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MIAMI, Jan. 21, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — Miami-based United American Corp (“UnitedCorp”) (OTC: UAMA) announced today that its wholly owned subsidiary 9688137 Canada Inc. (aka Blockchain Data Centers) has entered into an agreement for the purchase of the property in Quebec where its first four BlockchainDomes are deployed and which is currently leased to the company.
The property will be purchased from 9382-9273 Quebec Inc (“9382”) for a total consideration of CD $1.1M which represents fair market value. The purchase is being financed via a standard mortgage on the property.
9382 is a related party through common ownership with Investel Capital Corp (Canada) (Investel) which controls the majority of UnitedCorp shares through a family trust. Investel will also provide an endorsement on the transaction.
“This transaction will permit UnitedCorp to further strengthen its balance sheet while assuring control over the long-term operation of our highly innovative agricultural heat station technology through the use of conventional data center-type computers or mining rig servers as heat generators,” stated Lawry Trevor-Deutsch, Vice-President of UnitedCorp.
BlockchainDomes provide heat for agricultural operations using ASIC (application-specific integrated circuit chip) mining servers with high efficiency and low-cost of operations. The BlockchainDomes utilize a proprietary passive cooling ground-coupled heat-exchange technology to cool the world’s hottest-running computers used for greenhouse operations. The dry heat produced by the BlockchainDome Heat Station is used year-round in positive pressure greenhouses to reduce greenhouse mold and fungus caused by condensation thereby reducing or eliminating the need for chemicals to treat this problem. This creates conditions for a more organic growth environment.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications and information technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and Blockchain technology, and owns and operates the BlockchainDomes which are designed to provide heat for agricultural operations using computer equipment in naturally cooled data centers where efficiency and low-cost operations are a priority.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company’s control. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management’s expectations or opinions change.
United American Corp
604 398 5000 ext: 109
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