DMG Announces Expanding Business for Large Ordinal Inscriptions, Petra Patent Grant
VANCOUVER, British Columbia, April 26, 2023 (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, today announces it is expanding its business for inscriptions of large ordinals (i.e., ordinals greater than 0.4 megabytes). DMG’s proprietary Petra technology and carbon neutral Bitcoin pool, Terra Pool, have established DMG as an industry leader in this new market.
At the Planet MicroCap Showcase: VEGAS 2023 investor conference today, DMG’s COO Steven Eliscu presented an updated investor presentation that includes a collection of the Company’s key ordinal inscriptions to date.
- Bitcoin War Bonds in Block 777945 – 3.93 megabytes; 7.011 BTC block subsidy + fees
- DeGods collection in Block 776408 – 3.53 megabytes; 6.289 BTC block subsidy + fees
- Counterparty Dancing Frog video with audio by artist Rare Scrilla in Block 776884 – 3.60 megabytes; 6.823 BTC block subsidy + fees
- Bored Ape Yacht Club in Block 778772 to mine satoshis to be used to inscribe the TwelveFold ordinal collection – 2.84 megabytes; 6.334 BTC block subsidy + fees
- Bitnips collection in Block 784173 – 2.14 megabytes; 6.454 BTC block subsidy + fees
- Bitcoin Magazine cover ‘The Gatekeepers’ in Block 786501 – 3.98 megabytes; 6.747 megabytes block subsidy + fees
DMG’s CEO Sheldon Bennett commented, “We are proud of what we have accomplished to date. We have found partners, which have helped broaden our reach to enable us to inscribe a diversity of content onto the blockchain, and we have sharpened our own development to enable new capabilities, such as our previously announced ability to enable artists to transfer ownership rights on a per inscription basis, even as they inscribe dozens or hundreds of ordinals sequentially in the same block. DMG is truly breaking new ground!”
DMG’s COO Steven Eliscu added, “We are now building a new revenue opportunity for DMG via large ordinal inscriptions. It is because of the combination of inscriptions without adding carbon and our technical capabilities, including our Petra technology, that we have become the most attractive option for premium artists who want to inscribe large files onto the Bitcoin blockchain – the most immutable public ledger. Promoters of other blockchains used for non-fungible tokens and collectibles have been quick to note their lower energy consumption compared to Bitcoin; however, Terra Pool’s carbon neutral operations puts our solution on a much more equal footing.”
Patent Granted for DMG’s Petra Technology
US Patent US11373170B1 has been granted to DMG, which specifically pertains to methods to implement DMG’s Petra technology, which enables DMG pools, specifically Terra Pool, to uniquely place transactions onto the Bitcoin blockchain. By doing such, DMG can nearly guarantee that transactions sent to Terra Pool will get placed on the Bitcoin blockchain with carbon neutral energy. DMG’s CTO, Adrian Glover commented, “We are pleased that not only are we utilizing the Bitcoin protocol to its full potential, but also, we are specifically addressing the environmental concerns of both artists who want to create immutable records of their work as well as financial institutions that want to process bitcoin transactions without adding carbon emissions. This adds to our suite of proprietary technologies including Walletscore, Clean Block Mining and our ordinal inscription capability via Petra.”
DMG Announces New Board Member, Corporate Secretary
DMG announces the resignation of Kelly Allin from the Board of Directors (the “Board”). Mr. Allin will continue to provide consulting services to DMG with a focus on financial reporting. Replacing Mr. Allin, the Board has appointed Heather Sim, DMG’s current CFO, as Director. Heather will continue her CFO role with the Company. DMG also announces that J.D. Abouchar has been appointed as Audit Committee Chair and Heather Sim has been appointed to the Audit Committee.
Additionally, Heather Sim has resigned as Corporate Secretary, and Catherine Cox, who has extensive experience as a Corporate Secretary, has been appointed to the role effective immediately.
DMG also announces it has granted 213,736 stock options (“Options”) to directors and a consultant pursuant to the Company’s Stock Option Plan. The Options are exercisable for a period of five years at a price of $0.31 per share and will vest as to 25% on each of the six-, 12-, 18- and 24-month anniversaries of the grant date.
About Terra Pool
Terra Pool is a cryptocurrency mining platform operated by DMG’s Blockseer software company. Terra Pool is the world’s first Bitcoin mining pool focused on clean energy. The purpose of this initiative is to accelerate the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. Terra Pool aggregates the computing power of individual miners and then shares the received rewards and transaction fees proportionally among them so that miners are rewarded more consistently.
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 hash rate 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 hash rate mining difficulty.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
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For further information, please contact:
DMG Blockchain Solutions Inc.
Email: [email protected]
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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 expanding its business for inscriptions of large ordinals and the potential revenue opportunities, the expectation and plan to grow for the Company, the planned monetization of certain product and service offerings, the plans and goals of the Terra Pool, developing and executing on the Company’s products, services and business plans, 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; 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 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, 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, adverse weather or climate events, 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.