completed the consolidation of its share capital and is in the process of reducing its authorized share capital to 2.5 billion authorized shares down from 7.5 billion shares authorized.
The Company has removed over $350,000.00 of convertible debt from the balance sheet over the last several months.
The Company has not closed the two million dollars financing previously announced. The Company is still in the process of finalizing the financing however in order to protect shareholder value the form and dilution aspects of the financing have been altered to terms that have been more difficult to place with Institutional Investors. Further updates will be provided as available.
The Company has cancelled all server orders previously reported. The Company has determined that its current facility in Washington State is not economical at the current electricity rate of $.09 per kilowatt hour. The average server runs at 1 kilowatt per hour 24 hours per day. The company determined that the cost of power in its expansion would be a significant factor in its profitability for the future. Each Peta Hash at the current electricity Rate costs $64,500.00 per month.
The Company is currently in negotiations for a 10 Megawatt facility with electricity at the rate near $.02 per Kilowatt providing a cost savings of $.07 per Kilowatt or approximately $50,000.00 per month per Peta Hash.
The Company has determined that it is more economical to lease servers and Hash Rate than to build out the current facility.
BTCPOOLPARTY MINING POOL:
The Company recently did testing of servers in the order of 4 Peta Hash to determine the viability of The BTC Pool Party under load.
The Company will be initiating a restart of the Company’s Bitcoin Mining Pool in the next 10 days with a leased 3 Peta Hash of mining power, mining on behalf of the Company. The company will be concentrating its growth efforts on the development of the BTC Pool Party until the new mining site is finalized and built out.
It is anticipated that the 3 Peta Hash will produce approximately one BTC Block per day.
The company has a comprehensive roll out plan for the next several months, which will include BTC conferences, online marketing and social media forums.
The company continues to develop and improve the BTCPOOLPARTY mining pool with the introduction of more detailed stats of the mining operations available over the next several weeks. https://www.btcpoolparty.com/ .
Additional photos and videos can be viewed at the company’s Facebook page: https://www.facebook.com/MELYPK.
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.
For further Information:
Microelectronics Technology Co.
Mr. Brett Everett
SOURCE: Microelectronics Technology Company