Luxxfolio to acquire 590 bitcoin miners

VANCOUVER, BC, Dec. 24, 2020 /CNW/ - Luxxfolio Holdings Inc. (the "Company") (CSE: LUXX) is pleased to announce that through their wholly owned subsidiary Luxxfolio Network Inc. ("Luxx Network"), has placed an order for 590 bitcoin miners ("Assets") with an aggregate operating hash power of 53.1 Petahash (PH) per second. The cost of the Assets is approximately USD$1,990 per unit or USD$1,174,100 and will be purchased through an asset backed lending ("ABL") structure sponsored by Arctos Capital out of San Francisco. 

Luxx Network, through its secured permission-based database will track, record and transact the hash power generated by the Assets. Luxx Network anticipates appointing a custodian to host these Assets which includes, but is not limited to, Ocean Falls Blockchain ("Ocean Falls"). The Company recently entered into a non-binding term sheet with Ocean Falls to acquire 100% of that entity, which is expected to close in the new year. In addition, the Company is negotiating with several other possible custodians in low-cost power jurisdictions with excess capacity.

Dean Linden commented, "This transaction goes a long way toward proving the capabilities of our platform and our people. As well, earning the confidence of a major international finance firm in Arctos Capital, will allow us to fast track our plans in the near future." 

About Arctos Capital
Arctos Capital is a technology-driven commercial lender that provides financing solution to crypto mining businesses. They are a leading asset backed lender where they have financed some of the largest crypto miners in the world. 

About Luxxfolio
Luxxfolio Holdings is a growth-oriented, CSE-listed company based in Canada.  The Company utilizes secure permission-based technology, record keeping, and other trust-based authentication tools for asset monetization of real or digital unique identifiable assets (UIA's). We provide a liquid alternative for exposure to the UIA's registered on the platform for the broader capital markets.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", "expected", "vision" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the Assets and the Company's development of its permissioned based technology and platform are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. 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 statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Luxxfolio Holdings Inc.