DMG has launched its AML software, Walletscore, for financial institutions in Europe
DMG’s forensics practice has been engaged by organizations to assist them in crypto related issues
DMG’s forensics practice has generated in excess of $200,000 in consulting revenues
VANCOUVER, British Columbia, Aug. 20, 2019 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (DMGI.V) (DMGGF:OTC US) (6AX.F) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce that its Anti Money Laundering software Walletscore is now available for EU clients including crypto-exchanges, private and public banks, financial institutions, and traders. More than 20 EU financial institutions are now in beta testing of Walletscore, which is a standalone addition to DMG’s Blockseer software.
Technical Advisors for Cryptocurrency Audits & Other Updates
DMG is pleased to also announce that it has been engaged as technical advisors to assist multiple organizations in crypto-related issues. DMG’s new clients are primarily related to ICO (Initial Coin Offering) investigations and independent audits focused on public company technical reviews using DMG staff and software. DMG’s COO Sheldon Bennett, a Certified Fraud Examiner (CFE) himself, leads audit efforts and uses DMG’s proprietary software, Blockseer and Walletscore, to review crypto wallet activities, blockchain transactions and analyze crypto revenues.
Sheldon Bennett stated, “We are tremendously excited to offer our industry leading expertise, knowledge, and software which provides data analytics related to investigations for both crypto (mainly Bitcoin and Ethereum) mining companies and ICOs. The blockchain and cryptocurrency industry is in its infancy, and DMG is in a unique position to help law enforcement, regulators, legal firms and auditors navigate the blockchain ecosystem. We believe that blockchain technology allows for greater transparency than any technology before it and DMG is proud to be able to be an industry leader in this emerging space.”
Dan Reitzik, DMG’s CEO, added “DMG is working hard on all fronts. Our mining facility, which is one of the largest such facilities in Canada, is operating very well and the Company is hosting more than 10,000 individual miners currently, with near term capacity for an additional 30,000 miners (approx. 45MW). DMG’s Forensics Division has been engaged by one of the leading crypto audit firms and is currently assisting with technical expertise on multiple audits. The Forensics practice has generated more than $200,000 in consulting revenue alone in recent months, and we are excited to continue building this area of the business. Our Data Analytics software products have recently launched in Europe with new clients on-boarding weekly. We are also tremendously excited about the progress on Wazabi, the cognitive technology platform we are building in partnership with IBM, for the rapidly growing regulated products industry. Wazabi utilizes Blockchain, Artificial Intelligence and Big Data technologies to connect the global supply chain.”
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), blockchain forensics/analytics, and blockchain platform development.
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 Martin
Toll Free: 1-888-702-0258
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, development and progress of Wazabi, acquisition of customers, product development, product offering, 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 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, 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.