VANCOUVER, British Columbia, July 4, 2023 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a vertically integrated blockchain and cryptocurrency technology company today announced preliminary June mining results: DMG has mined 53.2 bitcoin with 0, 71 EH/s realized hash rate. DMG’s bitcoin balance as of April 30, 2023 was 509 bitcoin.
In addition to holding the vast majority of DMG’s digital assets in-house, DMG holds a small portion with Prime Trust, a qualified custodian, in the state of Nevada. Recently, Prime Trust received a cease and desist order from the State of Nevada, Department of Business and Industry, Financial Institutions Division (FID) and subsequently filed a petition to be placed in receivership. DMG currently has about 49 bitcoin and 45 ether that it cannot access, while the FID is investigating Prime Trust. The company has no timeline for accessing those assets while the Nevada regulator conducts its investigation. As of June 30, 2023, the company held 509 bitcoin and the inability to access the digital assets held with Prime Trust will not affect DMG’s business or plans.
Stock option grant
DMG also announces that it has granted 1,638,790 stock options (“Options”) to employees and directors of the Company. The Options are exercisable for a period of five years at a price of $0.33 per share and will vest at 25% on each of the six, 12, 18 and 24 month anniversaries of the grant date.
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly, vertically integrated blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable business is segmented into two business lines under the Core and Core+ strategies and united by DMG’s vertical integration.
For more information on DMG Blockchain solutions, visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.
For more information, please address:
DMG Blockchain Solutions Inc.
Investor Relations Contact:
KERN IR 516-222-2560
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Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information or statements that are based on current expectations. Forward-looking statements in this press release include statements regarding the planned monetization of certain product and service offerings, the development and execution of the Company’s products, services and business plans, product and service launches, events, practices and the potential of the Company’s the Company’s technology and operations, among other things, are all forward-looking information.
Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hash rate could materially affect the future performance of DMG’s production of Bitcoin, and future business results could also be materially affected by the price of Bitcoin and an increase in the hash-rate mining difficulty.
Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking language such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations . The reader is cautioned that assumptions used in preparing forward-looking information may prove incorrect. Events or conditions could cause actual results to differ materially from those predicted due to a variety of known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including but not limited to market and other factors. circumstances, volatility in the trading price of the Company’s common stock, business, economic and capital market conditions; the ability to manage operating expenses, which can adversely affect the company’s financial condition; the ability to remain competitive while other better-funded competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand for and pricing of products; the demand and pricing of bitcoins; security threats, including loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and timely release new products that meet customer needs; the ability to attract, retain and motivate qualified personnel; industry competition; the impact of technological changes on products and industry; failure to develop new and innovative products; the ability to successfully enforce and enforce our intellectual property rights and defend third party claims for infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the Company; the ability to manage working capital; and dependence on key personnel. DMG may not actually realize its plans, projections or expectations. Such statements and information are based on numerous assumptions regarding current and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, ability to successfully develop software, that no regulation or law will be that will prevent the company from conducting its business, expected costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG’s securities are considered highly speculative due to the nature of DMG’s business. Please refer to the Company’s filings at www.SEDAR.com for more information on these and other risks and uncertainties. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in any forward-looking statements include, but are not limited to, failure to obtain regulatory approval, continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain permits required to operate the business, the impact of technological changes on the industry, the impact of Covid-19 or other viruses and diseases on the company’s ability to operate, secure equipment and staff in rent, competition, security threats including stolen bitcoins from DMG or its clients, consumer sentiment towards DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, lawsuits, adverse weather or climate events, increase in operating costs, increases in equipment and labor costs, decreases in the price of Bitcoin, breaches of contractual obligations by counterparties, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements in this press release are expressly conditioned by this cautionary statement. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking statements in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intent and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the Company does not undertake any obligation to comment on any third party expectations or statements regarding the matters discussed above.