ZUG, SWITZERLAND and
VANCOUVER, Aug. 13, 2019 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company"
or "HIVE") is pleased to announce that it has entered a
strategic partnership with Blockbase Group DWC-LLC ("Blockbase") as
the new software operator and maintenance services provider for the
Company's flagship facility in Sweden. Blockbase's highly optimized software
monitoring services are expected to enhance the efficiency of
HIVE's GPU mining operations while reducing costs. Additionally,
HIVE has entered direct agreements with local suppliers which are
now providing full transparency of costs at our Swedish
operations.
"Our new strategic partnership with Blockbase is exciting as it
is expected to improve profitability and enhance our mining
operations in Sweden," said
Frank Holmes, Interim Executive
Chairman and Interim CEO of HIVE. "Management expects continued
improvements in efficiency, and I have been very pleased with the
early progress that Blockbase has shown in Sweden. We are looking forward to a long and
prosperous working relationship for both companies. Signing
agreements directly with local suppliers has dramatically improved
transparency with regards to costs, a concern in early 2019, which
we have successfully overcome. In my view, direct agreements
provide a higher degree of accountability, predictability and
transparency then prior agreements. We have received numerous
requests from shareholders and financial analysts asking for
improved transparency and I believe that the new partnership and
strategy better satisfies their needs. Going forward, we will be in
a position to improve disclosure to HIVE shareholders, financial
analysts, and the financial community broadly."
HIVE is also providing a biweekly status update on the delay of
filing its annual financial statements and accompanying
management's discussion and analysis for the financial year ended
March 31, 2019 (collectively, the
"Annual Filings"). As previously announced on July 26, 2019, the Company expects to file on or
before August 28, 2019.
HIVE management confirms that it is working diligently to meet
the Company's obligations relating to its Annual Filings and that,
since it announced a delay of its Annual Filings (the "Filings
Notice") there is no material change to the information set out in
the Filings Notice that has not been generally disclosed and there
has been no failure by the Company in fulfilling its stated
intentions with respect to satisfying the provisions of the
alternative information guidelines set out in NP 12-203. While
subject to the MCTO, the Company will continue to comply with the
provisions of the alternative information guidelines under NP
12-203 by issuing bi-weekly status reports until it has satisfied
the necessary filing requirements.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE owns state-of-the-art
GPU-based digital currency mining resources in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produces newly minted digital currencies
like Bitcoin. Its deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com. Follow @HIVEblockchain on
Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
"Frank Holmes"
Interim Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes, but is not limited to, statements regarding the strategic
partnership with Blockbase; enhanced efficiency, reduced costs and
profitability at the Company's facility in Sweden; full transparency of costs in
Sweden; statements regarding the
timing, review, completion and filing of the Annual Filings, and
duration of the MCTO; business goals and objectives of the Company,
and other forward-looking information concerning the intentions,
plans and future actions of the parties to the transactions
described herein and the terms thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the Company's operations in Sweden may not result in reduced costs, prove
to be more efficient or be profitable to the Company as expected,
or at all; costs related to Sweden
operations may not prove to be transparent to the Company; the
Company will be subject to a general cease trade order in the event
that the Annual Filings are not completed and filed; and other
related risks as more fully set out in the Filing Statement of the
Company dated September 13, 2017 and
other documents disclosed under the Company's filings at
www.sedar.com.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
strategic partnership agreement with Blockbase; the Company's
ability to complete and file the Annual Filings. The Company has
also assumed that no significant events occur outside of the
Company's normal course of business. Although the Company believes
that the assumptions inherent in the forward-looking information
are reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
SOURCE HIVE Blockchain Technologies Ltd.