HOUSTON, March 26, 2024 (GLOBE NEWSWIRE) -- via IBN – BlockQuarry Corp. (OTC: BLQC), a leading Texas-based energy and infrastructure company, today officially announced the mutual departure of two key members of its executive team: Lawrence Davis, former Chief Operating Officer, and Sam Escobar, former Director of Ground Operations. The Company has also provided an updated outlook on its operations and financial performance.

Davis and Escobar played pivotal roles in the early stages of BlockQuarry's partnership, overseeing the relocation of the Company’s mining equipment to the Missouri site and initiating and establishing key relationships with the highly credentialed team of engineers that are currently operating the Company’s mining facilities. The departure of Davis and Escobar, following the completion of their responsibilities and compensation, was a mutual decision that allows them to focus on their private endeavors with Pantheon Resources while continuing to be an advisory partner for BlockQuarry, while BlockQuarry will continue to work in direct partnership with the engineering team in Missouri.

BlockQuarry's core business model remains unchanged, with a focus on self-mining operations. The company will continue to work directly with the engineering team in Missouri to expand its self-mining operations. Alonzo Pierce will oversee public company operations, while the engineering team will manage day-to-day bitcoin mining activities.

Key factors that led to the shift from a partner-led bitcoin mining and hosting business model to a sole operating bitcoin self-mining facility, were very clear to the Company. While spending considerable time and resources evaluating the future of the business and the current market, it was evident that focusing resources as a direct self-mining operation, would lead to a greater increase in net revenue and the ability to operate at speed and agility. These key factors will have a direct positive impact on the operational and financial outlook of BlockQuarry, and will allow the Company to create consistent value to its shareholders at a much more rapid rate.

Financially, BlockQuarry is on a solid footing, projecting annual revenue between $2.2 million and $2.5 million. This reflects a revised forecast from our previous annual estimates between $1.4 million and $1.7 million. Additionally, the Company is committed to sourcing and powering up to three additional megawatts by the end of Q3, for a total of up to 5 MW of operational power, with plans to continue expansion commensurate with revenue and funding.