ZUG, SWITZERLAND and VANCOUVER, May 10, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") announces that it will hold its annual general meeting of the Company's shareholders (the "Meeting") on November 12, 2019.
The Company also announces that after careful review it has rejected the purported meeting requisition (the "Requisition") submitted by Genesis Mining Ltd. ("Genesis") on April 19, 2019 for being invalid. The Requisition is invalid as it failed to comply with the legal requirements applicable to a shareholder meeting requisition. Moreover, as disclosed in the Company's press release dated April 22, 2019, the primary purpose of the Requisition is to redress a personal grievance against the Company relating to the formal notice that the Company provided to Genesis on April 2, 2019 regarding certain material breaches by Genesis of the master service agreement (the "MSA") between the Company and Genesis, a clear contravention of the Business Corporations Act (British Columbia).
"HIVE is pleased that this latest unfortunate chapter with Genesis is behind us," said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. "We are focused on driving shareholder value and resolving any differences with Genesis in good faith for the benefit of all HIVE shareholders."
The Company has engaged Norton Rose Fulbright Canada LLP as its special legal counsel.
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 is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities 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. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins.
On Behalf of HIVE Blockchain Technologies Ltd.
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.
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 information about the Meeting, the dispute with Genesis; the Company's rejection of the Requisition; materials breaches of the MSA by Genesis; the investigation into the circumstances in which the shares of the Company owned by Genesis were issued to Genesis; and other forward-looking information includes but is not limited to 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 ongoing dispute with Genesis may not be resolved in a timely manner or to HIVE's advantage; uncertainty related to the Requisition; uncertainty related to the investigation; the costs of a proxy dispute may have a material adverse effect on HIVE; HIVE may not be able to resume operations in Sweden or otherwise profitably utilize its equipment; HIVE may not be able to secure alternative service providers to Genesis on terms that are advantageous to HIVE, or at all; the ongoing costs and distraction to management of the dispute with Genesis will have a material adverse effect on the Company; and other related risks as more fully set out in the Filing Statement of the Company dated 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 Company's ability to dispute the terms of the MSA with Genesis, including material breaches and repurchase of equipment and the Company's ability to reject the Requisition and contest a proxy dispute with Genesis. 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.
For further information: Frank Holmes, Tel: (604) 664-1078