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Gryphon and Sphere Announce MSA and Agreement to Purchase Additional Carbon Offset Credits Bringing Total to Half a Million Credits
Gryphon and Sphere 3D have entered into a Master Services Agreement that allows Sphere to leverage the Gryphon world class team to support the additional
About this update from Sphere 3d Corp.
[{"type":"text","content":"Gryphon and Sphere 3D have entered into a Master Services Agreement that allows Sphere to leverage the Gryphon world class team to support the additional crypto mining equipment being purchased directly by Sphere\nThe Carbon credits agreement is to clean an additional 250,000 tons of carbon from the atmosphere and is in addition to the previous agreements signed by the parties\nToronto, Ontario--(Newsfile Corp. - August 20, 2021) - Gryphon Digital Mining (\"Gryphon\") and Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\") today announced that they have entered into an agreement to purchase an additional 250,000 Certified Emission Reductions (\"CERs\" or \"Credits\"), with each company purchasing 125,000 credits, subject to closing conditions (as further defined below). These credits will help support the two companies ESG commitments in light of the recently announced initiatives to substantially increase crypto mining capacity.\nIn addition, Sphere 3D and Gryphon have entered into a Master Services Agreement (\"MSA\") that will allow Sphere 3D to utilize the world class expertise of the Gryphon team for the direct purchases by Sphere 3D of crypto mining equipment while parties work towards closing their previously announced Agreement and Plan of Merger that will see the two companies merge.\n\"I have seen other Blockchain Industry companies follow our lead through the purchase of carbon offset credits and applaud them for doing so. We all share the same air and putting into action steps to keep that air clean is an issue that should be top of mind for all companies, regardless of industry,\" explains Rob Chang, CEO at Gryphon Digital Mining. \"As we are finding out over the last few weeks, Sphere and Gryphon have the same passion for ESG initiatives as well as alignment on growth. We are equally as excited to lend our support in the design, implementation and management of additional mining capacity being deployed by Sphere 3D as we work towards completing the merger as expeditiously as possible.\"\n\"I think the additional credits that we purchased provides both companies with greater flexibility for locations to host the increased deliveries of crypto mining equipment we have previously announced,\" stated Peter Tassiopoulos, CEO of Sphere 3D, adding \"it was also important for us to have the Gryphon team fully engaged in our expa...