Miami, Florida--(Newsfile Corp. - March 29, 2021) - Miami-based United American Corp (OTC Pink: UAMA) ("UnitedCorp") announced today 2019 year-end financial results and provided an initial corporate update for 2019 and 2020. Year-end 2020 results will be released on April 5, 2021, as well as management's plans for the future of the company.
The Company also announced that primary Heat Station Dome operations were resumed on February 12th of this year after suspending them in May 2020 due to poor market conditions. With the resurgence in prices and with more institutional recommendations that cryptocurrency be included in investment portfolios as well as the mainstreaming of currencies such as Bitcoin by companies like Tesla, the Company believes that the time is right to re-enter the mining sphere. The Company is also encouraged by an overall push to more green mining initiatives such as Jack Dorsey's announcement that Square has created a fund to support companies driving the adoption of renewables in their mining activities.
"It was important for UnitedCorp to wait until there were sufficient signs of market stability before deciding to re-start operations," stated UAMA Vice President, Lawry Trevor-Deutsch. "We are now of the belief that the cryptocurrency market has been well tested and that its long-term importance as a financial instrument looks very promising. We also believe that the pandemic has emphasized the need for a higher level of local food security and we will renew our efforts in using the heat generated from operations to supply greenhouses that can operate year-round. Our goal has always been to go beyond simply being carbon neutral and towards a completely green closed-system which reuses its energy as much as possible."
Operations are currently at approximately 6 megawatts of the site's 8.4-megawatt capacity. The Company also intends to complete its 2018 and 2019 financial audits as well as commencing the audit for 2020. It will also begin to assess options to upgrade its servers to allow for more efficient mining.
2019 Financial Highlights
(all figures in US dollars)
- Generated revenue of $4.7 million1 for Heat Station Dome operations a gross profit of $2.2million2
- Consolidated net earnings of $1.49 million
- EBITDA for the year was $1.79 million3
- Increase in tangible assets from $3.0 million to $4.9 million
1 Revenue is based on hosting services, mining operations and consulting
2 Gross profit consists of billings less direct costs (mainly electricity) and is a non-IFRS measure.
3 EBITDA is a non-IFRS measure
Financial Review
| Year End | ||||||
| (US$) | ||||||
| Dec 31, 2019 | Dec 31, 2018 | |||||
| Total Revenue | 5,415,822 | 1,703,259 | ||||
| Cost of Revenue | 2,556,790 | 911,574 | ||||
| Gross Profit | 2,859,032 | 791,685 | ||||
| General Expenses | 1,068,199 | 587,264 | ||||
| Financial Expenses | 158,042 | 37,363 | ||||
| Depreciation | 243,767 | 52,786 | ||||
| Net Income1 | 1,389,024 | 114,272 | ||||
| EBITDA | 1,790,833 | 339,842 | ||||
1 Excludes gain/loss on foreign exchange
Financial Statements
The Company's financial statements are available on under UnitedCorp's profile.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications and information technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and Blockchain technology, and owns and operates the Data Center Domes which are amongst the world's most efficient and green data centers and are designed to provide heat for agricultural operations using computer equipment in naturally cooled data centers where efficiency and low-cost operations are a priority.
About the BlockchainDome
The UnitedCorp BlockchainDome was designed to provide heat for agricultural operations using ASIC (application-specific integrated circuit chip) mining operations where efficiency and low-cost operations are a priority. The BlockchainDomes, which utilize a proprietary passive cooling ground-coupled heat-exchanger technology, are particularly suited for situations where rapid cluster deployment is required as they can be erected and commissioned in a matter of weeks rather than up to a year using the traditional "Bricks and Mortar" approach. BlockchainDomes can be configured in a wide range of sizes to service any type of greenhouse operation.
How BlockchainDomes work can be seen at: .
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Aerial View of an Operating BlockchainDome and Rendering of Additional Greenhouses
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Internal View of BlockchainDome
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This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.
Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations
604 398 5000 Ext: 109
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