Abits Group Inc Secures Loan for Memphis Expansion, Doubling Mining Capacity by Early April 2025
Summary
Hong Kong, March 19, 2025 (GLOBE NEWSWIRE) -- Abits Group Inc (the Company) (NASDAQ: ABTS), a bitcoin mining and related services company operating in the United States, announced today that its wholly owned subsidiary, Abit USA, Inc. (Abit USA), has secured a $3.0 million loan from an unrelated third party to fund the purchase of new Antminer S19XP machines for its new operational expansions in Memphis, Tennessee. The loan, which carries a simple interest rate of 12% per annum, is secured by Abit USAs assets located in Duff, Tennessee.Additionally, the Company is pleased to announce that it has successfully renegotiated and secured improved terms under its Hosting Agreement with a service provider. The enhanced cash flows from this Memphis expansion are expected to contribute additional earnings at the EBITDA level over the next three years.Abits Group Inc (formerly Moxian (BVI) Inc), a company organized in the British Virgin Islands in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as will, expect, anticipate, future, intend, plan, Believe, estimate, potential, continue, in progress, goal, guidance expectations and similar statements are identified. More detailed information about these and other risks and uncertainties is included in the companys filings with the Securities and Exchange Commission.