Integrated Ventures Announces A Purchase of Bitcoin Mining Equipment And Sets An Annual Revenue Target Of $1.1 Million
PHILADELPHIA, Sept. 28, 2017 /PRNewswire/ -- BitcoLab, Inc, a wholly owned subsidiary of the Integrated Ventures, Inc, (OTC: INTVD) announced today that it has finalized and completed a purchase order consisting of five transactions with two the largest manufacturers of Bitcoin Mining Equipment. Total number of units purchased was 160 Mining units with an inventory value of $307,722.00.
Upon a timely delivery and full deployment, including an installation and setup, BitcoLab's Bitcoin mining operations are expected to generate approximate $1.1 million in annual revenue. Factoring in the general expenses including electricity and hosting, EBITDA from the Bitcoin Mining Operations is projected to be at $750,000 thousand per year.
The Company anticipates placing an additional purchase order for 340 units in early January after completing the installation and 60 days testing of incoming units.
Steve Rubakh, CEO of Integrated Ventures, Inc comments: "This fully paid purchase clearly indicates our confidence and the commitment to aggressively pursue opportunities in crypto currency market. With the recent market price of $4,250.00 per Bitcoin, the mining business is extremely profitable. We are very excited about our clean balance sheet, cash on hand and a manageable convertible debt level of $46,500.00. Our current financial position is allowing the Company to execute the launch of mining operations at such rapid pace and we are confident about hitting our revenue targets and building BitcoLab into a national mining powerhouse. We look forward to updating the investment community and shareholders with further progress."
About Integrated Ventures, Inc: the Company is focused on acquiring, launching and operating companies, primarily in the technology, mobile applications and healthcare transportation sectors.
About BitcoLab, Inc: This wholly owned subsidiary is pursuing opportunities in crypto currency sector with focus on bitcoin mining, hosting, pooling, manufacturing and distributing of own brand of mining equipment and the development of blockchain based applications for financial markets.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control.
SOURCE Integrated Ventures, Inc