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TORONTO, Nov. 18, 2021 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL" or the "Company"), a vertically integrated blockchain infrastructure and service provider for enterprise, today announces Stefan Matthews has advised the board of directors of the Company (the "Board") that he will be stepping down as Chief Executive Officer effective January 1, 2022. Mr. Matthews will remain as a director and as Executive Chairman of the Board.
Succeeding Mr. Matthews as Chief Executive Officer will be Richard Baker. Mr. Baker currently acts as Lead Independent Director and Chairman of the Technology Committee. During his work with the Technology Committee Mr. Baker has gained invaluable insight into the business and operations of the Company and has led development of an overarching business strategy which will be implemented in 2022.
Mr. Baker served as Chief Executive Officer to GeoSpock Limited, a Data Analytics software company based in Cambridge U.K., from November 2017 to February 2021. Mr. Baker also currently serves as Chairman and Director of TAB.U.K a Fintech data science company. Prior to this, Mr. Baker co-founded in June 2010 and ran Cleartrade Exchange, a fintech commodities futures exchange, for six years before exiting in 2016 to the European Energy Exchange, a Deutsche Bourse company.
Mr. Matthews commented "I have worked closely with Richard, and I have every confidence he will be able to lead TAAL through its development and growth as a miner, transaction processor and blockchain as a service company. My commitment to the Board was that I would guide TAAL until Dec 2022 and in my capacity as Executive Chairman I will work closely with Richard throughout 2022 to ensure he has my full support and guidance, particularly in the mining, processing infrastructure and operations areas. This will ensure a very smooth transition and position the executive leadership of the business to deliver significant innovation into the blockchain sector. As Chairman of the Technology Committee, Richard has worked with me to establish a strategic vision for TAAL so his transition into the CEO role is a natural progression."
Mr. Baker commented "I am honored and excited to take on this responsibility and thank the Board for their support and Stefan for his trust and mentorship since I joined the board in late 2020. I am delighted to have the opportunity to work with him closely in 2022 as we commence the next phase of development and accelerate TAAL's growth. TAAL has a critical role to play in assisting the maturing and adoption of BitcoinSV blockchain. As a market phase, this reminds me of my early career where I had the pleasure of working in the Telcom's industry in the early 1990's with Nortel Networks and Cable & Wireless during the build of extensive optical fibre networks around the world; this infrastructure became the backbone of the internet we know today and has enabled innovation that no one could forecast way back then. I firmly believe we are witness to the next big technological and economical evolution of data and money networks and unlocking, scaling and liberating accessibility to the unique capabilities of BitcoinSV is at the heart of my leadership journey with TAAL. We have a truly talented global team and an incredibly rich BSV eco-system of partners and I look forward to collaborating and building together compelling service propositions for our clients."
We are also delighted to announce that Ms. Deborah Rosati has been appointed the new Lead Independent Director in Mr. Baker's place. Ms. Rosati and Mr. Baker became directors of the Company on December 10, 2020.
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world's largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.
Visit TAAL online at www.taal.com
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: the number of machines that will be deployed, the dates of such deployment, and the number of BSV blocks that will be won through TAAL's operations in the future. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include delays in equipment deliver, expected operation, network conditions in the future and other risks set out in TAAL's Annual Information Form for the financial year ended December 31, 2020 dated April 30, 2021 under the heading Risk Factors and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
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