McapMediaWire -- Code Green Apparel Corp. (OTC: CGAC), a Bitcoin mining company, is pleased to provide the following shareholder update.
CGAC’s new CEO, Logan William Rice, stated, “It is with great anticipation that we bring what we believe to be a unique business model in the OTC space:
We will treat our mined Bitcoin as a traditional commodity, in the manner of a traditional gold mining company, for example. We will (1) mine Bitcoin, (2) sell the mined Bitcoin for cash and, (3) on a regular basis, declare and distribute dividends with respect to Available Cash (established by our Board of Directors) to our shareholders.
Common shareholders, as a group, will be entitled to 15% of that Available Cash as a dividend when and if declared by our Board of Directors.
We aim to build a sustainable and profitable mining operation by leveraging the latest technology and equipment and optimizing our processes to maximize efficiency and profitability.
The market for Bitcoin, as well as other digital currencies, has proliferated in recent years, with more investors and institutions entering the space. This has increased demand for mining services, as more processing power is needed to validate transactions and produce new coins. The demand for Bitcoin mining will continue to grow in the coming years, and we intend to capitalize on this significant opportunity to build a successful Bitcoin mining operation.
Our business model is based on building and operating a large-scale Bitcoin mining operation. We will acquire the latest mining equipment and technology and optimize our processes to minimize costs and maximize profitability. At least 80% of any capital that becomes available to us will be applied to the purchase of Bitcoin miners, as way for our company to grow its revenue potential through sales of mined Bitcoin. Bitcoin mining is expected to be our only source revenues for the foreseeable future.
Our primary marketing strategy will be to leverage our expertise and experience in the Bitcoin mining space to attract investors and business partners.
Our mining operation is located in Texas, with our financial institution and their co-location partner, which has favorable electricity rates and a stable political and regulatory environment. We have experienced Bitcoin mining professionals to manage our operations and optimize our efficiency and profitability. We will also invest in ongoing research and development to stay at the forefront of the latest mining technologies and techniques.
The company’s acquired Bitcoin miners had been purchased with cash for just over $1,000,000 and these assets have been mining since September 2022. The assets generated gross revenues for all of 2022 of approximately $54,000 – our revenues will be a function of Bitcoin mined and the Bitcoin spot price at which we sell our mined Bitcoin.
Over time, we anticipate that our operations will become more layered, but only in ways that we believe will maintain our thin-overhead model and, simultaneously, boost the Available Cash for our shareholders.”
Available Cash. For purposes of determining the amount of cash to be distributed as a dividend to the holders of CGAC’s capital stock, the company’s Board of Directors has defined “Available Cash,” as follows: Available Cash shall be calculated as an amount, for any determination period, equal to (1) total revenues from sales of company-mined Bitcoin, (2) less total costs of Bitcoin mined by the company, (3) less cash operating expenses of the company, (4) less cash paid by the company for debt service, both principal and interest, (5) less taxes paid by the company. If there is Available Cash for any determination period, it will be distributed as a dividend to holders of record of the company’s capital stock, as follows: 15.0% to the holders of common stock; 22.5% to holders of Series A Preferred Stock; 20.0% to holders of Series C Preferred Stock; and 42.5% to holders of Series D Preferred Stock.
Code Green Apparel Corp. is a Bitcoin mining company uniquely positioned within the OTC space. CGAC will treat its mined Bitcoin as a traditional commodity, in the manner of a traditional gold mining company, for example. CGAC will mine Bitcoin, then sell the mined Bitcoin for cash and, (3) on a regular basis, declare and distribute dividends with respect to Available Cash (established by our Board of Directors) to our shareholders. CGAC’s primary business objective is to continually increase its Bitcoin mining capacity, so as to increase cash available for distribution as a dividend to its shareholders.
This current press release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Logan William Rice
Chief Executive Officer
SOURCE: Code Green Apparel Corp.Contact Details
Code Green Apparel Corp.