Link Global Technologies Provides an Operational Update
August 26, 2021 (Source) — THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
LINK GLOBAL TECHNOLOGIES INC. (CSE:LNK)(FRA:LGT)(OTC PINK:LGLOF) (“LINK”, “Link Global” or the “Company”), an innovative power and infrastructure solutions provider for Bitcoin mining, and data hosting operations, provides an update on business operations and recent developments in Alberta.
On August 19, 2021, after working with the Alberta Utilities Commission (“AUC” or the “Commission”) Staff in a joint submission to the Commission for the past six months and scrutinizing the Company’s operations in Alberta, a decision was made by the AUC to require the Company to seek additional approvals for two of the Company’s smaller operating facilities and halt these operations until such approvals are obtained.
Link currently operates the following sites in Alberta:
- 3.75MW at Kirkwall,
- 5MW at Campbell, and
- 10MW at Westlock.
The larger 10MW site continues to operate within the AUC regulatory framework. Based on the feedback from AUC, Kirkwall site will be safely shut down effective August 26, 2021 until such approvals are obtained. The Company is the process of working with the AUC for such review.
The operations at the Campbell site will also be shut down on August 26th, will be moved to another location and subject to review and approval by the Commission.
In February of 2021, the Company was contacted by the AUC due to a noise complaint made by a homeowner with a property that is approximately 850 meters east of the Campbell site. Link Global took immediate actions to provide the AUC with the documentation requested in response to the complaint and provided remedies for noise reduction.
Link Global has worked cooperatively with the AUC at every step of the way through a ” joint submission process”. The complaint resulted in a full and detailed review by the AUC of all of the Company’s operational sites.
“The high level of scrutiny on all of Link Global’s operations by the Alberta Utilities Commission that resulted from this process has given us confidence that we can achieve compliance on our existing sites, but also new sites moving forward.” said Link Global CEO, Stephen Jenkins. “In consideration of the neighbour’s concerns, at the Sturgeon County site we are moving forward with plans to move this plant to a new location even though we currently meet all noise compliance standards for the Campbell site. We do recognize it is important to listen to the local community and in particular one neighbour’s concerns with respect to the facility. The agility of our units allows us to be flexible and respond when the need for mobility becomes obvious.”
In order to correct some information inaccurately represented in a recent media article and to keep our shareholders fully informed about the facts related to the situation, Link Global submits the following timeline and facts:
- Link Global was contacted by the Alberta Utilities Commission on February 11, 2021, with a request to conduct a second detailed noise survey of its operations in both the daytime and nighttime at our Campbell site.
- Link Global completed the requested survey on February 26, 2021, with the outcome being extremely close to compliant. Further mitigation work was undertaken to ensure LINK met the requirements.
- Sound barriers were then installed. A follow-up survey was completed showing full compliance for both daytime and nighttime operational standards.
- Between March and June 2021, Link Global and the Alberta Utilities Commission worked collaboratively on a joint submission to the AUC board for consideration, – this submission was completed together in a spirit of cooperation.
- The joint submission was provided to the board of the AUC on June 18, 2021.
- Link Global followed up with the AUC on numerous occasions since June 18, 2021 inquiring about the timeline and any additional measures that the company could take to address any items. Unfortunately, the AUC did not respond regarding our outreach requests.
- Link Global was informed of the AUC board’s decision on August 19th, 61 days after submission.
- Despite meeting noise standards, Link Global understands that neighbours in this area have a high sensitivity to the operation and the Company is taking action to relocate the plant from the Campbell site as soon as operationally possible to a new site fully operational within a 4-5 week timeframe.
- The Campbell site is only one of several Link Global sites. The Company continues to operate successfully on other sites in Alberta.
“Link Global is breaking ground in this relatively new industry. Inevitably, unknown challenges will have to be tackled along the way,” added Jenkins. “We worked closely and transparently with the Alberta Utilities Commission, even providing a “joint submission” to the board due to the unknown nature of many factors. We have grown as a company due to this experience and we are now focussing on expanding other sites for our industry in Alberta.”
Link Global currently operates other sites in Alberta, which have been reviewed by AUC and any items that have been requested to bring the sites to the exempt status are being implemented expeditiously. These other sites collectively make up the majority of the Company’s generation capacity and meet or exceed all regulatory standards.
About Link Global Technologies Inc.
Link is engaged in providing infrastructure and operating expertise for digital mining and data hosting operations. Link’s objectives include locating and securing, for lease and option to purchase, properties with access to low-cost, reliable power, and deploying this low-cost power to conduct digital mining and supply clean energy and infrastructure for other data-hosting services.
To learn more about Link’s activities, visit us at https://linkglobal.io/
On behalf of Link Global Technologies Inc.
Chief Executive Officer & Director
For investor information, please contact:
Investor Relations Manager
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION. This news release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “forecast”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results “may”, “would”, “could”, “should” or “might” occur. Forward-looking statements made in this news release include, but are not limited, to: statements with respect to the shut down and relocation of the Company’s smaller sites and the timing thereof; that the Company can achieve compliance on its existing sites, and also new sites moving forward; and other business plans of the Company. All such forward-looking statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. In the case of the Company, these risks, uncertainties, assumptions and other factors include, without limitation: those set out in the Company’s most recent MD&A, fluctuations in the price of electricity, fluctuations in the price of digital currencies/Bitcoin, the future potential halving of Bitcoin, increases in the network difficulty rate and price of digital currencies/Bitcoin, negative changes in the level of digital currency/Bitcoin rewards per block, the securing of economic rates for the purchase of power, the opportunities for acquiring digital currency mining hardware, unanticipated changes in laws, regulations or other industry standards affecting the business of the Company, reliance on key management personnel, the Company’s ability to implement its business plan, litigation risk, stock price volatility, the effects of general economic and other factors beyond the control of the Company, and other matters that may occur in the future. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
SOURCE: Link Global Technologies Inc.
InvestorIntel.com is a leading online source of investor information that provides public market coverage for both investors and industry alike. A qualified online influencer through ... <Read more about InvestorIntel>