SATO Technologies Corp. Renews its 20 MW of 100% Renewable Electrical Contract For Another 5 Years and Grants Options
Toronto, Ontario--(Newsfile Corp. - March 6, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO"), a publicly listed Bitcoin mining company with 100% renewable energy, is announcing that the renewal of its electrical contract has been completed for an additional 5-year term starting in June 2023.
"Our team's proactive approach towards the future growth of SATO is exemplified by the renewal of our electrical contract, which will continue to provide 20 MW of 100% renewable energy to our operations. The cost and quality of electricity play a crucial role in our industry, and this renewed contract enables SATO to produce one BTC (in Q4-2022) at an electrical cost of U$10,300," says Romain Nouzareth, CEO of SATO.
SATO also announces that it has granted stock options to purchase an aggregate of 710,000 common shares to officers, directors, consultants and employees pursuant to the Company's Amended and Restated Stock Option Plan. The Options are exercisable into common shares of the Company at a price of CAD$0.25 per share for a period of 5 years from date of grant.
As of March 14, 2023, an aggregate of 4,289,731 common shares that were held in escrow pursuant to the the policies of the TSXV will be released. The remaining balance under escrow will be 20,941,095 common shares. Details of the escrow terms and shares subject to escrow were set out in the Filing Statement filed by the Company on August 26, 2021, on SEDAR.
On behalf of the board,
SATO CEO & Chairman
Founded at block 494673 in 2017, SATO is a technology company with Responsible Bitcoin Mining at its core. It operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
SATO is led by technology entrepreneurs, finance, electricity and ventilation experts, network specialists, mathematicians, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
For additional information, please contact:
SATO on Twitter: https://twitter.com/SATO_BTC
SATO on Linkedin: https://www.linkedin.com/company/satocorp
SATO Corporate site: https://www.bysato.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157346