TORONTO--(BUSINESS WIRE)--Fortress Technologies Inc. (TSX-V: FORT) (the "Company" or "Fortress"), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to announce that it will begin operating under the name Cathedra Bitcoin Inc. and has changed its ticker symbol on the TSX Venture Exchange (the "Exchange") to "CBIT". The Company has also updated its brand to accompany the name change, introducing a new logo, website, and other brand assets, all of which can be found at www.cathedra.com.
"The name 'Cathedra Bitcoin' reflects our aspirations for the Company, and for Bitcoin more broadly: a bold, ambitious, long-term project whose full realization we may not witness in our lifetimes, but which we choose to undertake nonetheless," said AJ Scalia, Chief Executive Officer of Cathedra.
"Energy is the most fundamental resource. Life itself depends on it. As a permissionless energy sink, bitcoin mining offers the perfect economic incentive to improve our ability to harness energy. We at Cathedra believe this will have a profound and beautiful impact on humanity, enabling us to combat many of the largest problems we face today and advance further as a species."
Fortress Technologies Inc. is referred to as "Cathedra" or "Cathedra Bitcoin" in this press release. The common shares of the Company are expected to commence trading on the Exchange under the name "Cathedra Bitcoin Inc." on December 10, 2021, upon satisfying all applicable legal requirements. The company's ticker symbol "FORT" will also change to "CBIT" on or around this same date. Any changes in the future will be publicly disclosed. No action is needed from current stockholders.
For more information, please visit www.cathedra.com or follow Company news via Twitter @CathedraBitcoin.
About Cathedra Bitcoin
Cathedra Bitcoin (TSX-V: CBIT) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Cathedra believes sound money and cheap, abundant energy are the fundamental ingredients to human progress, and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra owns 163 PH/s across various sites around the United States and expects to deploy an additional 32 PH/s and 534 PH/s in Q4 2021 and 2022, respectively. Upon the full deployment of its purchased machines, Cathedra's hash rate is expected to total 729 PH/s. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company's ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company's operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Contacts
Sean Ty
Chief Financial Officer
604 477 9997
ir@cathedra.com
