MONARCH BAY, CA, United States, via ETELIGIS INC., 11/17/2014 – – Microelectronics Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY) The company is pleased to announce it has entered into negotiations with a Licensed Underwriter for the purpose of raising 2 million dollars of long term debt.
The purpose for the debt financing is for additional server acquisition and the restructuring of the dilutive debt the company currently holds on its balance sheet.
The company anticipates finalizing these negotiations by months end.
“The company expects to receive the first 500 BTC Mining servers on or about November 15, 2014 with the additional 500 servers to arrive by year end.”
As of this date the initial delivery of servers has been delayed by the manufacturer and the company has not received delivery of any new servers. The company had previously determined that it would utilize a different manufacturer than used initially, in order to save costs however reliable delivery remains an issue at this time.
The company has not been able to establish a delivery date at this time although it is anticipated to receive delivery imminently.
BTCPOOLPARTY Mining Pool:
The Company reports that the BTCPOOLPARTY launch has been very successful. The pool has been tested under significant load and has performed in excess of the company’s expectations.
The company is currently developing an incentive program to attract additional miners to expand the pools hash rate. It is the companies target to attract a minimum of 3 Petahash or more hash rate which would provide enough hash rate for the BTCPOOLPARTY pool to find a BTC block on a daily basis.
Addition photos and video can be viewed at the company’s Facebook page:
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY’s ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements
Microelectronics Technology Co.
Mr. Brett Everett
SOURCE: Microelectronics Technology Company