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McapMediaWire --Code Green Apparel Corp. (OTC: CGAC ), a Bitcoin mining company,is pleased to provide the following shareholder update.
CGAC’s new CEO, LoganWilliam Rice, stated, “It is with great anticipation that we bringwhat we believe to be a unique business model in the OTC space:
We will treat our minedBitcoin as a traditional commodity, in the manner of a traditionalgold mining company, for example. We will (1) mine Bitcoin, (2) sellthe mined Bitcoin for cash and, (3) on a regular basis, declare anddistribute dividends with respect to Available Cash (established byour Board of Directors) to our shareholders.
Common shareholders, asa group, will be entitled to 15% of that Available Cash as a dividendwhen and if declared by our Board of Directors.
We aim to build asustainable and profitable mining operation by leveraging the latesttechnology and equipment and optimizing our processes to maximizeefficiency and profitability.
The market for Bitcoin, as well as other digitalcurrencies, has proliferated in recent years, with more investors andinstitutions entering the space. This has increased demand for miningservices, as more processing power is needed to validate transactionsand produce new coins. The demand for Bitcoin mining will continue togrow in the coming years, and we intend to capitalize on thissignificant opportunity to build a successful Bitcoin miningoperation.
Ourbusiness model is based on building and operating a large-scaleBitcoin mining operation. We will acquire the latest mining equipmentand technology and optimize our processes to minimize costs andmaximize profitability. At least 80% of any capital that becomesavailable to us will be applied to the purchase of Bitcoin miners, asway for our company to grow its revenue potential through sales ofmined Bitcoin. Bitcoin mining is expected to be our only sourcerevenues for the foreseeable future.
Our primary marketing strategy will be to leverageour expertise and experience in the Bitcoin mining space to attractinvestors and business partners.
Our mining operation is located in Texas, with ourfinancial institution and their co-location partner, which hasfavorable electricity rates and a stable political and regulatoryenvironment. We have experienced Bitcoin mining professionals tomanage our operations and optimize our efficiency and profitability.We will also invest in ongoing research and development to stay at theforefront of the latest mining technologies and techniques.
The company’sacquired Bitcoin miners had been purchased with cash for just over$1,000,000 and these assets have been mining since September 2022. Theassets generated gross revenues for all of 2022 of approximately$54,000 – our revenues will be a function of Bitcoin mined and theBitcoin spot price at which we sell our mined Bitcoin.
Over time, weanticipate that our operations will become more layered, but only inways that we believe will maintain our thin-overhead model and,simultaneously, boost the Available Cash for ourshareholders.”
Available Cash . For purposes of determining the amountof cash to be distributed as a dividend to the holders of CGAC’scapital stock, the company’s Board of Directors has defined“Available Cash,” as follows: Available Cash shall be calculatedas an amount, for any determination period, equal to (1) totalrevenues from sales of company-mined Bitcoin, (2) less total costs ofBitcoin mined by the company, (3) less cash operating expenses of thecompany, (4) less cash paid by the company for debt service, bothprincipal and interest, (5) less taxes paid by the company. If thereis Available Cash for any determination period, it will be distributedas 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 ofSeries A Preferred Stock; 20.0% to holders of Series C PreferredStock; and 42.5% to holders of Series D Preferred Stock.
About CGAC
Code GreenApparel Corp. is a Bitcoin mining company uniquely positioned withinthe OTC space. CGAC will treat its mined Bitcoin as a traditionalcommodity, in the manner of a traditional gold mining company, forexample. CGAC will mine Bitcoin, then sell the mined Bitcoin for cashand, (3) on a regular basis, declare and distribute dividends withrespect to Available Cash (established by our Board of Directors) toour shareholders. CGAC’s primary business objective is tocontinually increase its Bitcoin mining capacity, so as to increasecash available for distribution as a dividend to itsshareholders.
Forward-Looking Statements:
This current press release contains“forward-looking statements,” as that term is defined in Section27A of the United States Securities Act of 1933, as amended, andSection 21E of the Securities Exchange Act of 1934. Statements in thispress release which are not purely historical are forward-lookingstatements and include any statements regarding beliefs, plans,expectations or intentions regarding the future, including but notlimited to, any products sold or cash flow from operations.
Actual results coulddiffer from those projected in any forward-looking statements due tonumerous factors. Such factors include, among others, the inherentuncertainties associated with distribution and difficulties associatedwith obtaining financing on acceptable terms. These forward-lookingstatements are made as of the date of this news release, and we assumeno obligation to update the forward-looking statements, or to updatethe reasons why actual results could differ from those projected inthe forward-looking statements. Although we believe that the beliefs,plans, expectations and intentions contained in this press release arereasonable, there can be no assurance that such beliefs, plans,expectations or intentions will prove to be accurate. Investors shouldconsult all of the information set forth herein and should also referto our most recent annual report for our last fiscal year, ourquarterly reports, and other periodic reports filed from time-to-timewith the Securities and Exchange Commission.
Contact:
Logan WilliamRice
ChiefExecutive Officer
612-889-2418
codegreenapparelcorporation@gmail.com
SOURCE: Code GreenApparel Corp.
Contact Details
Code Green ApparelCorp.
codegreenapparelcorporation@gmail.com
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