TORONTO, July 29, 2019 /CNW/ - HyperBlock Inc. ("HyperBlock" or the "Company") (CSE: HYPR) is pleased to announce that its board of directors recently appointed Sean Walsh as Chairman, a position he will occupy in addition to his role as the Company's Chief Executive Officer.
Mr. Walsh commented, "For better or worse, cryptocurrency mining turns on doing the right things during the "painfully dark days" when profits are down and the sector is out of favor. Then, when crypto prices recover, one may potentially be perfectly positioned to profit and grow quickly. A little patience and discipline to make investments slightly out of phase with the crypto price cycles can yield great financial benefits. To my mind, one fundamental truth is this… crypto prices can increase far more quickly than mining datacenter space, the countervailing force to crypto mining profitability. To wit, Bitcoin prices are up more than 3x YTD, yet datacenter space has not tripled and would likely take years to achieve. Yes, ASIC chip technology also advances, but again at a relatively slow rate compared to what crypto prices are capable of."
About HyperBlock Inc. HyperBlock is a leading publicly traded crypto-asset enterprise. The Company operates one of North America's most efficient cryptocurrency datacenters and provides complementary product offerings, which include cryptocurrency mining, Mining-as-a-Service (MAAS), server hosting and server hardware sales, depending on market conditions. HyperBlock is committed to operating as sustainably as possible, purchasing electricity from a hydro-electric source for its current 20MW US datacenter — and employing advanced recycling technology to minimize environmental impact. Learn more at www.hyperblock.co
Cautionary Note Regarding Forward Looking Information and Future-Orientated Financial Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "plan", "believe", "may", "should", "anticipate", "expect", "intend", "forecast" and similar expressions. All statements in this press release, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to, the future profitability of cryptocurrency mining and the datamining space, and the advancement of ASIC chip technology.
The forward-looking statements contained herein are made as of the date of this press release and are based on assumptions and estimates of management, which management considers reasonable, based on information available on the date hereof. Such assumptions may be incorrect. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors, among other things, include: general economic, market and business conditions will be consistent with expectations, fluctuations in general macroeconomic conditions; fluctuations in securities markets; risks relating to the Company's ability to execute its business strategy and the benefits realizable therefrom, the ability to retain personnel to execute the Company's business plans and strategies; the ability to retain auditors to perform an audit of the Company's financial statements; the presence of laws and regulations that may impose restrictions on the ability of the Company to operate its business, including securities laws applicable to the Company; the speculative nature of cryptocurrency mining and blockchain operations including but not limited to cryptocurrency prices and mining difficulties; and those factors described under the heading "Risks Factors" in the Company's listing statement dated July 10, 2018 and the risks described in the Company's Management's Discussion & Analysis for the nine months ended September 30, 2018 dated November 29, 2018, each of which is available on the Company's issuer profile on SEDAR.
There may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.