Cryptostar Corp. launches new GPU miner business

TORONTO, Sept. 21, 2020 /CNW/ - CryptoStar Corp. (TSXV: CSTR) ("CryptoStar" or the "Company"), a cryptocurrency mining and data centre operator, is pleased to announce it has signed a consulting agreement (the "Agreement") with a consultant (the "Consultant") based in China effective September 18, 2020.

Highlights of the Agreement

• The Consultant will provide services in the role of Cryptostar Corp. Business Development Manager (Asia)
• The Consultant and the Consultant's team will source and acquire high quality GPUs and miner components from manufacturers and will supervise quality control, logistics and delivery of turnkey GPU miners to customers under a new brand
• The Consultant and the Consultant's team will also source and acquire high quality ASIC miners from well-known manufacturers and other sources for resale and delivery to customers
• It is anticipated that the Company will begin taking deposits for orders within 30 days with delivery to be scheduled within 90 days
• The Consultant will be compensated under a profit share arrangement
• The Consultant may elect to receive net profits either in cash or units of the Company subject to the approval of the TSX Venture Exchange

Benefits of the Agreement

• The Company will accept deposits for both GPU and ASIC miners in bulk orders only for delivery worldwide
• The Company's award-winning data centre facilities in Utah, USA will be used as a showcase for the new GPU miner business
• The Company will be able to provide a one-stop shop for high quality GPU and ASIC miners, logistics and shipping and hosting solutions for customers worldwide at low power rate data centres in China, Canada and other data centres around the world

David Jellins, President and Chief Executive Officer of CryptoStar states, "We are delighted that the Consultant and the Consultant's team have selected CryptoStar as its global partner in this new GPU and ASIC miner venture. This partnership represents CryptoStar's entry into a multi-billion dollar industry. GPU miners are capable of mining cryptocurrencies like Ethereum's ether (ETH), Ethereum Classic (ETC), ZCash (ZEC), Monero (XMR) and many others. The demand for both GPU and ASIC miners is extremely high in the current market and we are looking forward to providing high-quality, attractively priced GPU and ASIC miners together with comprehensive solutions to our customers."

About CryptoStar Corp.:

CryptoStar has cryptocurrency mining operations with data centres located in the U.S.A. and Canada. CryptoStar is currently dedicated to becoming one of the lowest cost cryptocurrency producers in North America and a major supplier of GPU and ASIC miners worldwide.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements 

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the services to be provided by the Consultant and the Consultant's team, the timing of acquisition of ASIC miners and receipt of deposits by the Company, the use of the Company's data centre facilities in connection with GPU miner sales and the ability of the Company to provide a one-stop shop for miners for customers. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, including assumptions related to the ability of the Consultant to source, acquire and deliver GPU miners to customers, the availability of GPU miners from manufacturers on commercially reasonable terms, customer demand for GPU miners and the availability of third-party logistics and shipping, as well as other factors that management believes to be relevant and reasonable in the circumstances. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward looking statements. Except as required by law, CryptoStar undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE CryptoStar Corp.