American Premium Water Corp. to Change Focus to Crypto-mining Related Businesses, Will Change Name of Company to Reflect New Focus
PLAYA VISTA, CA, April 24, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – American Premium Water Corporation HIPH (“APW” or the “Company”) is pleased to announce that its Board of Directors has approved the acquisition of 100% ownership of CloudXchange DataCentre Inc. (“CloudX”), an entity that engages in crypto-mining related business through its wholly owned subsidiary CloudXchange DataCentre Pte Ltd (“CloudX SG”), to diversify the Company’s earnings. The purchase price of the transaction will be at a consideration of US$45.6 million, which reflects a projected price-to-earnings ratio of 30. To fund the acquisition, the Company will issue restricted common shares of equivalent value to Mr. Chan Heng Fai, Ambrose (the “Seller”), the sole shareholder of CloudX.
CloudX is engaged primarily in investment within the cryptocurrency space with a focus on crypto-mining and staking activities. Crypto-mining refers to the process that verifies and adds new transactions to the blockchain by solving complex mathematical equations for a cryptocurrency. The crypto miner that solves the complex mathematical equations first is rewarded with the respective cryptocurrency. Staking cryptocurrencies is a process that involves using crypto assets to support a blockchain network and verify transactions.
For risk management purposes, CloudX’s crypto-mining data centers will be strategically set up in locations such as Singapore, Malaysia (Sarawak) and Texas, United States with various service providers.
Ryan Fishoff, CEO of APW, commented, “The Company is very excited to enter into the crypto-mining space. This acquisition is designed to provide APW with a stable and growing revenue stream, and position the Company for long-term growth and profitability. The acquisition of CloudX will be transformative for the Company as APW embarks on a new…