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SATO Technologies Corp. Renews its 20 MW of 100% Renewable Electrical Contract For Another 5 Years and Grants Options
Toronto, Ontario--(Newsfile Corp. - March 6, 2023) - SATO Technologies Corp. (TSXV: SATO) (O...
About this update from Sato Technologies Corp
[{"type":"text","content":"SATO Technologies Corp. Renews its 20 MW of 100% Renewable Electrical Contract For Another 5 Years and Grants OptionsToronto, Ontario--(Newsfile Corp. - March 6, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the \"Company\", or \"SATO\"), a publicly listed Bitcoin mining company with 100% renewable energy, is announcing that the renewal of its electrical contract has been completed for an additional 5-year term starting in June 2023. \"Our team's proactive approach towards the future growth of SATO is exemplified by the renewal of our electrical contract, which will continue to provide 20 MW of 100% renewable energy to our operations. The cost and quality of electricity play a crucial role in our industry, and this renewed contract enables SATO to produce one BTC (in Q4-2022) at an electrical cost of U$10,300,\" says Romain Nouzareth, CEO of SATO.SATO also announces that it has granted stock options to purchase an aggregate of 710,000 common shares to officers, directors, consultants and employees pursuant to the Company's Amended and Restated Stock Option Plan. The Options are exercisable into common shares of the Company at a price of CAD$0.25 per share for a period of 5 years from date of grant.Escrow releaseAs of March 14, 2023, an aggregate of 4,289,731 common shares that were held in escrow pursuant to the the policies of the TSXV will be released. The remaining balance under escrow will be 20,941,095 common shares. Details of the escrow terms and shares subject to escrow were set out in the Filing Statement filed by the Company on August 26, 2021, on SEDAR. On behalf of the board, Romain Nouzareth,SATO CEO & ChairmanAbout SATOFounded at block 494673 in 2017, SATO is a technology company with Responsible Bitcoin Mining at its core. It operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.SATO is led by technology entrepreneurs, finance, electricity and ventilation experts, network specialists, mathematicians, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in th...