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SATO Technologies Corp. Refinances Existing Loan from Sygnum Bank AG to Fund AI and Bitcoin Mining Equipment Increasing Self-Mining Capacity by 358%
Toronto, Ontario--(Newsfile Corp. - July 20, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB:...
About this update from Sato Technologies Corp
[{"type":"text","content":"SATO Technologies Corp. Refinances Existing Loan from Sygnum Bank AG to Fund AI and Bitcoin Mining Equipment Increasing Self-Mining Capacity by 358%Toronto, Ontario--(Newsfile Corp. - July 20, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPU.F) (the \"Group\", or \"SATO\"), a highly performant innovation driven digital asset mining pioneer, ready for AI and High Performance Computing infrastructure deployment, is pleased to announce the refinancing of its existing loan (see the Company's press release of July 16, 2022), through its wholly-owned subsidiary, Canada Computational Unlimited Inc. (\"CCU\"), with Sygnum Bank AG (\"Sygnum''), allowing the Company to finance the purchase of computing power for Bitcoin mining, AI and HPC, and other general corporate purposes.Key Highlights of the agreementCHF 6,790,000 (CAD$10,383,324 Equivalent based on July 20, 2023 exchange rate, including outstanding amounts under the existing loan)9.5% interest rate per annum;Repayable over a 3 year term;Finances the purchase of currently hosted mining equipment increasing SATO's self-mining by 358% up to approximately 0.53 Eh/s (based on June 2023 average) and achieves full self-mining at Center One.Romain Nouzareth, CEO and Chairman of SATO commented: \"We are thrilled to extend and grow our partnership with Sygnum, the world's first digital asset bank, based in Zurich, Switzerland. This renewed hash-rate backed financing solution will greatly expand our efficient computing power infrastructure allowing us to significantly augment our computational abilities, attaining complete self-mining with our Bitcoin Center One, and initiating the launch of our AI and HPC infrastructures. I'm extremely proud of our team's hard work and meticulousness, accomplishing these milestones nearly a year prior to Bitcoin's halving event and concurrently with the substantial surge in demand for AI computing power, continuing our journey of growth.\"Sygnum's Head of Credit & Lending, Benedikt Koedel, comments, \"Sygnum is pleased to renew and grow the hash-rate backed financing solution with SATO Technologies for green crypto assets. This solution demonstrates how carbon-neutral miners can expand their operations with Sygnum's active support to grow innovation and sustainability in the global crypto ecosystem.\"On behalf of the board, Romain Nouzareth,SATO...