Sichuan, China, October 02, 2017 --(PR.com
)-- Chongqing Yuhuan Technology Co., Ltd., operating as Canoe Pool and Santo Mining Corp., operating as Podwerks (OTC: SANP), a manufacturer of modular container units servicing the U.S., today announce the signing of a letter of intent ahead of executing a definitive agreement to merge the two companies. The merger will result in a new entity called Canoe Pool America, focused on developing and expanding the U.S. operations for Canoe Pool’s bitcoin mining operations. Once the merger agreement has been executed Canoe Pool is to receive 150 million shares of SANP preferred stock, representing 35% of SANP post-merger stock. An additional 50 million shares of preferred stock will be issued upon achievement of certain Bitcoin mining milestones, for a total of up to 40% of SANP post-merger stock. Canoe Pool will be given three director slots to the SANP Board of Directors. The transaction is expected to be finalized within the next 4-6 weeks.
“The U.S. market presents a tremendous opportunity for us to grow into a Bitcoin mining powerhouse. We’re currently experiencing a U.S. led paradigm shift in acceptance of crypto currency markets through regulation. This is good news to the mining community in China looking to expand overseas. We are still facing great uncertainties at home about the future of digital currencies. Mining is not immune to it,” says Ang Li, Chairman and CEO of Canoe Pool. “Through our partnership with Podwerks we feel confident we can begin building our first mining pods by the end of the year. We look forward to working together and generate more profits for our shareholder. After all, we will soon be a publicly traded company,” added Li.
Canoe Pool has been experiencing rapid growth with two state-of-the-art mining facilities in central and northwest China. Their latest mining farm in Xinjiang, China is a partnership with Beijing-based Bitmain Technologies Ltd., the world's largest bitcoin mining organization. Canoe Pool’s total hashrate potential is 700P.
About Canoe Pool
Canoe Pool (Chongqing Yuhuan Technology Co., Ltd.), led by its founder Ang Li since 2013, is one of the fastest growing bitcoin mining companies in China with two large-size mining farms in Sichuan and Xinjiang, China; and with a total capacity of 75 thousand kilowatts, accommodating up to 50 thousand of the latest Bitmain S9 mining machines. Canoe pool has a total hashrate potential of 700P. Miners can choose between PPS or PPLNS payment systems with fees of 2% or 4%, accordingly. Canoe Pool currently supports Bitcoin Unlimited and represents 1.7% of the global crypto currency mining market share. More at https://www.canoepool.com
Podwerks is a manufacturer of modular container spaces for the co-working and cannabis industries in the United States. Using proprietary technology, Podwerks develops full specturm grow pods designed and built to withstand sub-zero temperatures. Pods are designed to limit humidity and absorb excess heat, providing for a more energy effect experience. All pods come equipped with the latest in equipment and serviced by a team with over 25 years of engineering expertise. More at www.podwerks.com