With the all of the hype on cryptocurrencies in the last few months, institutions and investors have placed their focus on trading and instant returns. Integrated Ventures Inc (OTCMKTS:INTV) has instead decided to play in the less talked mining field. In this piece we give you gist on the company and a summary of its announcement that prompted its price movement from $0.01 to $1.51 in just three months.
Take a look at the stocks’ price movement below:
Integrated Ventures, Inc is a diversified holdings company that acquires, invests, launches and operates businesses, primarily in the cryptocurrency sector with focus on digital currency mining and hosting, manufacturing and distribution of the mining equipment and blockchain development with solid operating histories, minimum debt, high growth potential and tangible assets. The company is focused on implementing unique business strategies, creating liquidity through asset based infrastructure, supporting and improving operations, infusing an additional growth capital, maintaining and expanding a market presence in their niche sectors, while constantly enhancing this process by a multitude of initiatives. The firm also engages in the development and marketing of mobile platform that connects health care providers. It tends to expand operations to focus on investing in both private and public companies. It includes healthcare, medicinal cannabis cultivation, on-demand transportation, technology, manufacturing, and distribution of the consumer goods.
In November 2017, the firm announced the inauguration of its Bitcoin Mining Operations. The announcement was made in order to inform shareholders and investors with the latest mining statistics and futuristic metrics of the cryptocurrency space.
In the announcement, the firm confirmed that fifty units of completely paid Antminer L3 models, ten units of completely paid Nemesis 8G models and five units of completely paid A4+ LTC models were received.
All sixty five units were to be deployed by the end of November 2017 and to bring in over $30,000 worth of revenue considering the current bitcoin pricing levels.
The company expects all ordered mining rigs to be in stock and operational by December 29th, 2017 and has determined that ethereum mining has a significant upside and decided to expand its mining focus to ETH and ETH Classic, by acquiring 25 Nemesis 8G (GPU based) computers.
Upon full deployment, the total number of mining machines will consist of approximately 190 assorted rigs and generating in excess of $1.2 million in revenues, which shall easily exceed ongoing corporate capital requirements.
Steve Rubakh, CEO of Integrated Ventures, Inc. explained that the team had been executing normal operations yet working at full throttle to launch the bitcoin mining operations, constructing facilities, organizing rig procurement and power supplies, organizing and meeting complex power requirements, testing of equipment, installing and monitoring while ensuring peak mining environments.
He added that the Bitcoin’s current pricing , and the firm’s increasing reputaion, puts the firm in ta position to be very cautious in selecting financial and joint venture partners, as shown by its recent non-dilutive capital raise.
As mentioned above, the firm in September 2017 announced that it received clearance from the Financial Industry Regulatory Authority (“FINRA”) for a Reverse Stock Split. In the period, the company’s common stock was quoted under the symbol “INTV,” with the fifth character “D” added to the end of the trading symbol, for a period of 20 trading days to indicate that the Reverse Stock Split had occurred, and revert to trading under its original symbol “INTV” after the 20 trading day period.
Trading of the company’s common stock on a split-adjusted basis began at the open of trading on September 21st, 2017. As a result of the reverse Stock Split, every 50 shares of pre-split common stock was automatically reclassified and converted into one share of post-split common stock. The process reduced the number of shares of the company’s issued and outstanding common stock from approximately 387 million shares to approximately 7.7 million shares, without any change in the par value of the shares. Any fractional shares resulting from the Reverse Stock Split was rounded up to the nearest whole share
All records of the Integrated Ventures transfer agent, Worldwide Stock Transfer, was updated to reflect the reverse stock split. Worldwide Stock Transfer acted as the exchange agent for the reverse stock split and distributed a letter of transmittal to stockholders of record with instructions for the surrender of old stock certificates.
Integrated Ventures strengthened its cash position in 3Q2017 2017 with $90,193 cash compared to cash of $15,691 at 2Q2017. The increase in cash resulted primarily from the successful conversion of promissory notes receivable into common shares of Viva Entertainment Group, Inc., which were sold into the market for total net proceeds of approximately $0.6 million through September 2017. In addition, the Company’s cash position was further enhanced with $0.16 million proceeds from a private placement of the Company’s Preferred B Class shares in November 2017.
Integrated Ventures has become a player in an industry that is highly risky but also comes with high rewards.
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Disclosure: We have no position in INTV and have not been compensated for this article.