Tuesday, 04 August 2020

PSE&G Electric Conducts Site Visit of GDET Cryptocurrency Mining Facility to Approve Service Upgrade

FORT LEE, N.J., July 02, 2018 GD Entertainment And Technology (GDET) is proud to announce the retrofit of our New Jersey mining facility.
The company has retained counsel from Forest Hill Electric, a major electric firm servicing the Tristate Area. Michael Fiore, CEO of Forest Hill is overseeing the service upgrade of the New Jersey mining facility with a team of five licensed specialists on site. Mr. Fiore and his team have already surveyed the location and drawn up blueprints for the upgrade. Fiore commented “This is a very exciting time for Forest Hill to explore Blockchain technology. We have done many commercial jobs in the past, including data centers, but working with Mr. Idnani has been a pleasure with his technological vision”.

PSE&G has already conducted a site visit, with both engineering team and construction team to approve the service upgrade. The service includes a complete overhaul, which will allow the facility to operate at a capacity of 800 amps. PSE&G has plans to install a brand-new transformer on location as well as transmission lines to accommodate the heavy power. Management is in the process of negotiating with PSE&G to subsidize the supply charge rate in order to lower overhead and maximize the Company’s revenues.

With the assistance of Forest Hill, the Company has been able to create its first test run of the Bitmain S9 machines with a total of 15 units operating successfully. Our in-house technicians have already pre-installed the remaining units from last week’s delivery and are awaiting the completion of the service upgrade to be fully functional. The Company has also connected the machines in this trial period with our Corporate Mining Account online and have been successfully mining Bitcoin.

We are excited to share our new developments from our management, our partner Forest Hill Electric, PSE&G, as well as town officials very soon.

About GDET

GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers overseas to ensure future purchasing.

Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements.

Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors.

The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.

source: globenewswire.com
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