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.
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, 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.
For further information: Frank Holmes, Tel: (604) 664-1078