VANCOUVER, British Columbia, May 10, 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 that Steven Eliscu has joined the management team as Chief Operating Officer.
Steven Eliscu, previously an Independent Director of the Company, is a seasoned executive having held senior leadership roles at companies in the blockchain and semiconductor-related industries. Most recently, Steven worked as Head of Finance for DSP Concepts, a Silicon Valley embedded software company. Previously, he was Sr. Director of Finance at Bitfury, an international blockchain technology company, and has consulted for several blockchain startups. Steven will be focused on honing the Company’s execution of its “Core and Core+” strategy while leveraging his 9 years of experience at UBS as a Senior Equity Research Analyst to enhance DMG’s shareholder engagement efforts.
Mr. Eliscu commented, “I am excited to be re-joining DMG in a leadership role to help manage the dramatic growth the Company is undergoing as well as providing investors clear insight for the drivers of our strategy of monetizing both bitcoin creation and bitcoin transactions in the coming years. It is my goal for DMG to be regarded as the preeminent cryptocurrency company for mining green and transacting clean.”
Steven will be working closely with CEO Sheldon Bennett and the DMG team to grow the Company’s mining capacity while staying focused on its 12-month or less ROI framework, as well as expanding DMG’s software capabilities to ensure bitcoin transactions meet the highest level of ESG and regulatory compliance standards. “Steven brings a wealth of experience and complementary skills that will make DMG more effective in delivering returns to shareholders. Steven is keenly aware of what investors expect from DMG and is laser-focused on delivering results that will enable DMG to achieve its goals,” said Sheldon Bennett, DMG’s CEO.
DMG also wishes to announce the granting of 2,730,000 stock options (“Options”) to directors and employees of the Company. The Options are exercisable for a period of five years at a price of $0.37 per share and will vest as to 25% on each of the six, twelve, eighteen and twenty-four month anniversary of the grant date.
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 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
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations Contact:
CORE IR 516-222-2560
For Media Inquiries:
Jules Abraham, Head of Public Relations
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
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, the ability of the Auditors to complete its internal review and audit procedures for the Company’s financial year ended September 30, 2021 in a timely manner, 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 including the annual information form for the year ended September 30, 2020, filed on January 28, 2021.
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, 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.