DMG Blockchain Solutions Inc. (TSX-V: DMGI)
(DMGGF:OTC US) (FRANKFURT:6AX) (“
DMG” or the
“
Company”), a diversified blockchain and
technology company, is pleased to announce that it has installed
and energized the previously announced purchase of 1,000 Micro BT
M30 miners.
DMG acquired these miners via equipment
financing as opposed to any further dilutive equity financings. The
Company’s 2020 goal, which requires additional financing, is 500
petahash of self-mining and DMG continues to provide hosting
services to third party clients, in line with its blended model of
hosting and self-mining.
DMG also announces in respect of its 2020 annual
meeting of shareholders (the “Meeting”), that due
to the health implications and constraints associated with the
COVID-19 pandemic, the Company is relying on the exemption provided
in the B.C. Securities Commission Instrument 51-516 – Temporary
Exemptions from Certain Requirements to File or Send Securityholder
Materials and similar exemptions provided by members of the
Canadian Securities Administrators in Alberta and Ontario to
postpone the filing of its executive compensation disclosure for
the fiscal year ended September 30, 2019 required under Section
9.3.1 (2.2) of National Instrument 51-102 – Continuous
Disclosure Obligations. The Company will include such executive
compensation disclosure as well as its annual financial statement
request form in the management information circular to be prepared
in connection with the Meeting. Updates regarding the date and
format of the Meeting will follow.
About DMG Blockchain Solutions
Inc.
DMG is a diversified cryptocurrency and
blockchain platform company that is focused on the two primary
opportunities in the sector – mining public blockchains and
applying permissioned blockchain technology. DMG focuses on mining
bitcoin, providing hosting services for industrial mining clients,
earning revenues from block rewards and transaction fees,
developing data analytics and forensic software products, working
with auditors, law firms, and law enforcement to provide technical
expertise. DMG’s permissioned blockchain technology is focused on
developing enterprise software for the supply chain management of
controlled products. DMG’s strategy is to become the domain experts
across the business verticals it focuses on. DMG’s management team
includes seasoned crypto experts, forensic & financial
professionals and blockchain developers with deep relationships
throughout the industry, with previous experience working at
Bitfury, PwC, EY, Cisco and UBS.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.com
On behalf of the Board of Directors,Daniel
Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions
Inc.
Investor Relations: John MartinToll Free:
1-888-702-0258Email: investors@dmgblockchain.comWeb:
www.dmgblockchain.comDirect: 778-868-6470
Cautionary Note Regarding
Forward-Looking Information
This news release contains forward-looking
information based on current expectations. Statements about the
Company’s plans to increase petahash (PH) by self-mining, price of
bitcoin, plans and intentions, other potential transactions,
holding the 2020 shareholders’ meeting, acquisition of customers,
product development, events, courses of action, and the potential
of the Company’s technology and operations, among others, are all
forward-looking information. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of
forwarding looking wording such as “may”, “expect”, “estimate”,
“anticipate”, “intend”, “believe” and “continue” or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, business, economic and capital market
conditions; the ability to manage operating expenses, which may
adversely affect the Company’s financial condition; the ability to
remain competitive as other better financed competitors develop and
release competitive products; regulatory uncertainties; access to
equipment; market conditions and the demand and pricing for
products; the demand and pricing of bitcoins; security threats,
including a loss/theft of DMG’s bitcoins; DMG’s relationships with
its customers, distributors and business partners; the inability to
add more power to DMG’s facilities; DMG’s ability to successfully
define, design and release new products in a timely manner that
meet customers’ needs; the ability to attract, retain and motivate
qualified personnel; competition in the industry; the impact of
technology changes on the products and industry; failure to develop
new and innovative products; the ability to successfully maintain
and enforce our intellectual property rights and defend third-party
claims of infringement of their intellectual property rights; the
impact of intellectual property litigation that could materially
and adversely affect the business; the ability to manage working
capital; and the dependence on key personnel. DMG may not actually
achieve its plans, projections, or expectations. Such statements
and information are based on numerous assumptions regarding present
and future business strategies and the environment in which the
Company will operate in the future, including the demand for its
products, the ability to successfully develop software, that there
will be no regulation or law that will prevent the Company from
operating its business, anticipated costs, the ability to secure
sufficient capital to complete its business plans, the ability to
achieve goals and the price of bitcoin. Given these risks,
uncertainties and assumptions, you should not place undue reliance
on these forward-looking statements.
The securities of DMG are considered highly
speculative due to the nature of DMG’s business.
Factors that could cause actual results to
differ materially from those in forward-looking statements include,
failure to obtain regulatory approval, the continued availability
of capital and financing, equipment failures, lack of supply of
equipment, power and infrastructure, failure to obtain any permits
required to operate the business, the impact of technology changes
on the industry, the impact of Covid-19 or other viruses and
diseases on the Company’s ability to operate, secure equipment, and
hire personnel, competition, security threats including stolen
bitcoins from DMG or its customers, consumer sentiment towards
DMG’s products, services and blockchain technology generally,
failure to develop new and innovative products, litigation,
increase in operating costs, increase in equipment and labor costs,
failure of counterparties to perform their contractual obligations,
government regulations, loss of key employees and consultants, and
general economic, market or business conditions. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The reader is cautioned not to place
undue reliance on any forward-looking information. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by third parties in respect
of the matters discussed above.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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