ZUG, Switzerland and
VANCOUVER, Sept. 10, 2019 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) ("HIVE") announces
that the transition of the Company's GPU chips in Sweden to Blockbase Group DWC-LLC
("Blockbase") from Genesis Mining ("Genesis") is progressing on
schedule and early results are showing improvements in efficiency
and performance at the Swedish facility. Nicolás Chaparro, CEO of
Genesis Mining Iceland ehf. and Genesis Mining's Regional Manager -
Nordics, has continued to be extremely helpful throughout the
migration. The Company is pleased to announce that the transition
is not expected to require a shutdown of the equipment or the
facility and the transition is scheduled to be completed prior to
the end of September.
"We are very happy with the pace of transition of our GPU chips
in Sweden to Blockbase and the
improved performance we are seeing," said Frank Holmes, Interim Executive Chairman and
Interim CEO of HIVE. "The software deployed by Blockbase is showing
consistent performance enhancements as we migrate chips from
Genesis. We continue to accumulate newly minted Ethereum coins
mined at the facility and we are on-track to complete the cutover
before the end of September. The fact that Blockbase's software and
its engineers have been able to seamlessly migrate chips to their
platform without meaningful downtime is a testament to Blockbase's
expertise and the advancements implemented into their next gen
software."
HIVE also announces that it expects to file its annual financial
statements and accompanying management's discussion and analysis
for the financial year ended March 31,
2019 (collectively, the "Annual Filings") on or before
September 29, 2019. As a result of
the delayed Annual Filings the Company will have a delay in the
filing of its interim financial statements, management's discussion
and analysis, and the related certifications for the period ended
June 30, 2019 ("Interim Filings"),
which had a filing deadline of August 29,
2019 . HIVE will continue to provide biweekly status updates
on the delay of filing its Annual Filings and Interim Filings.
HIVE confirms that since it announced a delay of its Annual
Filings (the "Filings Notice") there is no material change to the
information set out in the Filings Notice that has not been
generally disclosed and there has been no failure by the Company in
fulfilling its stated intentions with respect to satisfying the
provisions of the alternative information guidelines set out in NP
12-203. Management is working diligently to meet the Company's
obligations relating to its Annual Filings and that, while subject
to the Management Cease Trade Order ("MCTO"), the Company will
continue to comply with the provisions of the alternative
information guidelines under NP 12-203 by issuing bi-weekly status
reports until it has satisfied the necessary filing
requirements.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE owns state-of-the-art
GPU-based digital currency mining resources in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produces newly minted digital currencies
like Bitcoin. Its deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com. Follow @HIVEblockchain on
Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
"Frank Holmes"
Interim Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes, but is not limited to, the Company's expectations to
orderly transition operations in Sweden and Iceland from, and to continue operations
(including rebooting operations in Sweden or otherwise profitably utilizing its
equipment) without, Genesis; the Company's engagement of a new
service provider; improved efficiency and performance in
Sweden with a new service
provider; no shutdown at the Sweden facility during transition of service
providers; the timing of completion of the transition to new
service provider; the timing, review, completion and filing of the
Annual Filings and Interim Filings, and duration of the MCTO; the
long term growth, business goals and objectives of the Company, and
other forward-looking information concerning the intentions, plans
and future actions of the parties to the transactions described
herein and the terms thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the rebooting of the operations in
Sweden may not proceed as smoothly
or as profitably than anticipated; the transition of the operations
in Sweden and Iceland from Genesis to the Company may not
proceed as orderly or as timely as anticipated; counterparties to
agreements underlying the master services and related agreements
may not consent to the transfer and assignment of such underlying
agreements from Genesis to the Company, and the Company may not be
able to source alternative service providers on as favourable
terms; the integration of the new service provider(s) may not
proceed as smoothly as anticipated; a shutdown in the Companies
facilities may be required; operations and performance in
Sweden may not be more efficient
with the new service provider than with Genesis; the Company will
be subject to a general cease trade order in the event that the
Annual Filings and Interim Filings are not completed and filed in a
timely manner; changes in economic conditions in the cryptocurrency
ecosystem, fluctuations in energy prices in Sweden, or depreciation of digital assets
including Ethereum and Bitcoin may adversely affect the Company's
continued operations and/or profitability; the digital
currency market generally; the Company's ability to successfully
mine digital currency; the Company may not be able to profitably
liquidate its current digital currency inventory, or at all; a
decline in digital currency prices may have a significant negative
impact on the Company's operations; the volatility of digital
currency prices; and other related risks as more fully set out in
the Filing Statement of the Company dated September 13, 2017 and other documents disclosed
under the Company's filings at www.sedar.com.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the transition
to a new service provider in Sweden from Genesis; the Company's ability to
complete and file the Annual Filings and Interim Filings; Company's
ability to profitably liquidate its digital currency inventory as
required; historical prices of digital currencies and the ability
of the Company to mine digital currencies will be consistent with
historical prices; and there will be no regulation or law that will
prevent the Company from operating its business. The Company has
also assumed that no significant events occur outside of the
Company's normal course of business. Although the Company believes
that the assumptions inherent in the forward-looking information
are reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
SOURCE HIVE Blockchain Technologies Ltd.