ZUG, SWITZERLAND and
VANCOUVER, May 10, 2019 /CNW/
- HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF)
(the "Company" or "HIVE") announces that it will hold its annual
general meeting of the Company's shareholders (the "Meeting") on
November 12, 2019.
The Company also announces that after careful review it has
rejected the purported meeting requisition (the "Requisition")
submitted by Genesis Mining Ltd. ("Genesis") on April 19, 2019 for being invalid. The Requisition
is invalid as it failed to comply with the legal requirements
applicable to a shareholder meeting requisition. Moreover, as
disclosed in the Company's press release dated April 22, 2019, the primary purpose of the
Requisition is to redress a personal grievance against the Company
relating to the formal notice that the Company provided to Genesis
on April 2, 2019 regarding certain
material breaches by Genesis of the master service agreement (the
"MSA") between the Company and Genesis, a clear contravention of
the Business Corporations Act (British Columbia).
"HIVE is pleased that this latest unfortunate chapter with
Genesis is behind us," said Frank
Holmes, Interim Executive Chairman and Interim CEO of HIVE.
"We are focused on driving shareholder value and resolving any
differences with Genesis in good faith for the benefit of all HIVE
shareholders."
The Company has engaged Norton Rose Fulbright Canada LLP as its
special legal counsel.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE is strategically partnered
with Genesis Mining Ltd. to build the next generation of blockchain
infrastructure. HIVE owns state-of-the-art GPU-based digital
currency mining facilities in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produces newly minted digital currencies
like Bitcoin. Our deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com. Follow @HIVEblockchain
on Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
"Frank Holmes"
Interim Executive Chairman
Neither the TSX Venture Exchange nor
its Regulation Services Provider
(as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for
the adequacy or
accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes information about the Meeting, the dispute with Genesis;
the Company's rejection of the Requisition; materials breaches of
the MSA by Genesis; the investigation into the circumstances in
which the shares of the Company owned by Genesis were issued to
Genesis; and other forward-looking information includes but is not
limited to information concerning the intentions, plans and future
actions of the parties to the transactions described herein and the
terms thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the ongoing dispute with Genesis may not be
resolved in a timely manner or to HIVE's advantage;
uncertainty related to the Requisition; uncertainty related to the
investigation; the costs of a proxy dispute may have a material
adverse effect on HIVE; HIVE may not be able to resume operations
in Sweden or otherwise profitably
utilize its equipment; HIVE may not be able to secure alternative
service providers to Genesis on terms that are advantageous to
HIVE, or at all; the ongoing costs and distraction to management of
the dispute with Genesis will have a material adverse effect on the
Company; and other related risks as more fully set out in the
Filing Statement of the Company dated and other documents disclosed
under the Company's filings at www.sedar.com.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to dispute the terms of the MSA with Genesis, including
material breaches and repurchase of equipment and the Company's
ability to reject the Requisition and contest a proxy dispute with
Genesis. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
SOURCE HIVE Blockchain Technologies Ltd.