Marathon Appoints Fred Thiel to Board of Directors
May 02 2018 - 9:36AM
Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or the
“Company”), today announced that it has appointed Fred Thiel to its
Board of Directors. Mr. Thiel is a globally experienced
public/private company CEO, board member, strategic advisor,
private equity firm principal and senior advisor/operating partner
with over 30 years’ experience building high performance businesses
and creating value through innovation and revenue growth – both
domestically and internationally.
Thiel currently serves as Chairman and Co-founder of Sprocket,
Inc., a Blockchain/Cryptocurrency technology and financial services
company whose mission is to reduce the risk and friction of
cryptocurrency trading across marketplaces, regions and exchanges
by establishing a federation of exchanges that together create a
single aggregated global trading marketplace with large scale
liquidity, rapid execution, minimal counter-party risk, and price
transparency.
Prior to that, Thiel served as Chairman and Chief Executive
Officer of Local Corporation, an $80 million NASDAQ listed leader
in on-line local search and digital media, mobile search
monetization and programmatic retargeting markets with over 240
million unique annual visitors.
Earlier in his career, he developed and implemented turn-around
strategy as CEO of Gamespy Industries, Inc., where he hired new
senior management team and instituted new management controls and
processes that resulted in 63% Y/Y revenue growth and turn-around
from five years of losses to solidly profitable operations and
successfully positioned company for sale to similarly sized
competitor in all-cash deal at high multiple. Eighteen months later
Fox Interactive paid $650 million for the combined companies.
During his career while holding the title of CEO across multiple
companies, Thiel successfully created in excess of $750 million in
shareholder value; raised more than $150 million through both
public (IPO and secondary offerings) and private capital sources;
led multiple successful corporate transformations resulting in
highly accretive exits; built high output agile product development
organizations; established corporate innovation groups resulting in
the creation of new product businesses that generated significant
new revenues in first year.
Merrick Okamoto, Marathon’s Interim Chief
Executive Officer and Chairman of the Board of Directors, stated,
“We’re excited to welcome Fred to our Board of Directors. His
proven track record of success in creating value in both the public
and private markets speaks for itself, making him ideally suited to
fill the position on our board. I’m confident that his hands on and
no-nonsense approach to value creation will benefit our
shareholders.”
Fred Thiel added, “I look forward to playing an
integral role in the future of Marathon as it continues to scale
its cryptocurrency mining operations. With its recent commencement
of operations at its Quebec facility, room for additional
expansion, and it’s pending acquisition of Global Bit Ventures, I
believe the Company is well positioned to further define itself as
an emerging leader in the space.”
Pictures of the Company’s mining operations may be found at the
following link: Facility pictures.
About Marathon Patent Group,
Inc.
Marathon is formerly an IP licensing company.
Following the acquisition of GBV, the combined company will focus
on the development of GBV’s new business involving the blockchain
ecosystem and generation of digital assets. GBV is focused on
mining digital assets and intends to add specialized computer
equipment and plans to expand its activities to mine new digital
assets. To learn more about Marathon Patent Group Inc.,
visit www.marathonpg.com. To learn more about
Global Bit Ventures Inc.,
visit www.globalbitventures.com.
Investor Notice
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, 2016 filed with the Securities and Exchange Commission
(the “SEC”) on April 5, 2017 and the Risk Factor section of
Amendment No.1 to Form S-4 filed on January 24, 2018 which contains
a discussion of possible risks related to the Company’s planned
merger with Global Bit Ventures, Inc. 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. See "Safe Harbor"
below.
Forward-Looking Statements
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.
Contact Information
Name: Jason Assad Phone: 678-570-6791
Email: Jason@marathonpg.com
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