Marathon Patent Group, Inc. (NASDAQ:MARA
("Marathon" or "Company"), one of the largest enterprise Bitcoin
self-mining companies in North America, today announced the
appointment of Kevin A. DeNuccio to its board of directors. Mr.
DeNuccio replaces Mr. David Lieberman on the board and in his
Mr. DeNuccio is the Founder and General Partner of Wild West
Capital LLC since 2012 where he focused on angel investments,
primarily in SAAS software start-ups.
He brings to Marathon more than 25 years of experience as a
chief executive, global sales leader, public and private board
member, and more than a dozen angel investments, managing and
growing leading technology businesses. He served in senior
executive positions with Verizon, Cisco Systems, Ericsson, Redback
Networks, Wang Laboratories and Unisys Corporation.
“Having been a public company CEO and served on numerous public
boards of high growth technology companies over the years, I
believe cryptocurrency represents the next frontier of technology
evolution and disruption. I’m excited to join Merrick and his team
at this pivotal time in Marathon’s growth phase,” commented
He recently served as Executive Chairman and major investor of
SevOne, a Bain Capital company, since 2017, until its sale to
Turbonomics in November 2019. Prior to that, he was Director,
Chief Executive Officer and President at NYSE listed Violin Memory
from 2014 to 2017, restructured the company and sold it to the
largest bondholder the Soros Group, in April 2017.
Prior to that, Mr. DeNuccio served as Director and Chief
Executive Officer of Metaswitch Networks from 2010 to 2012, a
Sequoia Capital company, where he migrated the company
headquarters from London to San Francisco and re-developed its
product offerings to SAAS for growth in a Software Defined World of
Networking. Metaswitch was sold to Microsoft in 2020 for its SAAS
He also served as the Director, President and Chief Executive
Officer at Nasdaq listed Redback Networks from 2001 to 2006, where
he led the company successfully through a major restructuring,
renewed growth, and ultimately a $2.1B sale. Sold to L.M. Ericsson
in 2006, the transaction represented one of the highest sales
multiples of its time, and a 100% stock premium.
Earlier in his career, he served as Senior Vice President of
Worldwide Service Provider Operations, Worldwide Channels, and
Worldwide Sales Operations with Cisco Systems Inc., from August
1995 to August 2001. At Cisco, he was one of the first 10
VP’s and one of the first promoted to Senior Vice President.
At Cisco he hired over 3000 people, managed over 5000 people
worldwide, and led the Service Provider Division
revenue growth from $500 Million to nearly $8 Billion in
annual revenue in a 4-year run.
Mr. DeNuccio has served on the Public Board of Juniper Networks
since February 2014, and Calix since October 2012. He is an Angel
Investor and Board Member of Zededa and an Angel Investor in
Theatro, Deeyook, Byogy and Q-Sensei. He also previously
served as a public Director of SanDisk Corp. and a Director of JDS
He holds a BSBA with Honors in Finance from Northeastern
University and served on its Board from 2012 to 2018. He also holds
his MBA with Honors from Columbia University.
Merrick Okamoto, Marathon’s Chairman & CEO, stated, “Kevin’s
reputation in the VC community and on Wall Street is well known and
well regarded. I could not be more pleased to welcome him to our
team. I look forward to working with him and the rest of our very
accomplished board of directors as we continue to aggressively
scale our mining operations with the primary goal of driving
shareholder value. In addition, I’d like to thank David for his
service and wish him well on his retirement.”
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 1A of our most recent Annual Report on
Form 10-K for the fiscal year ended December 31, 2019. If any of
these risks were to occur, our business, financial condition or
results of operations would likely suffer. In that event, the value
of our securities could decline, and you could lose part or all of
your investment. The risks and uncertainties we describe are not
the only ones facing us. Additional risks not presently known to us
or that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. Future
changes in the network-wide mining difficulty rate or Bitcoin
hashrate may also materially affect the future performance of
Marathon's production of Bitcoin. See "Safe Harbor" below.
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements can be identified by the use of
words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue,” or comparable terminology.
Such forward-looking statements are inherently subject to certain
risks, trends and uncertainties, many of which the Company cannot
predict with accuracy and some of which the Company might not even
anticipate and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
About Marathon Patent Group
Marathon is a digital asset technology company that mines
cryptocurrencies, with a focus on the blockchain ecosystem and the
generation of digital assets.
Group Company Contact:
Marathon Patent Group Investor
Gateway Investor RelationsMatt Glover and Charlie