Microelectronics Technology Corporate Update
May 29 2014 - 4:25PM
Marketwired
Microelectronics Technology Corporate Update
MONARCH BAY, CA--(Marketwired - May 29, 2014) - Microelectronics
Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY), the
Company is pleased to announce progress the company has made
regarding the beta testing phase, corporate structure changes,
financing negotiations and BTC Mining Server order status.
Beta Testing
Phase The company has determined to end the beta testing
phase as of May 31, 2014.
Minor adjustments to the existing 3 TH/s BTC Mining servers are
continuing until beta testing completion with satisfactory results
to date.
The company's BTC mining pool will be live as of June 1,
2014.
Corporate Structure
Changes The company updated its filings with the state of
Nevada bringing it current in all aspects including its business
license.
The company also increased the Authorized Common share capital
to seven billion five
hundred million common, with no change to the Preferred
share authorized which is fifty million authorized of which 110,000
are issued and outstanding.
The company entered into an Asset/Intellectual Property Purchase
Agreement effective May 5, 2014 which included the company
providing a convertible Promissory note for the face value of
$150,000.00.
Language contained within the convertible promissory note,
specifically clause 12 contains a provision where the company is to
reserve one billion five hundred million common shares in treasury,
without issuance, unless a portion of the note is converted.
"12. The Company shall issue irrevocable transfer
agent instructions reserving 1,500,000,000 shares of its Common
Stock for conversions under this Note and another note being issued
on the same date herewith (the "Share Reserve"). The reserve shall
be replenished as needed to allow for conversions of this
Note. Upon full conversion of this Note, the any shares
remaining in the Share Reserve shall be cancelled."
The company currently has issued and outstanding 1,067,252,449
common shares. The previous authorized common share threshold was
two billion five hundred million requiring the company to expand
the authorized share capital to meets it's contracted reserve
requirements for this note and other pre-existing notes held by
Institutional Investors
Financing
Negotiations:
The company has secured through institutional investors the
required capital to
purchase the phase one targeted one hundred 1TH/s servers for a
bulk purchase.
This financing is through the issuance of convertible notes
issued pursuant to rule
144 with a minimum
6 month hold on the underlying common shares.
The company continues to pursue for larger non-dilutive
financing options for operating capital in the future.
BTC Server
Order
The company is in negotiations for the acquisition of
100 - 1TH/s BTC Mining
Servers from its supplier. The company expects to finalize
the purchase order early next week with delivery of the 100 units within a
three week delivery period as indicated by the
supplier. Upon delivery the BTC Mining servers will be
installed and mining on the company's BTC Mining Pool:
www.btcpoolparty.com as soon as possible.
Bitcoin Mining:
BTC The company is in development of a 100 TH/s mining
pool.
The company will be investing in the required hardware needed to
provide the targeted 100 TH/s rate over the next 30 days.
The company will be operating this cyber currency mining center
in an open pool configuration allowing other miners to join the
pool for a proportional percentage share of the mining pool
production.
About Dynamo Servers Dynamo Servers provide dedicated servers to
clients through our point of presence in Vancouver, Canada inside a
carrier neutral facility owned and operated by Cologix Inc.
www.dynamoservers.com
Forward-Looking Statements:
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
For further Information: Microelectronics Technology Co.
President: Mr. Brett Everett 1-949-436-9382 info@melypk.com
www.melypk.com www.dynamoservers.com
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