Link Global Technologies Inc. (CSE:LNK) (CNSX:LNK.CN) (FRA:LGT) (OTC:LGLOF) (“Link” or the “Company”), a clean energy and infrastructure solutions provider catering to energy-intensive industries, is pleased to announce it has entered into a non-binding Memorandum of Understanding (the “Agreement “) dated November 7, 2020 with Part Niroo Shivran Company (“PNS”), an arm’s length private entity organized under the laws of Iran, to develop clean energy generation projects in Canada and Iraq.
According to the terms of the Agreement, the two companies will work together to generate up to five gigawatts of clean energy from flare gases vented from existing oil refineries in Iraq, and generate more than 200 MW of electricity for semi-mobile data centres in Canada. This initiative will also eliminate Greenhouse Gases (GHG) equivalent to an amount produced by a small city.
PNS, established in 2002, is a market leader in supplying diesel generators and provides comprehensive solutions for delivering reliable and secure electrical energy in Iran. PNS is a multifaceted company specializing in engineering, procurement and construction (EPC) of energy, as well as energy consulting, installation, commissioning, and sales.
The terms of the Agreement are highlighted below:
- The generation of up to 5,000 MW (5 Gigawatts) of clean energy converted from flare gas vented from existing oil refineries in Iraq, with potential annual Greenhouse Gas (GHG) reductions of 3 tons per MW, in accordance with the United Nations Clean Development Mechanism (“CDM”) AM0037. Link has significant expertise in international projects and government relationships which will assist the development of these projects.
- Link and PNS have planned the provision of power and infrastructure to generate over 200 MW of electricity for semi-mobile data centers in western Canada, where Link already has clients and operations. PNS will supply generators for the above-mentioned projects, and will assist Link with the on-site development and optimization of their clean energy solutions for sites in Canada.
- Both initiatives are slated to begin implementation in fiscal Q1 2021.
The parties have agreed to enter into a definitive partnership agreement on or prior to November 15, 2020, which would replace and supersede the Agreement. The parties have also agreed to an exclusivity period in respect of the subject matter of the Agreement until January 31, 2021.
Stephen Jenkins, CEO and President of Link commented, “This partnership makes sense not only economically, but also environmentally. We are creating power delivery systems that capture and utilize wasted energy, while significantly decreasing volumes of carbon dioxide emissions in the process. With this partnership, we look to rapidly expand our footprint of clean energy solutions from Canada to an international market. This model is scalable with worldwide potential. The team at PNS is highly skilled with a solid foundation of international experience, allowing us access to numerous technologies ensuring that we remain agnostic with respect to technology. Each individual site condition, as well as the locally available waste, will drive our solutions forward.”
About Link Global Technologies Inc.
Link is engaged in the business of 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.
On behalf of Link Global Technologies Inc.
Chief Executive Officer & Director
For more information visit http://linkglobal.io/ or contact:
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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 Agreement and the terms and potential benefits thereof; that the parties will enter into the definitive partnership agreement and the terms thereof, including the timeline for same; that Link’s significant expertise in international projects and government relationships will assist the development of these projects; and that the initiatives are slated to begin implementation in fiscal Q1 2021. 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: that the parties may not enter into a definitive partnership agreement at all or on the terms announced; that actual results from the partnership may differ materially from the parties’ expectations; 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.
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