LUXXFOLIO Achieves 90% Month over Month Increase in Mining PH/s Performance
NEWS RELEASE
VANCOUVER, BC – October 4, 2021 – LUXXFOLIO Holdings Inc. (the “Company” or “LUXXFOLIO”) (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt/Berlin: LUH) announces the following operational update:
Mining Overview (as at or for the month of September 2021):
- All 600 miners from swap agreement announced on NR Sept. 20, 2021 have been received;
- Mine site operating 1,025 miners at approximately 95 PH/s (Aug. 31, 2021 = 590 miners at 50 PH/s);
- An additional 265 miners received with installation in process;
- Total monthly rewards of 13.90 Bitcoin for approximate revenues of CAD$800,000 (Aug. 2021 = CAD$625,609);
- Bitcoin reserve of 33.91 Bitcoin (Aug. 31, 2021 = 27.07).
In addition, total Ethereum produced by Blackcloud for the month of September 2021 was 10.47 for total revenues of CAD$46,068. These revenues will be earned retroactively following the close of the Blackcloud transaction, which is expected in October 2021.
Change of Auditors
The Company also wishes to announce that it has appointed the Kenway, Mack, Slusarchuk, Stewart LLP (the “Successor Auditor”) as its independent registered public accounting firm, effective September 24, 2021, until the next annual meeting of the Company. The Successor Auditor was appointed following the resignation of Smythe LLP (the “Former Auditor”) as the Company’s independent registered public accounting firm, effective September 23, 2012.
The appointment of the Successor Auditor and resignation of the Former Auditor has been approved by the Company’s audit committee and board of directors. There were no modified opinions in the Former Auditor’s reports in connection with the Company’s fiscal years ended August 31, 2019, and August 31, 2020. There are no “reportable events” (as that term is defined in National Instrument 51-102 Continuous Disclosure Obligations) between the Company and the Former Auditor.
The Notice of Change of Auditor, together with the requisite letters from the Former Auditor and the Successor Auditor, have been filed on SEDAR.
Options Issuance
On October 3, 2021, the Company granted stock options to an employee of the Company to purchase an aggregate of 125,000 common shares in the capital of the Company. The stock options are exercisable for a term of five years from the date of the grant at an exercise price of 55 cents per common share. The stock options were granted in accordance with the terms of the Company’s stock option plan and the policies of the CSE. The stock options will vest over a 24-month period and are subject to a four-month-and-one-day hold period from the date of the grant, in accordance with applicable securities laws.
Company Highlights
| Date | Milestones |
| Dec 2020: | LUXXFOLIO orders 590 Avalon miners (NR Dec. 24, 2020); |
| May 2021: | LUXXFOLIO orders 2400 Bitmain S19J Pro miners (NR May 3, 2021); |
| June 2021: | LUXXFOLIO completes acquisition of industrial scale crypto mining operation (NR June 15, 2021); |
| July 2021: | LUXXFOLIO receives and installs 590 Avalon miners (NR July 19, 2021); |
| Aug 2021: | LUXXFOLIO announces expansion to increase capacity from 8MW to 15 MW (NR Aug. 12, 2021); |
| Aug 2021: | LUXXFOLIO reinvests price rebate and installs an additional 100 Bitmain S19J Pro miners (NR Aug. 4, 2021); |
| Sept 2021: | LUXXFOLIO enters into agreement to acquire Ethereum mining operation (NR Sept. 7, 2021); |
| Sept 2021: | LUXXFOLIO enters into swap agreement on 600 miners and receives early delivery on 300 (NR Sept. 20, 2021). |
| Sept 2021: | LUXXFOLIO DTC application approved (NR Sep. 23, 2021) |
Estimated Calendar Miner Delivery Dates
- Q4 2021: 300 Miners
- Q1 2022: 600 Miners
- Q2 2022: 600 Miners
- Q3 2022: 300 Miners
About LUXXFOLIO
LUXXFOLIO Holdings Inc. is a publicly-traded vertically-integrated digital asset company based in Canada. We operate an industrial scale cryptocurrency mining facility in the United States running off mostly renewable energy with a focus on the blockchain ecosystem and generation of digital assets. LUXXFOLIO provides a liquid alternative for exposure to digital assets for the broader capital markets.
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Contact Information:
For more information, please contact:
Dean Linden, Chief Executive Officer
Tel: (604) 398-3837
Email: dlinden@luxxfolio.com
www.luxxfolio.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipated”, “will be”, or variations of such words and phrases or statements that certain actions, events, or results “will” occur. Forward-looking statements regarding the Company, its hosting operations, miners, and the Company’s development of its growth strategy are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.