DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF)
(FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated
blockchain and cryptocurrency technology company, today announces
it is expanding its business for inscriptions of large ordinals
(i.e., ordinals greater than 0.4 megabytes). DMG’s proprietary
Petra technology and carbon neutral Bitcoin pool, Terra Pool, have
established DMG as an industry leader in this new market.
At the Planet MicroCap Showcase: VEGAS 2023
investor conference today, DMG’s COO Steven Eliscu presented an
updated investor presentation that includes a collection of the
Company’s key ordinal inscriptions to date.
- Bitcoin War Bonds in Block 777945 –
3.93 megabytes; 7.011 BTC block subsidy + fees
- DeGods collection in Block 776408 –
3.53 megabytes; 6.289 BTC block subsidy + fees
- Counterparty Dancing Frog video
with audio by artist Rare Scrilla in Block 776884 – 3.60 megabytes;
6.823 BTC block subsidy + fees
- Bored Ape Yacht Club in Block
778772 to mine satoshis to be used to inscribe the TwelveFold
ordinal collection – 2.84 megabytes; 6.334 BTC block subsidy +
fees
- Bitnips collection in Block 784173
– 2.14 megabytes; 6.454 BTC block subsidy + fees
- Bitcoin Magazine cover ‘The
Gatekeepers’ in Block 786501 – 3.98 megabytes; 6.747 megabytes
block subsidy + fees
DMG’s CEO Sheldon Bennett commented, “We are
proud of what we have accomplished to date. We have found partners,
which have helped broaden our reach to enable us to inscribe a
diversity of content onto the blockchain, and we have sharpened our
own development to enable new capabilities, such as our previously
announced ability to enable artists to transfer ownership rights on
a per inscription basis, even as they inscribe dozens or hundreds
of ordinals sequentially in the same block. DMG is truly breaking
new ground!”
DMG’s COO Steven Eliscu added, “We are now
building a new revenue opportunity for DMG via large ordinal
inscriptions. It is because of the combination of inscriptions
without adding carbon and our technical capabilities, including our
Petra technology, that we have become the most attractive option
for premium artists who want to inscribe large files onto the
Bitcoin blockchain – the most immutable public ledger. Promoters of
other blockchains used for non-fungible tokens and collectibles
have been quick to note their lower energy consumption compared to
Bitcoin; however, Terra Pool’s carbon neutral operations puts our
solution on a much more equal footing.”
Patent Granted for DMG’s Petra
Technology
US Patent US11373170B1 has been granted to DMG,
which specifically pertains to methods to implement DMG’s Petra
technology, which enables DMG pools, specifically Terra Pool, to
uniquely place transactions onto the Bitcoin blockchain. By doing
such, DMG can nearly guarantee that transactions sent to Terra Pool
will get placed on the Bitcoin blockchain with carbon neutral
energy. DMG’s CTO, Adrian Glover commented, “We are pleased that
not only are we utilizing the Bitcoin protocol to its full
potential, but also, we are specifically addressing the
environmental concerns of both artists who want to create immutable
records of their work as well as financial institutions that want
to process bitcoin transactions without adding carbon emissions.
This adds to our suite of proprietary technologies including
Walletscore, Clean Block Mining and our ordinal inscription
capability via Petra.”
DMG Announces New Board Member, Corporate
Secretary
DMG announces the resignation of Kelly Allin
from the Board of Directors (the “Board”). Mr. Allin will continue
to provide consulting services to DMG with a focus on financial
reporting. Replacing Mr. Allin, the Board has appointed Heather
Sim, DMG’s current CFO, as Director. Heather will continue her CFO
role with the Company. DMG also announces that J.D. Abouchar has
been appointed as Audit Committee Chair and Heather Sim has been
appointed to the Audit Committee.
Additionally, Heather Sim has resigned as
Corporate Secretary, and Catherine Cox, who has extensive
experience as a Corporate Secretary, has been appointed to the role
effective immediately.
DMG also announces it has granted 213,736 stock
options (“Options”) to directors and a consultant pursuant to the
Company’s Stock Option Plan. The Options are exercisable for a
period of five years at a price of $0.31 per share and will vest as
to 25% on each of the six-, 12-, 18- and 24-month anniversaries of
the grant date.
About Terra Pool
Terra Pool is a cryptocurrency mining platform
operated by DMG’s Blockseer software company. Terra Pool is the
world's first Bitcoin mining pool focused on clean energy. The
purpose of this initiative is to accelerate the shift from
conventional power to clean energy and reduce the impact of Bitcoin
mining on the environment. Terra Pool aggregates the computing
power of individual miners and then shares the received rewards and
transaction fees proportionally among them so that miners are
rewarded more consistently.
About DMG
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 businesses are segmented
into two business lines under the Core and Core+ strategies and
unified through DMG’s vertical integration.
Future changes in the Bitcoin network-wide
mining difficulty rate or Bitcoin hash rate may materially affect
the future performance of DMG’s production of Bitcoin, and future
operating results could also be materially affected by the price of
Bitcoin and an increase in hash rate mining difficulty.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.com Follow @dmgblockchain on
Twitter and subscribe to DMG's YouTube channel.
For further information, please contact:
DMG Blockchain Solutions Inc.Email:
investors@dmgblockchain.comWeb: www.dmgblockchain.com
Investor Relations
Contact:CORE IR 516-222-2560
For Media Inquiries:Jules
AbrahamCORE IR917-885-7378julesa@coreir.com
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking
Information
This news release contains forward-looking
information or statements based on current expectations.
Forward-looking statements contained in this news release include
statements regarding expanding its business for inscriptions of
large ordinals and the potential revenue opportunities, the
expectation and plan to grow for the Company, the planned
monetization of certain product and service offerings, the plans
and goals of the Terra Pool, developing and executing on the
Company’s products, services and business plans, the launch of
products and services, events, courses of action, and the potential
of the Company’s technology and operations, among others, are all
forward-looking information.
Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations, or intentions regarding the future.
Such information can generally be identified by the use of
forwarding-looking wording 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 the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, market and other conditions,
volatility in the trading price of the common shares of the
Company, business, economic and capital market conditions; the
ability to manage operating expenses, which may adversely affect
the Company's financial condition; the ability to remain
competitive as other better financed competitors develop and
release competitive products; regulatory uncertainties; access to
equipment; market conditions and the demand and pricing for
products; the demand and pricing of bitcoins; security threats,
including a 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 release new products in a timely manner that
meet customers' needs; the ability to attract, retain and motivate
qualified personnel; competition in the industry; the impact of
technology changes on the products and industry; failure to develop
new and innovative products; the ability to successfully maintain
and enforce our intellectual property rights and defend third-party
claims of infringement of their intellectual property rights; the
impact of intellectual property litigation that could materially
and adversely affect the business; the ability to manage working
capital; and the dependence on key personnel. DMG may not actually
achieve its plans, projections, or expectations. Such statements
and information are based on numerous assumptions regarding present
and future business strategies and the environment in which the
Company will operate in the future, including the demand for its
products, the ability to successfully develop software, that there
will be no regulation or law that will prevent the Company from
operating its business, anticipated 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. The securities of DMG are
considered highly speculative due to the nature of DMG's business.
For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com. 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 forward-looking statements include,
failure to obtain regulatory approval, the continued availability
of capital and financing, equipment failures, lack of supply of
equipment, power and infrastructure, failure to obtain any permits
required to operate the business, the impact of technology changes
on the industry, the impact of Covid-19 or other viruses and
diseases on the Company's ability to operate, secure equipment, and
hire personnel, competition, security threats including stolen
bitcoins from DMG or its customers, consumer sentiment towards
DMG's products, services and blockchain technology generally,
failure to develop new and innovative products, litigation, adverse
weather or climate events, increase in operating costs, increase in
equipment and labor costs, decrease in the price of Bitcoin,
failure of counterparties to perform their contractual obligations,
government regulations, loss of key employees and consultants, and
general economic, market or business conditions. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The reader is cautioned not to place
undue reliance on any forward-looking information. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise. Additionally, the
Company undertakes no obligation to comment on the expectations of
or statements made by third parties in respect of the matters
discussed above.
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