Redwater Secures Prime Site in Sturgeon County, Alberta

Vancouver, B.C, July 18, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that its wholly-owned subsidiary, Red Water Acquisition Corp. (“Redwater”) has successfully acquired development rights for a prime site in Sturgeon County, Alberta, Canada. The rights were obtained through the assistance of Tru North Data Systems Ltd (“TNDS”), a leading provider of data centre solutions, specializing in optimizing high-performance computing systems for enterprise clients based in Calgary, Alberta.

TNDS, acting on behalf of the site owner, an oil and gas producer, played a pivotal role in facilitating the commissioning of the site. The collaboration between Redwater and TNDS will enable the utilization of natural gas associated with oil production, which is currently being flared, as a sustainable and cost-effective fuel source for Redwater's state-of-the-art crypto mining facility.

"We are thrilled to secure this prime location in Sturgeon County, which will serve as the foundation for our advanced crypto mining operations," commented CryptoBlox Interim Chief Executive Officer, Taryn Stemp. "With TNDS's expertise and the support of the site owner, we can effectively harness waste gas and transform it into a renewable energy source, aligning our operations with our commitment to environmental sustainability."

As part of the ongoing collaboration, TNDS is currently negotiating a Gas Supply Agreement (GSA) with the site owner. The GSA will establish a formal agreement for the supply of waste gas to Redwater's mining facility, ensuring a reliable and continuous source of fuel.

"The Gas Supply Agreement will be a crucial step in our mission to utilize environmentally friendly energy sources for our mining operations," added Ms. Stemp. "We are confident that our partnership with TNDS and the site owner will lead to a mutually beneficial relationship, enabling us to reduce carbon emissions while maximizing operational efficiency."

Redwater's focus on air-cooled data centers and advanced heat recapture products sets it apart in the crypto mining industry. By employing innovative technologies, Redwater aims to achieve optimal efficiency and cost-effectiveness while prioritizing environmental sustainability.

The acquisition of the Sturgeon County site and the collaboration with TNDS mark significant milestones for Redwater's mission to become a leader in eco-conscious mining practices. The Company remains committed to pushing the boundaries of efficiency, sustainability, and responsible resource utilization within the cryptocurrency industry.