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Bitfarms Ltd. (BITF.V)

TSXV - TSXV Real Time Price. Currency in CAD
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4.5100+0.2600 (+6.12%)
At close: 3:59PM EDT
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Previous Close4.2500
Open4.2000
Bid4.4900 x N/A
Ask4.5100 x N/A
Day's Range4.0700 - 4.5900
52 Week Range0.2800 - 9.3400
Volume1,017,215
Avg. Volume2,357,708
Market Cap401.117M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.2400
Earnings DateMar. 25, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est8.00
  • Bitfarms Announces Deal for 210 Megawatt Bitcoin Mining Data Centre at US$0.022/kWh
    GlobeNewswire

    Bitfarms Announces Deal for 210 Megawatt Bitcoin Mining Data Centre at US$0.022/kWh

    TORONTO, Ontario and BROSSARD, Quebec, April 19, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), today provides an update regarding its expansion project in South America. On October 26, 2020, Bitfarms announced the signing of a non-binding memorandum of understanding to secure electricity at approximately US$0.02 per kWh with the plan to pursue the development of a 60 MW Bitcoin mining facility in Argentina. During the past six-months, considerable due diligence and contractual work has been undertaken to determine the viability of the expansion project. The Company has since signed a significantly enhanced power purchase agreement with a utility-grade private power producer in Argentina pursuant to which Bitfarms is entitled to draw up to 210 MW of electricity at its discretion. The initial term of the contract is eight years. During the first four years, the effective cost of the electricity will be US$0.022 per kWh.With a favourable year-round climate, the facility in Argentina does not require expensive liquid immersion cooling to keep the miners cool and operating optimally. The miners will be cooled with fans, similar to how they are cooled in our facilities in Québec. Bitfarms is in advanced contractual discussions with a construction company experienced in utility-grade electrical infrastructure and civil construction to design and build the electrical inter-connection, the high-voltage electrical lines, and transformers needed for our operations. We are working on finalizing an engineering procurement and construction contract with the aim of mining Bitcoin in early 2022 at the new facility. The Company is in advanced discussions with an experienced engineering services company to monitor construction and ensure that quality and key-milestones are achieved.The proposed new mining facility is in very close proximity to the utility, and, as such, the electricity contract does not involve any interconnection with the local power grid, which has the advantage that electricity cannot be curtailed during times of unusually high usage. This means that our miners can be operated with maximum efficiency and output, regardless of conditions applicable to the local power grid. Bitfarms plans to relocate a substantial number of its older miners to the new data centre. While the older miners are less efficient than the new miners, the low cost of electrical power and the proven reliability of these miners will extend their economic life. This strategy will allow our older miners to continue to be accretive to cash flow from operations and to contribute to Bitfarms’ overall corporate hashrate.A substantial portion of the recently ordered 48,000 MicroBT miners as announced on March 2, 2021 are earmarked for the new facility.210 MW is sufficient to support approximately 55,000 new-generation miners, which could generate approximately US$650 million of revenues or 11,774 Bitcoin, based on current difficulty levels and a Bitcoin price of US$55,000. As a basis of comparison, we previously reported the break-even cost to mine a Bitcoin during the fourth quarter of 2020 was approximately US$7,500 in Québec. If the new Argentina facility was operating during the same period, we estimate the break-even cost to mine the same Bitcoin would have been US$4,125, a 45% savings as compared to Québec. With up to 210 MW of low-cost power available to us, the Argentina facility is expected to be a significant contributor to Bitfarms achieving its 8.0 EH/s target by the end of 2022. It is also intended to provide geographic production diversification to reduce risk and serve as an effective hedge for Bitfarms against the next halving event in 2024. About Bitfarms Ltd. Bitfarms is a Bitcoin mining company founded in 2017. It runs vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime. Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V. Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm. To learn more about Bitfarms’ events, developments, and online communities: Website: www.bitfarms.com https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/ Defined Terms EH/s: Exahash per second. kWh: kilowatt-hour. MW: A Megawatt is used to measure the output of a power plant or the amount of electricity required by facility or an entire city. One megawatt (MW) = 1,000 kilowatts = 1,000,000 watts. Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain “forward-looking information” within the meaning of applicable securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company in respect of the Argentina expansion is forward-looking information. Other forward-looking information includes, but is not limited to, information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the applicable jurisdictions. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of Bitfarms include, but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com including the annual information form for the year ended December 31, 2020, filed on April 7, 2021. The Company has also assumed that no significant events occur outside of Bitfarms’ normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Contacts Investor Relations: CORE IR+1 516 222 2560Investors@bitfarms.com For Media Inquiries:CORE IRJules Abrahamjulesa@coreir.com YAP GlobalEllis Ballardellis@yapglobal.com Ryan Affaires publiquesMark Duschenemarc@ryanap.com

  • Bitfarms Announces Hashrate Growth, Bitcoin Inventory and Stock Market Listing Updates
    GlobeNewswire

    Bitfarms Announces Hashrate Growth, Bitcoin Inventory and Stock Market Listing Updates

    TORONTO, Ontario and BROSSARD, Quebec, April 16, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world, today announces a number of corporate developments. New Miner Purchases The Company has recently completed two purchases of new-generation mining equipment manufactured by MicroBT to be installed through August. When deployed, the 1,996 miners will produce an additional 160 PH/s. These purchases are in addition to the 1,500 M31S+ previously announced for delivery in June for a total of 280 PH/s of new equipment to be installed in our Cowansville expansion expected to be complete in July. NameMiners ModelTotal HashDelivery MonthMicroBT496 M31S+40 PH/sApril 2021MicroBT1,500 M31S+120 PH/sJune 2021*MicroBT1,500 M31S+120 PH/sJuly 2021Total3,496 280 PH/s *previously announced on March 24, 2021. Miner Rehabilitation The Company has recently started rehabilitation of older and mid-generation equipment that were previously cost-ineffective to repair. When rehabilitated, this equipment will restore approximately 80 PH/s of production to Bitfarms for a capital cost of approximately US$5 per TH/s. This compares to nearly US$120 per TH/s for new generation equipment on the spot market today, providing a near immediate return on investment. Bitcoin Inventory Pilot Program This week Bitcoin set another new all-time high of more than US$64,000, a more than 100% increase Year-To-Date. During this time, Bitfarms has mined and retained over 650 Bitcoin in reserve, currently valued at US$41 million at US$63,000 per Bitcoin and is currently adding approximately 7.5 Bitcoin per day to inventory. With prevailing difficulty, Bitfarms expects its mined Bitcoin inventory will grow to 1,000 Bitcoin within the next 50 days, representing approximately US$63 million worth of value for our shareholders at prevailing prices. With the planned new miner purchases, ongoing miner repairs, Bitfarms expects to increase its total hashrate to approximately 1.6 EH/s by August. At the prevailing economics as of April 15th, this equipment would produce approximately 9.5 Bitcoin per day. Stock Market Listing in the United States On February 4, 2021, we announced our intention to pursue an additional stock exchange listing for the Company in the United States. The Company has been continuing to actively move forward with a Nasdaq listing process. Having filed our 2020 Annual Information Form, we are now finalizing for submission our SEC Form 40-F, an important milestone towards our U.S. listing on the Nasdaq. About Bitfarms Ltd. Founded in 2017, Bitfarms is one of the one of the largest, oldest and most cost-effective public bitcoin mining operations in the world. Bitfarms runs vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime. Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. For disclosure purposes, on March 8, 2021, Bitfarms filed an Annual Information Form for its first time. On March 15, 2021, Bitfarms was issued a receipt by the Ontario Securities Commissions for the filing of its Preliminary Base Shelf Prospectus. These documents and all other public filings are available on Sedar.com. On February 24, 201 Bitfarms was honoured to be announced as a Rising Star by the TSX-V. Bitfarms has a diversified production platform with five industrial scale facilities located in Quebec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm. To learn more about Bitfarms’ events, developments, and online communities: Website: www.bitfarms.com https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/ Defined Terms Installed Hashrate: Equivalent to the sum of all deployed miners’ manufacturers specified Bitcoin mining hashrate. Actual operational hashrate may be different than installed and operational. EH/s: Exahash per secondPH/s: Petahash per secondTH/s: Terahash per second Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the Provinces of Canada. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Bitfarms include but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the Province of Québec, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and there will be no regulation or law that will prevent Bitfarms from operating its business. The Company has also assumed that no significant events occur outside of the Bitfarms’ normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Contacts Investor Relations: CORE IR516-222-2560 For media inquiries:YAP Global:Ellis Ballardellis@yapglobal.com US Media:CORE IRJules AbrahamHead of Public Relationsjulesa@coreir.com Quebec Media:Mark Duschene, Ryan Affaires

  • Bitfarms Announces the Appointment of Officer and Grant of Options
    GlobeNewswire

    Bitfarms Announces the Appointment of Officer and Grant of Options

    TORONTO and BROSSARD, Québec, April 01, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world, today announces the appointment of Mr. Darcy Donelle as Vice President of Corporate Development, effective immediately. The Company has granted Mr. Donelle 50,000 incentive stock options, pursuant to the Company’s Stock Option Plan (the “Options”). The Options are exercisable into one common share of the Company at a price of $6.39, for a period of five years from the date of grant and are subject to vesting conditions. Mr. Donelle is a CFA® charterholder and a Chartered Professional Accountant (CA). He has vast capital markets experience, having spent the past ten years with an international investment company listed on the Toronto Stock Exchange. During his tenure with that company, he spent time on the sell-side as a research associate, covering junior mining equities. Later, he transitioned to a principal analyst role where he oversaw the finance and operations function for the company's managed investment funds and actively assisted front-line executives with support for acquisition, divestiture, fund-raising, structuring, and financing activities. He brings in-depth experience in financial statement analysis and investment valuation, and has built a reputation as a trusted technical advisor to management and shareholders. Prior to 2010, Mr. Donelle worked for PricewaterhouseCoopers and Grant Thornton where he was involved with audit engagements and advisory assignments related to private equity, fair value, and corporate taxation. He is a graduate of the University of New Brunswick, earning a BA degree in Economics and Political Science and was a recipient of UNB’s Dean Scholar Award. About Bitfarms Ltd. Founded in 2017, Bitfarms is one of the largest, oldest, and most cost-effective public bitcoin mining operations in the world. Bitfarms runs vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owner electrical engineering and installation services to deliver high operational performance and uptime. Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. As mentioned above, we recently filed our first Annual Information Report. On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V. Bitfarms has a diversified production platform with five industrial scale facilities located in Quebec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm. To learn more about Bitfarms’ events, developments, and online communities: Website: www.bitfarms.comhttps://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/ Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the Provinces of Canada. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Bitfarms include but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the Province of Québec, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and there will be no regulation or law that will prevent Bitfarms from operating its business. The Company has also assumed that no significant events occur outside of the Bitfarms’ normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Contacts Investor Relations: CORE IR+1 516 222 2560Investors@bitfarms.comFor Media Inquiries:CORE IRJules Abraham, Director of Public Relationsjulesa@coreir.com YAP GlobalEllis Ballard, Account Managerellis@yapglobal.com Ryan Affaires publiquesMark Duschene, Directeur / Directormarc@ryanap.com