SALT LAKE CITY, June 4, 2020 /PRNewswire/ -- CleanSpark, Inc.
(Nasdaq: CLSK), a diversified software and services company,
announced that its recently acquired subsidiary p2klabs Inc. has
seen significant growth thus far in 2020, contributing to
CleanSpark's overall success.
During the four months ending May 31,
2020, p2klabs revenues increased to $472,776 compared to the same period in 2019 when
the company produced $262,475 in
revenues. This represents an 80% increase in year over year
billings. The company attributes the increase to a
combination of factors, including increased access to capital,
expanded product offering and the ability to attract and retain key
personnel as a function of being a component of a much larger
organization.
"This acquisition provides value across a wide spectrum of our
operating plan. Having utilized p2klabs as a service provider prior
to the acquisition, we had great insight into their products,
policies, and personnel. We recognized the value of bringing these
resources 'in-house' to reduce costs and add talent to our team.
Further, we recognized that we could expand the reach of p2klabs'
offering through our existing relationships and channel partners.
We also identified the contributions that could come as a result of
integrating key personnel of p2klabs into the CleanSpark team. We
are now beginning to realize the benefits of these efforts and we
expect the positive trends to continue," stated Zachary Bradford, CleanSpark's President and
CEO.
Since the closing of the acquisition, p2klabs has spearheaded
the redesign of CleanSpark's corporate website, developed an
entirely new suite of marketing materials, and significantly
enhanced the interface, usability, and user experience of the
company's SaaS energy modeling tool 'mVSO' and its mPulse controls
platform. Additionally, p2klabs has continued to grow its core
business by gaining multiple new clients and increasing its
revenues.
Amer Tadayon, CleanSpark's new
Chief Revenue Officer added, "The access to capital as a result of
the CleanSpark acquisition has allowed p2klabs to bolster its team
and to enhance its service offerings, allowing us to accelerate our
revenue growth by contracting both with new clients as well as
existing customers. p2klabs' business is thriving since being
acquired, and our entire team is pleased with the overall
contribution to CleanSpark's initiatives for its core products,
while also increasing our consulting revenues."
Parties interested in learning more about CleanSpark's Microgrid
platform are encouraged to inquire by contacting the Company
directly at info@cleanspark.com or visiting the Company's website
at www.Cleanspark.com.
About CleanSpark:
CleanSpark a software and services
company which offers software and intelligent controls for
microgrid and distributed energy resource management systems and
innovative strategy and design services. The Company provides
advanced energy software and control technology that allows energy
users to obtain resiliency and economic optimization. Our software
is uniquely capable of enabling a microgrid to be scaled to the
user's specific needs and can be widely implemented across
commercial, industrial, military, agricultural and municipal
deployment. Our product and services consist of intelligent energy
controls, microgrid modeling software, and innovation consulting
services in design, technology, and business process methodologies
to help transform and grow businesses.
Forward-Looking Statements:
CleanSpark cautions you
that statements in this press release that are not a description of
historical facts are forward-looking statements. These statements
are based on CleanSpark's current beliefs and expectations. The
inclusion of forward-looking statements should not be regarded as a
representation by CleanSpark that any of our plans will be
achieved. Actual results may differ from those set forth in this
press release due to the risk and uncertainties inherent in our
business, including, without limitation: the fitness of the product
for a particular application or market, the expectations of future
growth of CleanSpark and/or p2klabs may not be realized, timing of
deliveries, ongoing demand for our software products and p2klabs'
consulting services, the impact of global pandemics (including
COVID-19) on the demand for our products and services; and other
risks described in our prior press releases and in our filings with
the Securities and Exchange Commission (SEC), including under the
heading "Risk Factors" in our Annual Report on Form 10-K and any
subsequent filings with the SEC. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and we undertake no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof. All forward-looking statements
are qualified in their entirety by this cautionary statement, which
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.