ZUG, SWITZERLAND and VANCOUVER, Aug. 13, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") is pleased to announce that it has entered a strategic partnership with Blockbase Group DWC-LLC ("Blockbase") as the new software operator and maintenance services provider for the Company's flagship facility in Sweden. Blockbase's highly optimized software monitoring services are expected to enhance the efficiency of HIVE's GPU mining operations while reducing costs. Additionally, HIVE has entered direct agreements with local suppliers which are now providing full transparency of costs at our Swedish operations.
"Our new strategic partnership with Blockbase is exciting as it is expected to improve profitability and enhance our mining operations in Sweden," said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. "Management expects continued improvements in efficiency, and I have been very pleased with the early progress that Blockbase has shown in Sweden. We are looking forward to a long and prosperous working relationship for both companies. Signing agreements directly with local suppliers has dramatically improved transparency with regards to costs, a concern in early 2019, which we have successfully overcome. In my view, direct agreements provide a higher degree of accountability, predictability and transparency then prior agreements. We have received numerous requests from shareholders and financial analysts asking for improved transparency and I believe that the new partnership and strategy better satisfies their needs. Going forward, we will be in a position to improve disclosure to HIVE shareholders, financial analysts, and the financial community broadly."
HIVE is also providing a biweekly status update on the delay of filing its annual financial statements and accompanying management's discussion and analysis for the financial year ended March 31, 2019 (collectively, the "Annual Filings"). As previously announced on July 26, 2019, the Company expects to file on or before August 28, 2019.
HIVE management confirms that it is working diligently to meet the Company's obligations relating to its Annual Filings and 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. While subject to the 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.
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 strategic partnership with Blockbase; enhanced efficiency, reduced costs and profitability at the Company's facility in Sweden; full transparency of costs in Sweden; statements regarding the timing, review, completion and filing of the Annual Filings, and duration of the 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's operations in Sweden may not result in reduced costs, prove to be more efficient or be profitable to the Company as expected, or at all; costs related to Sweden operations may not prove to be transparent to the Company; the Company will be subject to a general cease trade order in the event that the Annual Filings are not completed and filed; 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 strategic partnership agreement with Blockbase; 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