MONTREAL, July 09, 2018 (GLOBE NEWSWIRE) — Blockchain Mining Ltd. (“BLCM” or the “Company”) (TASE:BLCM.TA) (OTC Pink:BITFY) through its ownership of Backbone Hosting Solutions Inc. (operating as “Bitfarms”), one of the largest blockchain technology companies in the world, today provided an update regarding the status of its sponsored American Depositary Receipt (“ADR”) program with The Bank of New York Mellon (“BNY”) as well as initiatives to secure a trading market for its ordinary shares in North America. The Company and BNY have been in discussions regarding the termination of the ADR program and both parties have mutually agreed to terminate the program effective July 26, 2018. Following the termination, BNY will oversee the in-kind distribution of BLCM shares represented by the Company’s ADR program as of that date.
This action was part of a process taking place in accordance with the Company’s plan to secure a direct market in North America for its ordinary shares.
Wes Fulford, BLCM’s Chief Executive Officer explained: “We believe that it is in shareholders’ best interest to build an active trading market for BLCM in North America, allowing investors to hold and trade the ordinary shares directly. We are committed to attaining a North American trading alternative before the termination of the ADR program. In that connection, the Company is in the process of filing its financial reports to the website of the OTCQX Market, a prerequisite for listing on that market. We anticipate the Company’s shares to be quoted on the OTCQX Best Market in the near term.”
The trading of the ordinary shares on the OTC Link® ATS platform is subject to approval of the OTC Markets and the clearance of a market maker’s application by FINRA to quote the ordinary shares.
The listing of the ordinary shares on the Tel-Aviv Stock Exchange is unaffected by the termination of the ADR program or the listing of the ordinary shares in North America.
About Blockchain Mining Ltd.
Blockchain Mining Ltd. (TASE:BLCM.TA) (OTC Pink:BITFY) through its transaction with Backbone Hosting Solutions Inc. (Bitfarms), owns and operates blockchain farms that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as bitcoin, bitcoin cash, ethereum, litecoin and dash, earning fees from each network for securing and processing transactions, 24 hours a day, seven days a week. Since 2013, predecessors to Bitfarms have constructed 4 farms in Québec, Canada, which have 27.5 MW of installed capacity and over 200 Ph/s of installed hash-power. Bitfarms’ construction pipeline includes an additional 5 farms with a total of 162.5 MW of power capacity, including current operations.
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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. The Tel Aviv Stock Exchange has neither approved nor disapproved the contents of this press release.
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, the listing of the Common Shares on stock exchanges, 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 in 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; 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; 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.