Not for Distribution to USA News Wire Services or for Dissemination into the USA
Vancouver, BC, Canada, May 6, 2022 – Skychain Technologies Inc. (TSX.V - SCT) (OTCQB - SKTCF) (“Skychain” or the “Company”) Further to the Company’s news release of March 18, 2022 where the Company announced it was pursuing a solution to a noise -mitigation issue with the Birtle, Manitoba site, the Company has decided that is not feasible to continue with its efforts in Birtle.
The Company is very pleased to announce it will move the location of its proposed 12MW cryptocurrency hosting facility to a new site at Melita, Manitoba. The Company had purchased the approximately four-acre Melita site through a wholly-owned subsidiary for $210,730. By moving the proposed facility away from Birtle, the Company has overcome the permit issue, lowered its costs substantially and potentially increased its power capacity on a site approximately double the size of the Birtle site.
The management team believes this relocation represents our commitment to our business and our clients, and we hope that this opportunity will spearhead our expansion plan moving forward.
The Company has notified the landlord of the Birtle, Manitoba property that the Company does not intend to extend its current two-year lease past the term ending in September 30, 2022. The rented site is vacant, and the Company’s equipment purchased for the Birtle site are stored in Manitoba and, to the extent possible, will be recommissioned to the new site.
About Skychain Technologies Inc.
Skychain Technologies Inc. is a Vancouver based company providing blockchain infrastructure and valued added services. To learn more, visit skychaintechnologiesinc.com
ON BEHALF OF THE BOARD OF DIRECTORS
Richard Du, PhD
Chief Executive Officer
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Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.