BitMine Immersion Technologies, Inc. Announces Name and Symbol Change to “BMNR” | Your money

ATLANTA, March 17, 2022 (GLOBE NEWSWIRE) — BitMine Immersion Technologies, Inc. (OTC: BMNR) f/k/a Sandy Springs Holdings, Inc., www.bitminetech.iois pleased to announce that on March 3, 2022, FINRA approved the company’s name change from Sandy Springs Holdings, Inc. to BitMine Immersion Technologies, Inc., and simultaneously approved a new ticker symbol by which the company now trades under the symbol “BMNR”.

In July 2021, a new management was appointed for the company to allow the company to embark on the creation of a hosting center for Bitcoin mining computers mainly using immersion cooling technology, as well as the mining Bitcoin digital currency for own account.

Immersion cooling is the process of immersing computer components (or complete servers) in a thermally, but not electrically, conductive liquid (dielectric coolant) allowing for superior heat transfer performance to air and many other advantages. Immersion cooling can be up to 95% more efficient than standard air cooling, producing an estimated PUE (energy efficiency) of 1.05. This cooler environment has been shown to extend machine life by 30% or more.

Following the Company’s change in business focus, management felt it was in the best interests of the Company and its shareholders to change the Company’s name from Sandy Springs Holdings, Inc. to BitMine Immersion Technologies. , Inc. to better reflect the Company’s new business direction.

Chairman of the Board, Jonathan Bates, said: “We believe the name is changing and the new ticker symbol accurately reflects the new business direction as an institutional-grade hosting service for mining companies and operations as a Bitcoin miner.”

BitMine Immersion Technologies recently signed its first client to a 3-year hosting contract, becoming revenue positive in the second quarter of its fiscal year 2022. Additionally, the Company has sold this client several Bitcoin miners enabling it to to expand its mining capacity, the Company is currently in discussions with several large mining companies to fill its initial capacity of 50 MW.

President Erik Nelson added: “I am very pleased with our recent addition of a new hosting customer. This is our first step towards building a world-class hosting company serving minors. Additionally, our name and symbol change should allow us to communicate our to our customers as well as the investing public.”

About BitMine Immersion Technologies, Inc.:

BitMine Immersion Technologies, Inc. (OTC: BMNR) is building a bitcoin hosting and mining business using oil-cooled immersion technology to provide a superior environment for hosting bitcoin mining computers. BitMine Immersion Technologies passes some or all of its fixed costs on to hosting customers, while entering into a profit-sharing agreement to receive a percentage of the bitcoins mined. BitMine Immersion Technologies also mines Bitcoin for its own account.

Forward-looking statements:

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine Immersion Technologies’ control, including those set forth in the Risk Factors section of BitMine Immersion Technologies’ Form 8-K filed with the Securities and Exchange Commission (the ” SEC”) on September 7, 2021 and any other documents filed with the SEC, as modified or updated from time to time. Copies of the documents filed by BitMine Immersion Technologies with the SEC are available on the website of the SEC at BitMine Immersion Technologies undertakes no obligation to update these statements for revisions or changes after the date of this publication, except as required by law.

BitMine Immersion Technologies Contact: Jonathan Bates President

[email protected]

Copyright 2022 GlobeNewswire, Inc.

James V. Hayes