DMG Also Announces New Director, Chair of Audit Committee
VANCOUVER, British Columbia, July 18, 2022 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces it is working with several parties to develop funds specific for Terra Pool (www.terrapool.io) to manage bitcoin created exclusively from carbon-neutral mined bitcoin.
DMG recently announced Terra Pool’s opening to the general Bitcoin mining public. DMG is now taking the next step to create a natural market mechanism where interested parties, who are looking for carbon-neutral mined bitcoin, can work with Terra Pool and its member miners to source bitcoin mined from carbon-neutral energy. By actively helping to create a marketplace of funds for Terra Pool’s mined bitcoin, DMG is aiding its pool users to connect with institutional buyers who are looking for a supply of carbon-neutral mined bitcoin without the need to search for each individual miner nor the need to audit the energy sources used to create their bitcoin.
“We are excited about the opportunity to match ESG-minded institutions directly with Terra Pool and its members who are creating bitcoin mined using exclusively carbon-neutral energy. We believe this is the most efficient way to catalyze the market for investors with ESG mandates to embrace the biggest and most liquid cryptocurrency - bitcoin,” said CEO Sheldon Bennett.
“As renewable energy is proving to be the lowest cost source of energy, especially given geopolitical uncertainties, we expect an increasing amount of the bitcoin mined going forward to be renewable energy based. By bringing together key partners - Terra Pool, ESG compliant bitcoin miners and financial institutions - DMG and its partners will be able to source and enable trading of bitcoin with the same high standards as any other financial asset class,” added COO, Steven Eliscu.
Change of Directors
DMG also announces that independent Board Director, Justin Rasekh has resigned, effective July 15. Mr. Rasekh has served on DMG’s board for five years and has stepped into a new consulting role for DMG where he will be responsible for partnerships and international business development. Mr. Rasekh is being succeeded by Kelly Allin, who has served as DMG’s special advisor to the Audit Committee.
Mr. Allin has also been appointed to the Audit Committee as its Chair. Mr. Allin brings 30 years of professional experience, where he has served in many roles including CFO, Finance Director and Audit Partner. Moreover, as an experienced audit partner, Mr. Allin is well-placed to improve the interaction with the Company’s auditors and guide it through any reporting challenges. As DMG continues its corporate development, Mr. Allin’s experience will be supportive in progressing high standards of governance and transparency for DMG’s shareholders.
“We are pleased that we can welcome to the Board someone with the depth of experience of Mr. Kelly Allin. His expertise in public company reporting and disclosures from his many years as an audit partner in a Big Four accounting firm will support and guide us. Mr. Allin’s deep experience with mainstream business, regulatory matters and world-class control environments is expected to benefit DMG, as we navigate through the rapidly evolving cryptocurrency industry and strive to be best-in-class with the high standards and expectations of being a public company,” stated CEO Sheldon Bennett.
“I am thrilled to be joining the DMG Board and working with Sheldon, Steve and Adrian. I have been particularly impressed with the depth of their knowledge of the industry. With an ongoing industry-wide dialogue on regulation, and bitcoin becoming mainstream, it is an ideal time to combine my background in public company reporting and regulatory matters with an exciting growing company,” added Mr. Allin.
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG's sustainable businesses are segmented into two business lines under the Core and Core+ strategies and unified through DMG's vertical integration.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG's production of Bitcoin, and future operating results could also be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.
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.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the potential, expectations and plans for the Terra Pool, strategy to monetize and work with ESG related funds on the Terra Pool, other strategies and plans, developing and executing on the Company's products and services, the launch of products and services, 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, market and other conditions, volatility in the trading price of the common shares of the Company, 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 and services; 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 and services, 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 secure sufficient capital to complete its business plans, 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. For further information concerning these and other risks and uncertainties, refer to the Company's filings on www.SEDAR.com. In addition, DMG's past financial performance may not be a reliable indicator of future performance.
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, adverse weather and climate events, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, 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, decrease in the price of Bitcoin, 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.
