- DMG energizes previously announced 500 M30 New Generation Miners for both self-mining and for a hosted client
- Previously announced private placement closed
- DMG appoints Adrian Glover, DMG’s Chief Technology Officer (CTO), to its Board of Directors
VANCOUVER, British Columbia, May 14, 2020 (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 miner energizing, closing of private placement and addition of a new director.
Sheldon Bennett, DMG’s Chief Operating Officer (COO), commented, “We are very impressed with the new M30 series of ASIC miners from MicroBT. Built using a 7nm chip technology enables them to provide the greatest hashrate with minimal power draw, which is the ultimate goal of any crypto ASIC manufacturer. We intend to continue adding the newest generation of miners to our fleet and are working with all manufacturing companies on the shortest possible lead times and pricing strategies.”
Energizing these new miners and adding another 20 Petahash (PH) represents another step forward for the Company’s crypto development efforts in using the latest generation crypto miners to meet its short term goal of 100 PH of self-mining and moving to several hundred PH within 2020. DMG has also added another 20 PH to its hosted mining division and will continue its strategy to blend self-mining and hosted mining moving forward.
DMG’s utilization of the newest MicroBT products positions the Company very well for future growth and DMG’s management remains extremely confident about the growth prospects of DMG, both as a self-mining company, as a mining hosting company and as a software company.
Dan Reitzik, DMG’s Chief Executive Officer, added, “DMG recently promoted Adrian Glover as DMG’s CTO and we are excited to now add him to the Company’s Board of Directors. The Board looks forward to adding Mr. Glover’s guidance from beyond the management team to the Company’s overall strategy. Mr. Glover brings a software knowledge base that the Board was previously missing and, as software development becomes more and more relevant to the Company, Mr. Glover’s role on the Board will be essential for the Company’s continued growth and success in the development of our analytics, forensic and enterprise blockchain software products.”
The Company also announces the closing of the previously disclosed private placement, wherein 1,481,500 shares and 1,481,500 warrants were issued (the “Units”). The Units have a 4 month hold period expiring on September 15, 2020. Mr. Reitzik added: “We are excited to begin this new business development relationship with Onyx Capital and welcome them as a significant new DMG shareholder.”
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.
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, adding additional miners, increasing petahash, 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 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.