Minerco Inc (OTCMKTS: MINE) is a brand management and holding company specializing in the development of beverage, entertainment, and related ancillary brands. The current Minerco beverage brand umbrella includes VitaminFIZZ® and The Herbal Collection™.
And now, per its most recent press statement, the company will be entering the crypto space by way of an acquisition.
Minerco Inc (OTCMKTS: MINE) announced today the company has acquired controlling interest in Priwen Systems Inc., a Cryptocurrency Mining and Technology company. Minerco now has assets that fit within its business model to increase revenues and shareholder value of the company. Priwen is the first of several targeted acquisitions to grow Minerco’s holdings portfolio.
Priwen’s emphasis started to shift to mining in Q1 2017. The engineering knowledge gained from the original activities of the company became transferable and very useful upon pivoting to the cryptocurrency industry. This knowledge base led to the purchase of miners in Q1 2017 and the mining of Bitcoin and Litecoin. During this proof of concept phase, Priwen was able to prove both financial and engineering viability.
Priwen is now well established in both the technology and crypto mining industries. Priwen not only efficiently mines Bitcoin and Litecoin but also designs, manufactures and is well positioned to sell mining equipment for the GPU (Etherium, etc.) market. The acquisition by Minerco allows Priwen to exponentially grow its business in the very short term. Growth is expected to come from the mining (both scope and volume), hardware manufacturing sales as well as related accessories, software development and expert consulting services to miners across the globe. More about Priwen, below.
Gordon Macfie, CEO of Priwen stated, “We are very pleased now to be a part of Minerco and feel this is the best course of action to expand our company and feel we can grow our business exponentially. Not only does Minerco have financial resources, but access to a deep away of contacts with both business and technical knowledge. With the goal of growing our business beyond our foundation of cryptocurrency mining. We expect revenues to grow exponentially over the next six to 18 months and feel the future is very bright. The synergistic expertise with Minerco will complement our core group with both judicious advice and active involvement. This access to a solid network will be critical to take advantage of opportunities in the quick paced blockchain environment.”
Scott Vanis CEO for Minerco Stated, “We are very pleased to have acquired Priwen Systems Inc. and welcome Mr. Macfie’s team to the family. The closing process took longer than expected, but we are confident and were very diligent in this addition to our company. Priwen is exactly the type of company with the top-notch leadership we have been looking for. Priwen’s business is one of the most exciting markets in the world today. Priwen has proven executives in an existing yet young market, and it has tremendous upside potential to quickly increase shareholder value. Our goal now is to help Priwen grow to its potential to create a business model that has tremendous revenues and profits for our shareholders.” (Source: PR Newswire)
In terms of the chart, MINE is a speculative super-subpenny play, but we’ll be interested to see if the company can spin its newly acquired coin mining business into something of real value. We’ll be sure to continue looking out for key events. We’ll stay up on any further developments with MINE and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free small cap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in MINE stock, short or long.