Shareholders of Datametrex AI Lltd. (TSX-Venture:DM) were treated to two corporate announcements this morning. First, the company announced that they have secured and began delivering on an initial contract for approximately $670,000 CAD with the retail division of Lotte Group.
Lotte Group is the fifth largest conglomerate in Korea with annual revenues of approximately $60 billion U.S. consisting of over 90 business divisions.
After that announcement came word that the company, through its wholly owned subsidiary, Ronin Blockchain Corp., had successfully amended an agreement with Gosun Group to extend the term of its contract to a minimum of five years and increased the maximum available megawatt capacity from 150 MW in the original agreement to 300 MW.
In today’s crypto environment, 1,000 ASIC mining rigs would utilize approximately 1.4MW of power and would generate approximately $3 million in annual mining revenue.
As a result of the dual announcements, shares of DM are up 11% to $0.10 on the news as the company tries to shake off a rocky start to 2018. Blockchain and Tech related stocks have had a rough few months but recent technical signals seem to be pointing to oversold levels and a possible trend reversal, which would be welcome news for DM as its stock sits 76% lower than mid-December highs.
