ZUG, Switzerland and VANCOUVER, July 26, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") announces that as a result of delays in the completion of its audit, the Company will be unable to file its financial statements and accompanying management's discussion and analysis for the financial year ended March 31, 2019 (collectively, the "Annual Filings") by July 29, 2019, being the date that such filings are due under applicable Canadian securities law requirements. The late filing is the result of delays in obtaining financial reporting from the Company's wholly owned subsidiaries as the Company has explored potential tax optimization structures, and the time required for the Company and its auditors to review such financial reporting. The Company has applied for, a management cease trade order (the "MCTO") by the British Columbia Securities Commission restricting the Company's chief executive officer and chief financial officer from trading the Company's shares until the Annual Filings are filed.
The Company currently expects to file the Annual Filings on or before August 28, 2019 and will issue a press release announcing completion of such filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release for as long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company's shares.
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.
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, but is not limited to, statements regarding the timing, review, completion and filing of the Annual Filings; application and grant of an MCTO; 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 Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; the Company may not be granted the MCTO; 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 Company's ability to complete and file the Annual Filings. 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