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 the Company has
received an energy export license from the U.S. Department of
Energy.
Highlights:
- DMG’s new US Export License extends
DMG’s ability to purchase across United States, specifically
Washington State, the closest non-Canadian wholesale
marketplace
- DMG’s new US Export License is a
significant part of DMG’s over all operational strategy of power
and infrastructure independence
Prior to DMG becoming a public company, its
operating location was in Edmonton, Alberta, where DMG purchased
power from Alberta’s deregulated market to obtain the best
wholesale price of power before distribution and utility charges.
In order to scale and seek long-term energy savings, DMG’s
management recognized the need to be energy independent from the
onset. This led to owning our own power assets for industrial
mining, accessing power from either utilities or wholesale markets,
and ensuring revenue diversification in both self-mining and
hosting. Crypto-mining, distributed computing hosting and new areas
such as computational rendering and artificial intelligence require
substantial energy, and profitability is proportionally related to
power costs and operational uptime. DMG, at its current location,
and based on the availability to access 85MW, is achieving the
Company’s overall energy strategy. Low cost energy sourcing, power
asset ownership, operational excellence in uptime, as well as
ensuring that DMG’s operations do not impact the local power grid
and the local community are all being realized.
DMG’s CEO Dan Reitzik commented, “DMG has worked
diligently over the past four years to develop our unique power
strategy. Over the years, strong support and endorsement has been
given by local government and business leaders, as well as by our
current utility power provider, FortisBC. We are excited to have
been successful in obtaining a power export license from the US
Department of Energy and will continue working on DMG's power
strategy to ensure that DMG is able to access the most reliable and
cost-effective power from either Canada or the United States.”
DMG’s COO Sheldon Bennett added, “Our power
strategy included building and commissioning our private substation
with a goal to access wholesale power from the onset. Not only can
purchasing power on the open market significantly reduce DMG’s
energy costs, but it also minimizes the risk of price rises due to
DMG’s operations on the local utility’s rate payers. With the
Export Permit completed, DMG can now focus on the Province of
British Columbia’s regulations on open access transmission and BC
Hydro’s regulations for utilizing their system, which is needed to
access power outside the Province. Currently, DMG is working
through changes in the regulations that recently occurred.”
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 obtain the necessary approvals the from BC
authorities, plans and intentions, other potential transactions,
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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