Microelectronics Technology Corporate Update
Microelectronics Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY), the Company is pleased to announce progress the company has made regarding the beta testing phase, corporate structure changes, financing negotiations and BTC Mining Server order status.
Beta Testing Phase
The company has determined to end the beta testing phase as of May 31, 2014.
Minor adjustments to the existing 3 TH/s BTC Mining servers are continuing until beta testing completion with satisfactory results to date.
The company's BTC mining pool will be live as of June 1, 2014.
Corporate Structure Changes
The company updated its filings with the state of Nevada bringing it current in all aspects including its business license.
The company also increased the Authorized Common share capital to seven billion five hundred million common, with no change to the Preferred share authorized which is fifty million authorized of which 110,000 are issued and outstanding.
The company entered into an Asset/Intellectual Property Purchase Agreement effective May 5, 2014 which included the company providing a convertible Promissory note for the face value of $150,000.00.
Language contained within the convertible promissory note, specifically clause 12 contains a provision where the company is to reserve one billion five hundred million common shares in treasury, without issuance, unless a portion of the note is converted.
The Company shall issue irrevocable transfer agent instructions reserving 1,500,000,000 shares of its Common Stock for conversions under this Note and another note being issued on the same date herewith (the "Share Reserve"). The reserve shall be replenished as needed to allow for conversions of this Note. Upon full conversion of this Note, the any shares remaining in the Share Reserve shall be cancelled."
The company currently has issued and outstanding 1,067,252,449 common shares. The previous authorized common share threshold was two billion five hundred million requiring the company to expand the authorized share capital to meets it's contracted reserve requirements for this note and other pre-existing notes held by Institutional Investors
The company has secured through institutional investors the required capital to purchase the phase one targeted one hundred 1TH/s servers for a bulk purchase.
This financing is through the issuance of convertible notes issued pursuant to rule 144 with a minimum 6 month hold on the underlying common shares.
The company continues to pursue for larger non-dilutive financing options for operating capital in the future.
BTC Server Order
The company is in negotiations for the acquisition of 100 - 1TH/s BTC Mining Servers from its supplier. The company expects to finalize the purchase order early next week with delivery of the 100 units within a three week delivery period as indicated by the supplier. Upon delivery the BTC Mining servers will be installed and mining on the company's BTC Mining Pool: http://www.btcpoolparty.com/ as soon as possible.
Bitcoin Mining: BTC
The company is in development of a 100 TH/s mining pool.
The company will be investing in the required hardware needed to provide the targeted 100 TH/s rate over the next 30 days.
The company will be operating this cyber currency mining center in an open pool configuration allowing other miners to join the pool for a proportional percentage share of the mining pool production.
About Dynamo Servers
Dynamo Servers provide dedicated servers to clients through our point of presence in Vancouver, Canada inside a carrier neutral facility owned and operated by Cologix Inc.
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements