American Premium Mining Corporation (OTCMKTS:HIPH) on May 8, 2022, announced that the owned subsidiary, CloudXchange Datacentre Inc has received delivery and finished installation of the first phase of crypto mining rigs in Singapore.
Trading Data
On Friday, HIPH stock fell 11.11% to $0.0016 with more than 3.02 million shares traded, compared to volume of 11.95 million shares. The stock moved within a range of $0.0016 – 0.0018 after opening trading at $0.0017.
American Premium Mining Corp. (OTC: HIPH) Completes Acquisition of CloudXchange DataCentre Inc. and Begins First Phase of Crypto Mining in Singapore
The firm on April 24, 2022, had announced plans for the acquisition of CloudX to focus on crypto-mining related businesses. This has an earnings guarantee of US$1.5 Million for one year by the seller.
CloudX has diversified its crypto mining rigs operations in several geographies, currencies as well as service providers. The first phase of crypto mining rigs in Singapore has a number of mining rigs. Going ahead, CloudX will be focused on efforts to finish the second phase of the crypto mining acquisition plan. This comprises Bitmain S19J Pro crypto mining rigs and mining Bitcoins. A leading manufacturer of cryptocurrency mining rigs, Bitmainhas S19J Pro, one of the most productive as well as energy-efficient mining rigs in the market.
Ryan Fishoff, CEO of APM said that APM is keen on announcing the completion of the acquisition, which would be transformative for the Company. Fishoff added that APM has announced the name change to show the strategic focus. The CEO is optimistic about updating shareholders about the progress in integrating CloudX as well as the next phase of integration.
Key Quote
Ryan Fishoff, CEO of APM, commented, “APM is excited to announce the completion of the CloudX acquisition. This will be transformative for the Company. APM has already announced a name change to reflect the change in strategic focus. Now that the acquisition of CloudX is complete, the Company is focusing on crypto mining. The first phase of our plan has already begun, and we look forward to adding more miners to our portfolio to reach our $1.5 million earnings target. I look forward to updating shareholders about our progress integrating CloudX and the next phase of our integration.”
Technical Data
HIPH stock is trading above the 20-Day and 50-Day Moving averages of $0.0016 and $0.0015 respectively. However, the stock is trading below the 200-Day moving average of $0.0027.
