LM Funding America, Inc. Announces Strategic Collaboration with Arthur Mining to Support Development of New Hosting Sites with Dedicated Capacity Expected to Drive Revenue Growth and Significant Cost Efficiencies
07 Juin 2024 - 3:00PM
LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or the
"Company"), a cryptocurrency mining and technology-based specialty
finance company, today announced a strategic collaboration to
support the development of a new 15 MW hosting site being developed
by Arthur Mining Inc., near Oklahoma City. In connection with
collaboration, LM Funding has committed to loaning $2.5 million to
a new joint venture, majority-owned by Arthur Mining and co-owned
by a third-party, in order to accelerate completion of the 15 MW
hosting site.
As part of the agreement, the Company has entered into a hosting
contract with Arthur Mining for approximately 3,000 of the
Company’s Bitmain Antminer S19j Pro machines to be deployed at the
new hosting site upon completion of the buildout, which is expected
by the end of June 2024. Furthermore, Arthur Mining has agreed to
host these machines at cost for approximately nine months, which is
expected to result in significant cost savings for LM Funding. In
addition, LM Funding and Arthur Mining plan to explore the
development of a new 60 MW site adjacent to the current 15 MW
Oklahoma City site, which would support the cost-effective
deployment of additional mining machines for the Company.
Bruce Rodgers, Chief Executive Officer of LM Funding, commented,
“We look forward to working with Arthur Mining to advance
development of the new 15 MW hosting site, as well as the potential
new 60 MW site. We believe these sites would provide us with
cost-effective, short and long-term solutions to host our S19J
Pros, allowing us to rapidly scale our cryptocurrency mining
capabilities. Partnering with Arthur Mining enables us to reap the
benefits of vertical integration, while remaining focused on our
core competencies and without the operational or integration risks.
Specifically, we look forward to leveraging their deep hosting
expertise and infrastructure while positioning ourselves to
accelerate growth and enhance profitability."
About LM Funding AmericaLM Funding America,
Inc. (Nasdaq: LMFA), together with its subsidiaries, is a
cryptocurrency mining business that commenced Bitcoin mining
operations in September 2022. The Company also operates a
technology-based specialty finance company that provides funding to
nonprofit community associations (Associations) primarily located
in the state of Florida, as well as in the states of Washington,
Colorado, and Illinois, by funding a certain portion of the
Associations' rights to delinquent accounts that are selected by
the Associations arising from unpaid Association assessments.
Forward-Looking StatementsThis
press release may contain forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. Words such
as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
and “project” and other similar words and expressions are intended
to signify forward-looking statements. Forward-looking statements
are not guaranties of future results and conditions but rather are
subject to various risks and uncertainties. Some of these risks and
uncertainties are identified in the company's most recent Annual
Report on Form 10-K and its other filings with the SEC, which are
available at www.sec.gov. These risks and uncertainties include,
without limitation, uncertainty created by the COVID-19 pandemic,
the risks of entering into and operating in the cryptocurrency
mining business, the capacity of our bitcoin mining machines and
our related ability to purchase power at reasonable prices, the
ability to finance our planned cryptocurrency mining operations,
our ability to acquire new accounts in our specialty finance
business at appropriate prices, the need for capital, our ability
to hire and retain new employees, changes in governmental
regulations that affect our ability to collect sufficient amounts
on defaulted consumer receivables, changes in the credit or capital
markets, changes in interest rates, and negative press regarding
the debt collection industry. The occurrence of any of these
risks and uncertainties could have a material adverse effect on our
business, financial condition, and results of operations.
Contact:Crescendo Communications, LLCTel: (212)
671-1021Email: LMFA@crescendo-ir.com
LM Funding America (NASDAQ:LMFA)
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