TORONTO, Oct. 10, 2018 /CNW/ - (CSE: HYPR) — HyperBlock Inc. — one of North America's largest publicly traded diversified crypto asset enterprises — is streamlining its operations and is excited to be moving ahead with its planned crypto custody product launch.
The company has successfully exited four Canadian locations — executing on its consolidation plans in Eastern Canada and at its US cryptocurrency datacenter in the Pacific Northwest.
HyperBlock CEO Sean Walsh says the moves are a proactive step to help the company weather difficult market conditions and will over time, result in lower, more efficient power costs. "Hash rate sales have been soft in recent months due to relentless increases in mining difficulty — without corresponding increases in Bitcoin price," he says.
Building Long-Term Value: Proprietary Crypto Custodial Solution Nearing Launch
"A key pillar in our diversified vision to build long-term value for HyperBlock shareholders, is the development of a proprietary crypto vault solution for banks and institutional investors, which HyperBlock expects to launch later this year," explains Walsh, who calls the custodial product "an exciting, potential game changer" for the company and the industry.
Brent Arsenault Appointed as Interim CFO
HyperBlock is also pleased to announce that it has appointed finance expert Brent Arsenault as the company's new Interim Chief Financial Officer.
"Brent will be instrumental in ensuring HyperBlock continues operating in a sustainable, disciplined manner that will provide the greatest long-term value for our shareholders," says Walsh. "His depth of experience in the public markets — business ethics and philosophy of prudence and transparency —make him an excellent addition to our team," explains Walsh.
Before joining HyperBlock, Arsenault was Director of Finance at Brio Gold Inc., where he was an integral contributor to the successful completion of the company's initial public offering, having led all financial statement filings, financial planning, analysis and internal audit requirements. Prior to that, Arsenault spent several years as a senior financial leader and Investor Relations specialist at Yamana Gold — and served as a senior auditor with global leader Deloitte from 2007 to 2012. Arsenault holds a CPA, CA designation and an accounting undergraduate degree from Brock University.
"Building a Strong Financial Foundation in an Exciting New Industry"
"I've long been fascinated by cryptocurrency's enormous potential, and my experience in gold is transferrable to this fast-moving sector," says Arsenault. "I'm excited to help HyperBlock build to the next level of success by bringing discipline, open communication and good governance to my new role," he adds.
As part of the post-acquisition restructuring, CryptoGlobal (which was acquired by HyperBlock in July 2018) co-founders Rob Segal and James Millership confirmed they will transition out of day-to-day operations, which will be led by HyperBlock CEO Sean Walsh and current management. The HyperBlock Board of Directors is also pleased to announce that it has officially confirmed Eric So as its Chair.
About HyperBlock Inc.
HyperBlock is one of North America's largest publicly traded diversified crypto-asset enterprises. The company operates one of North America's largest and most efficient cryptocurrency datacenters and provides five complimentary product offerings focused on helping people and businesses create, safeguard, manage and grow crypto-assets. HyperBlock profit centers include Mining-as-a-Service (MAAS), self-mining, server hosting, server hardware sales and a proprietary custodial vault product. Learn more at www.hyperblock.co
Cautionary Note Regarding Forward Looking Information and Future-Orientated Financial Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. These forward-looking statements may not be appropriate for other purposes. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: information pertaining future financial performance, and information pertaining to strategy and plans, including, but not limited to, expansion of its datacentres in the United States and Canada and the successful launch of the company's crypto custodial product.
These forward-looking statements are based on reasonable assumptions and estimates of management of the company at the time such statements were made. 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: that market prices will be consistent with expectations, the continued availability of capital and financing, general economic, market and business conditions will be consistent with expectations, fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in the prices of cryptocurrencies mined by the company; historical prices of cryptocurrencies and the ability of the company to mine cryptocurrencies consistent with historical prices; the ability to retain personnel to execute the company's business plans and strategies; availability of power supply at prices favorable to the business and operations of the company, or at all; higher operating costs; the presence of laws and regulations that may impose restrictions on the ability of the company to operate it business; the speculative nature of cryptocurrency mining and blockchain operations; changes in project parameters as plans continue to be evaluated; and those factors described under the heading "Risks Factors" in the company's listing statement dated July 10, 2018 available on the company's issuer profile on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the company believes, or believed at the time, to be reasonable assumptions, the company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as 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.
SOURCE HyperBlock Inc.
For further information: Debra Quinn, [email protected], 1-800-613-4721