Neptune Announces Investment in SpaceX and Corporate Update
VANCOUVER, British Columbia – July 6, 2022 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTC:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), a blockchain technology and cryptocurrency leader in Canada, is pleased to announce that it has invested approximately $2 million USD into SpaceX (Space Exploration Technologies Corp.).
SpaceX is an American spacecraft manufacturer, space launch provider, and satellite communications provider. SpaceX was founded in 2002 by Elon Musk and has the goal of reducing the cost of space transportation and to enable the colonization of Mars.
The Neptune investment into SpaceX is through an arms-length party. “Despite a financial bear market, we see investing in growth opportunities as critical to the long-term growth of Neptune. Neptune has been frugal and has retained a substantial cash balance allowing us to capitalize on new opportunities. Our investment in SpaceX, while not our core business, provides our shareholders with exposure to what we believe to be one of the most exciting technology companies of our time. This investment further diversifies our balance sheet while providing additional potential upside to shareholders.” – Cale Moodie, CEO & President
Corporate Update: Neptune Remains in a Strong Financial Position
Neptune is pleased to provide shareholders with a brief financial update during these exceptionally poor macro market conditions. Neptune has approximately $44 million in assets at the time of writing with no debt and a comfortable cash position of over $19 million. This puts Neptune in a very strong position to acquire additional assets and cryptocurrency at substantial discounts. Neptune’s approach has always been one of conservative, diversified investments and a dollar cost average strategy on acquisition of both Bitcoin mining rigs and cryptocurrency. This has served Neptune well in downturn markets such as the one we are in. Current earnings per month range from $250,000 to $300,000 at current crypto prices with monthly expenses of approximately $115,000 per month.
Currently, Neptune has approximately $880,000 USD in assets within a Celsius earnings account which are unable to be withdrawn. Neptune has not been affected by any other recent defaults or potential bankruptcies that Neptune is aware of at this time.
About Neptune Digital Assets Corp.
Neptune Digital Assets (TSX-V:NDA) is one of the first publicly-traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment; continued adoption of cryptocurrency. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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