American Premium Water Corporation has purchased crypto mining company CloudX in a transaction worth US$45.6 million. With the acquisition of CloudX, the company will be focusing on the crypto-mining sector.
CloudXchange DataCentre Inc. (“CloudX”), a cryptocurrency mining and staking enterprise, was purchased by American Premium Water Corporation for $45.6 million.
CloudX committed its wholly-owned subsidiary CloudX SG, which is primarily focused on cryptocurrency mining, to generate earnings before interest, taxes, depreciation, and amortization of at least $1.5 million over a 12-month period (” EBITDA”), and any shortfalls of up to $1.5 million are guaranteed to be covered by the seller.
The CloudX acquisition, according to APW CEO Ryan Fishoff, is an indication of the business’s entry into the crypto mining industry, and he believes it will have a revolutionary impact on the company.
The Company plans to change its name to “American Premium Mining Corporation” after acquiring CloudX and concentrating on the crypto-mining sector. The company has previously concentrated on developing CBD and wellness goods that employ cutting-edge biology and nanotechnology.
He went on to say:
“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 business strategy that is designed to enhance shareholder’s value.”
The process of verifying transactions and adding blocks to a blockchain is commonly referred to as mining.
American Premium Water Corporation (OTC: HIPH) is a diversified consumer products firm specializing in brands that utilize cutting-edge bioscience technology. It was created in 1998.
The company focuses on the health, beauty, and biotech industries. It stated that it will have the option to rename itself “American Premium Mining Corporation.”