SCOTTSDALE, Ariz., April 23, 2018 (GLOBE NEWSWIRE) -- TimefireVR, Inc. (OTCQB:TFVR) (the "Company"), d/b/a TeraForge, today announced entering into a agreement to purchase bitcoin mining equipment to be installed for Phase I of its operational strategy immediately at Colocation Guard (www.ColocationGuard.com) in Brooklyn, NY lead by Mr. Donald D’Avanzo, Director of Datacenter Operations.

Donald D’Avanzo commented, “Phase I of Teraforge’s Bitcoin mining operation at Colocation Guard will focus on exploratory mining via application-specific integrated circuit (ASIC) chips for approximately 60 to 90 days. The goal of phase 1 is to capture several data sets to be used for future growth and operational expenses determination. We will explore areas such as power, cooling, network latency and other environmental factors to see where we can be more efficient and pickup additional opex savings to be used to counter diminishing returns and/or negative cryptocurrency exchange valuations.”

Data Sets include, but not Limited to During Phase I:

• Supply chain & fulfillment
• Heat output in BTUs
• Cooling Tons needed per BTUs of heat generated 
• Cooling types and their efficiencies based on different environmental factors such as outdoor ambient temperature and humidity
• Electrical cost per mining farm per month.
• Number of coins mined per month per “mining farm”
• ROI Projections

Donald R D’Avanzo is a highly motivated and educated Information Technology Engineer with considerable experience in the sector. Driven to innovate and build more efficient infrastructure and cloud environments; he has been applying his skills to the datacenter, cryptocurrency mining and blockchain spaces throughout the United States and Canada essentially building what he likes to call a “better digital mouse trap” that costs less but is more efficient.”

Jonathan Read, Chief Executive Officer of TimefireVR, d/b/a TeraForge, stated, “After carefully evaluating several locations and teams to work with for our mining operation, we are pleased to move forward with Donald and his team in Brooklyn. We have purchased the equipment needed to begin mining and laid out a detailed multi-phase strategy. Shortly after the equipment is running, we will begin generating revenue immediately. Based on data and operational efficiencies, we will make further investment to increase our capacity. Additionally, we are actively exploring other locations, predicated on energy cost and availability of support services.”

About TimefireVR Inc., d/b/a TeraForge
TimefireVR Inc., d/b/a TeraForge, is an Arizona based technology company focused on strategic investments in blockchain and cryptocurrency technologies. TeraForge is forging financial and technical innovation for blockchain enterprises through investments in tools, systems, and applications that will provide support for the blockchain and digital currency industries. TeraForge is actively seeking to acquire exciting young companies as well as pure technology teams in a variety of blockchain related fields. For more information please visit www.teraforge.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding  initiation of mining, generation of revenue and M&A opportunities in cryptocurrency. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.  Some or all of the results anticipated by these forward-looking statements may not be achieved, Important factors that could cause actual results to differ from those in the forward-looking statements include the Company's need for capital, the future condition of the capital markets in general and the market for microcap securities, regulatory and other developments in the markets for cryptocurrency including substantial price declines, the rising cost of electricity and computer servers used in mining, intense competition for acquisition of blockchain technology companies which may affect the purchase price and difficulties in negotiating and closing any potential acquisition including the absence of audited financial statements. Further information on our risk factors is contained in our filings with the SEC, including the Annual Report on Form 10-K for the year ended December 31, 2016. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
212.896.1254
Valter@KCSA.com 
www.KCSA.com