Cloud Nine Web3 Technologies Retains Cryptocurrency Miner to Monetize Operations
January 24 2022 - 4:30PM
Cloud Nine Web3 Technologies Inc. (CSE: CNI) (OTC: CLGUF)
(FRANKFURT: 1JI0) (“
Cloud Nine” or the
“
Company”), a leading decentralized network and
data storage technology company, announces it has entered into a
third party services agreement with Argent Crypto, Inc., a British
Columbia cryptocurrency based Money Services Business
(the “
Crypto MSB”), whereby the Crypto MSB
has agreed to access and utilize Cloud Nine’s unused computer
processing power of its userbase to mine digital assets, collect
digital assets from such activity and convert such assets into fiat
currency on behalf of the Company.
Sefton Fincham, President of Cloud Nine states,
“We are excited to partner with a trusted organization like Argent
Crypto to undertake our future mining operations. This agreement
represents a key step in our monetization strategy as we continue
to grow our userbase.”
The Company intends to utilize this relationship
to perform a monetization strategy for the foreseeable future until
the Company has the personnel and cash resources necessary to
support such operations independently and until the Company
believes it can safely mitigate the regulatory and business risks
associated with cryptocurrency mining.
Pursuant to the terms of the services agreement,
the Crypto MSB has agreed to utilize the Company’s proprietary
technology to access the unused processing power of the devices of
the Company’s userbase to mine digital assets. The Crypto MSB is
required to collect all digital assets generated from
cryptocurrency mining and convert such digital assets into fiat
currency and distribute the proceeds back to the Company. During
the term of the agreement, the Company has the right to require the
Crypto MSB to initiate, halt and re-commence such services at the
Company’s sole discretion. For their services, the Crypto MSB is
entitled to a service fee equal to an agreed upon percentage from
the converted fiat amount, with the balance being paid out to the
Company. The agreement may be terminated at any time by any party
with at least 90 days written notice.
The Limitless VPN (virtual private network) is a
proprietary product owned by the Company and offered to users which
relates to the usage of network infrastructure to perform
distributed computational processing and to provide the user with a
secure and encrypted connection to the internet. The initial
version of the Limitless VPN (www.limitlessvpn.com) was released
and available to the public on September 23, 2021.
As at January 21, 2022, there were 19,227
registered active users of the Company’s Limitless VPN. Management
believes that it will need to increase its userbase to
approximately 50,000 active registered users before it reaches a
sufficient number to economically justify activating its operations
and utilizing its userbase for either cryptocurrency mining through
the Crypto MSB or independently for decentralized data storage on a
cash fee basis.
The Company currently offers its products and
content without charge or, in some cases, for a reduced or nominal
cash fee. Instead, users who wish to use such products and access
such content are required to agree to the Company’s privacy policy
and terms of use which authorize the Company and its contractors to
access and utilize their unused computer processing power. At this
time, the Company intends to pursue its growth strategy of focusing
on growing its userbase by marketing its existing products and
offering additional content. Once the Company’s userbase increases
to approximately 50,000 registered active users, the Company
intends to initiate its monetization strategies as noted above.
On Behalf of the Board,
CLOUD NINE WEB3 TECHNOLOGIES
INC.
Sefton FinchamPresident(604) 669-9788
About Cloud Nine Web3 Technologies
Inc.
Cloud Nine is a diversified technology company
focused on leveraging its proprietary Web 3.0 technology products
to enable the decentralized movement among consumers and business
alike. Web 3.0 enables a sustainable world where decentralized
users and machines are able to interact with data, value and other
counterparties via a substrate of peer-to-peer networks without the
need for third parties creating many benefits such as giving each
user full control and ownership of all personal and corporate
data.
About Argent Crypto Inc.
Argent Crypto, Inc. a blockchain and
cryptocurrency based Money Services Business (MSB), aims to promote
the mass adoption of blockchain technology. Founded in 2018, Argent
Crypto, Inc. is dedicated to enabling the decentralized future
through custom blockchain consulting and investment services.
For further information, please contact:
Paul SearleCorporate CommunicationsCitygate Capital CorpPhone:
(778) 240-7724psearle@citygatecap.com
Forward-Looking Statements
Certain statements in this press release are
forward-looking statements and are prospective in nature.
Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events,
and are therefore subject to risks and uncertainties which could
cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. These
statements generally can be identified by the use of
forward-looking words such as “may”, “should”, “will”, “could”,
“intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or
“continue”, or the negative thereof or similar variations.
Forward-looking statements in this news release include statements
regarding: utilization of the Company’s userbase for cryptocurrency
mining by the Crypto MSB; the Crypto MSB’s ability to mine, convert
and generate fiat currency; the ability of the Company to perform
mining operations in the future after addressing regulatory and
business risks; the growth of the Company’s userbase; management’s
expectation that a userbase of 50,000 registered active users will
justify commencement of mining operations through the Crypto MSB;
and growth strategies of the Company. Factors that could cause
actual results to differ materially from those in forward-looking
statements include: the continued availability of capital and
financing; failure to obtain any approvals, permits, approvals and
licenses required to operate the business; technology integration
between the Crypto MSB and the Company to access its userbase; the
impact of technology changes on the industry; lack of demand for
the Company’s products and services; fluctuations in access from
the Company’s userbase; userbase utilizing inefficient or legacy
hardware and software; competition; increase in operating costs;
litigation; loss of key employees, consultants and directors;
security threats; privacy and cybersecurity risks and failures;
failure to develop new and innovative products and services;
failure of counterparties to perform their obligations; the impact
of the Covid-19 pandemic on the Company’s ability to operate and
hire personnel; and adverse general economic, market or business
conditions. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which the Company will operate in the future,
including the demand for its products and services, the ability to
successfully develop software, that there will be no regulation or
law that will prevent the Company from operating its business,
anticipated costs, and the ability to secure sufficient capital to
complete its business plans. Given these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements. Such forward-looking statements should
therefore be construed in light of such factors, and, except as
required by applicable law, the Company is not under any
obligation, and expressly disclaims any intention or obligation, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.