Bluesky Digital Assets Corp., Provides Update, Retires the Majority of its Total Debt Obligations, Provides Defi and Digital Mining Update
Toronto, Ontario--(Newsfile Corp. - October 5, 2020) - Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTC Pink: BTCWF), ("Bluesky" or the "Corporation") is announcing today several corporate updates including the completion of a debt settlement where approximately 80% of the Corporation's total debt obligations have been extinguished. Other Corporate updates and detailed information on the debt settlement are outlined below:
Q3 Corporate revenue and mining operations profitability. The Corporation is pleased to announce that Q3 revenue and profitability from the Corporation's mining operations hit an all-time high, topping our solid results from Q2 this year. The Corporation was yet again, able to increase its Gross Revenue totals from its active digital assets mining operations an additional 8% from the previous quarter. Q3 2020's Gross Revenue total from the Corporation's active digital assets mining operations also represents an increase of 363% from Q3 2019's Gross Revenue mining totals. The Corporation mined and sold an average of $66,666.00 CDN per month in Bitcoin in Q3 of this year. The Corporation has successfully increased the incoming revenues from its active digital assets mining operations in 7 out of the last 8 fiscal quarters. The Corporation will release a full summary of its Q3 Financial Statements on November 30th, 2020.
On September 30th, and as stated above in this press release, the Corporation entered into a debt settlement agreement where the Corporation successfully retired $276,500.00 CDN of debt obligations owed to a creditor. The Corporation agreed to transfer ownership of the remaining portion of a loan portfolio, which was part of the Corporation's legacy business segment, to the creditor. The loan portfolio had a value of $167,934.00 USD or $225,160.00 CDN. The Corporation also agreed to settle the outstanding balance of $51,340.00 CDN by issuing 513,400 Common Shares of the Corporation at a deemed price of $0.10 CDN per Common Share to the creditor. With the debt settlement completed, the Corporation has extinguished the majority of all outstanding debt and debt servicing obligations from its balance sheet. The Corporation anticipates that will settle all remaining interest baring debt by the end of this month. Once settled, the Corporation will only have $42,000.00 CDN of interest free debt remaining on its balance sheet.
Our recently announced Stablecoin Research and Development Initiative and the launch of our 'DeFi' Subsidiary is moving with all speed and diligence and we have recently been evaluating additional team members for this project.
The company's (AI) Artificial Intelligence project aimed at enhanced mining profitability is in a spooling up phase with an expanded new development team on deck.
Our partnership with Brane Inc., as announced on June 15th of this year, is moving forward and we look forward to contribute in the development of digital custody products that give financial institutions assurances when storing and acquiring digital currencies.
Mr. Ben Gelfand CEO & Director stated: "The Management of the Corporation continues to aggressively push on all fronts to drive profitability and success with all initiatives and to build on the continuing progress that has been made since Q3 2019 and what has been accomplished thus far in all of fiscal 2020. The new strategic direction of building a profitable technology company which we commenced in Q3 of 2019 is showing positive results. Furthermore, despite the unprecedented downturn in the global economy, due greatly in part to the COVID-19 pandemic, we continue to witness quarter over quarter growth in our mining revenue, and our expenditures continue to decline alongside with today's announcement of the significant debt reduction and additional focused business efficiencies efforts. We continue to aggressively focus on rapidly expanding and improving the Corporation's Digital Assets Mining operations, Stablecoin Initiative, Defi Subsidiary, AI Project, and through our partnership with Brane Inc. who is assisting us in working on Digital Custody solutions."
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale. For more information please visit www.blueskydigitalassets.com.
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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