/C O R R E C T I O N -- LM Funding America/
In the news release, LM Funding America, Inc. Signs Contract with GIGA Corporation to Host 1,080 Bitcoin Mining Machines, issued 08-May-2023 by LM Funding America over PR Newswire, we are advised by the company that all mentions of "GIGA Corporation" in the headline, first and third paragraphs be updated to "GIGA Energy Inc." The complete, corrected release follows:
LM Funding America, Inc. Signs Contract with GIGA Energy Inc. to Host 1,080 Bitcoin Mining Machines
Machines Expected to be Energized and Mining by the End of May
TAMPA, Fla., May 8, 2023 /PRNewswire/ -- LM Funding America, Inc. (NASDAQ: LMFA) ("LM Funding" or the "Company"), a cryptocurrency mining and technology-based specialty finance company, today announced that the Company has signed a new contract with GIGA Energy Inc. to host 1,080 of its bitcoin mining machines, all of which are expected to be electrified and mining by May 31, 2023.
LM Funding also announced it has acquired approximately 14,000 additional terahash in the form of 100 XP machines purchased at a discount from Bitmain Technologies Limited through its Pizza Day Raffle promotion These mining machines are expected to be electrified and mining by May 31, 2023.
Bruce M. Rodgers, Chairman, and CEO of LM Funding commented, "We are happy to announce that we signed a new contract with GIGA Energy Inc. to host 1,080 of our bitcoin mining machines at a site powered by flaring natural gas. We are told our machines will reduce the wasted flare gas at the site by 60%." Mr. Rodgers added, "The acquisition of 100 XP machines through Bitmain's Pizza Day raffle was a welcome surprise, supporting our intentions to acquire more energy-efficient machines in the forthcoming quarters in advance of the next Bitcoin halving in 2024. We expect to have these machines fully energized and operational by the end of May, providing LM Funding with total mining capacity of approximately 620 petahash.".
About LM Funding America
LM Funding America, Inc., (Nasdaq: LMFA) together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) located in the state of Florida by funding a certain portion of the Associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the COVID-19 pandemic, the risks of entering into and operating in the cryptocurrency mining business, the capacity of our bitcoin mining machines and our related ability to purchase power at reasonable prices, and the ability to finance our planned cryptocurrency mining operations. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.
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SOURCE LM Funding America
Released May 8, 2023