Marathon Patent Group Announces Installation of 700 M30S+ ASIC Miners and Company is Debt Free
700 Miners Expected to Generate 56 PH/s (petahash) of Hashing Power
LAS VEGAS, June 03, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the few Nasdaq listed cryptocurrency mining companies in the United States, today announced the completed installation of 700 M30S+ ASIC Bitcoin Miners that were purchased on May 11, 2020. The company is awaiting delivery of 1,160 Bitmain S19 Pro ASIC Miners in the next 60 days.
Convertible Note Fully Converted to Equity
On May 19, 2020, Marathon announced the reduction of the conversion price of Convertible Note originally issued on August 31, 2017. The entire principal balance of $999,105.60 and $215,411.30 of accrued interest has been fully converted by the Note holder to Marathon Common stock, reducing the company’s Long-Term Debt to zero. This reduction in Debt results in a substantial improvement in the company’s Balance Sheet and increases our Stockholders Equity.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2018. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor" below.
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Name: Jason Assad
Source: Marathon Patent Group, Inc.
Released June 3, 2020