DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF)
(FRANKFURT: 6AX) (“DMG”), a vertically integrated blockchain and
data center technology company, announces it has committed CAD $3.5
million to establish a Calgary, Alberta based independent digital
asset custody solution for institutional clients.
The capital commitment is part of DMG’s Core+
strategy and its mission to advance broader digital asset adoption
by building credibility and trust in cryptocurrency and digital
assets for investors. DMG will bring together secure institutional
wallet solutions, strong insurance policies, rigorous risk
management practices, best in class off-exchange liquidity as well
as innovative OFAC compliant and carbon neutral blockchain
solutions to meet institutional demand. The capital commitment for
this digital asset custody solution will be made over time and as
required to support the regulatory review process.
Systemic Trust Company Ltd. (“Systemic Trust”)
is a wholly owned subsidiary of DMG, which subject to regulatory
approval, will provide regulated custody of digital assets to
institutional clients such as financial institutions, asset
managers, corporations and public sector organizations seeking to
manage digital assets. Systemic Trust will be overseen by an
experienced and diverse Board of Directors.
Systemic Trust’s directors include:
Nevin Markwart, CFA, CFP - a
successful investment industry CEO who built businesses emphasizing
entrepreneurial and fiduciary cultures, employee ownership and a
laser focus on the client. Nevin co-founded Canoe Financial and was
previously the head of Canadian Equities for Fidelity.Matt
Torigian, MBA - a leader in policing and public
administration in Ontario with a career that has spanned over 33
years in all aspects of community safety. Matt previously served as
Ontario's Deputy Minister of Community Safety.Caroline
Troy, MBA, CBV - an expert in the Canadian capital markets
at well-known North American full-service and boutique investment
dealers. Caroline has substantial expertise in the valuation
industry through her involvement in numerous mergers and
acquisitions, valuation and fairness opinion assignments and
financings.John Place, LLB - an experienced
domestic and international corporate lawyer with leadership and
expertise in compliance and ethics. John is the Director of
Compliance and Ethics of a Canadian federal Crown Corporation as
well as an independent Board Director of DMG.Sheldon
Bennett, CFE, MBA - CEO and Director of DMG Blockchain
Solutions and Chair of Systemic Trust.Lawrence Truong, CFA,
MBA - CEO of Systemic Trust.
Systemic Trust welcomes Arshie Cheema (MBA,
BSc-Eng) as our new Chief Operations Officer. With over 25 years of
experience in technical, architectural and operational leadership,
Arshie is best positioned to deliver on our business objectives.
Arshie served as an executive advisor, enhancing operational and
security frameworks in cloud computing for two major-globals (TC
Energy and Cenovus) while also playing a key strategic role for a
significant O&G Merger & Acquisition. Most recently as
Binance Canada’s Chief Technology Officer, he spearheaded the
implementation and launch of its Crypto Trading Platform and
digital asset custody service. “I am both elated and humbled to
lend my expertise to Lawrence and the team, hoping that it will be
consequential towards advancing Systemic Trust's operational
capabilities.”
Systemic Trust welcomes Alvin Leung (MBA, MEM,
BSc-CS) as Chief Revenue Officer. Alvin is an accomplished
go-to-market (GTM) leader with over 20 years of experience across
various leadership roles (in marketing, product and data) in
technology and tech-enabled industries. In addition to previously
serving as the Head of Growth at Matic Insurance and a GTM leader
at Meta Platforms (formerly named Facebook), Alvin most recently
led Growth and Marketing at database technology vendor Vaticle,
where he successfully implemented a product-led growth (PLG) GTM
strategy targeting tenured software engineers.
Systemic Trust welcomes Alessandro Tocco as
Chief Compliance Officer. Alessandro leverages over 13 years of
regulatory compliance, investigations and AML expertise. He
spearheaded Binance Canada's anti-money laundering/anti-terrorist
financing (AML/ATF) compliance program, creating comprehensive
ML/TF risk controls and initiating a transaction monitoring program
aligned with FINTRAC and FATF guidelines. In addition to overseeing
the Trade Surveillance program at Bank of America and serving as a
securities investigator at the Alberta Securities Commission,
Alessandro also served as Deputy Money Laundering Reporting Officer
(MLRO) at Irish Progressive Services International Limited, where
he collaborated closely on anti-money laundering and
counter-terrorist financing matters.
Lawrence Truong will be leading Systemic Trust
as Chief Executive Officer, leveraging his 25 plus years of
experience in the capital markets, expertise in regulatory
compliance, extensive network and relationships that meet the
compliance requirements expected by regulators and financial
institutions alike. Lawrence commented, “I am excited to join the
DMG family and plan to use my experience and expertise to build
bridges between traditional finance (TradFi) and blockchain to
further blockchain adoption. Given DMG’s strong digital asset team,
we will have the opportunity to build infrastructure that can
service the needs of the largest financial institutions.”
DMG’s CEO Sheldon Bennett added, “Lawrence
brings a wealth of experience and contacts that could significantly
enhance DMG’s Core+ strategy to monetize bitcoin transactions. We
are excited to add him to our team and focus the company’s software
development in a way that could significantly increase DMG’s
software revenue over time.”
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically
integrated blockchain and data center company that manages,
operates and develops end-to-end digital solutions to monetize the
blockchain ecosystem. DMG’s sustainable businesses are segmented
into two business lines under the Core and Core+ strategies and
unified through DMG’s vertical integration.
For more information on DMG Blockchain Solutions visit:
www.dmgblockchain.comFollow @dmgblockchain on Twitter and subscribe
to DMG's YouTube channel.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & DirectorTel:
516-222-2560Email: investors@dmgblockchain.comWeb:
www.dmgblockchain.com
Investor Relations ContactCore IR
516-222-2560
For Media InquiriesJules AbrahamCore
IR917-885-7378julesa@coreir.com
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.
Cautionary Note Regarding
Forward-Looking Information
This news release contains forward-looking
information or statements based on current expectations.
Forward-looking statements contained in this news release include
statements regarding DMG’s strategies and plans, obtaining
regulatory approval of Systemic Trust, launching Systemic Trust’s
operations, delivering products that enable the monetization of
bitcoin transactions, developing and executing on the Company’s
products and services, increasing self-mining, the launch of
products and services, events, courses of action, and the potential
of the Company’s technology and operations, among others, are all
forward-looking information.
Future changes in the Bitcoin network-wide
mining difficulty rate or Bitcoin hash rate may materially affect
the future performance of DMG’s production of bitcoin, and future
operating results could also be materially affected by the price of
bitcoin and an increase in hash rate mining difficulty.
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, market and other conditions,
volatility in the trading price of the common shares of the
Company, 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.
For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.sedarplus.ca.
In addition, DMG’s past financial performance may not be a reliable
indicator of future performance.
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, adverse
weather or climate events, increase in operating costs, increase in
equipment and labor costs, equipment failures, decrease in the
price of Bitcoin, 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.
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