Bitfarms Ltd. ("Bitfarms" or the "Company") (TSXV: BITF / OTC:
BFARF), one of the largest, oldest and most cost-effective publicly
traded bitcoin mining operations in the world, today announces it
has retained CORE IR, a leading investor relations, public
relations and strategic advisory firm, to assist the Company with
investor relations, public relations and shareholder communications
services.
CORE IR will focus on expanding market awareness for Bitfarms
and conveying the Company's business model and growth strategies to
the institutional and retail investment communities. CORE IR, a
boutique investor and public relations strategic advisory firm
based in New York and other U.S. financial districts, specializes
in leveraging the most effective investment, growth, and exposure
strategies for small to mid-sized companies through an integrated
approach to relationship development and corporate
communications.
“Recognizing CORE IR’s high level capital markets experience and
investor network reach in the U.S., we believe CORE IR is a perfect
fit for our company at this exciting time of shareholder value
creation and growth potential,” said Bitfarms CEO Emiliano
Grodzki.
“CORE IR is a great fit for Bitfarms and we are very pleased to
have the opportunity to work with management in executing our
comprehensive approach to help the Company expand its outreach and
engagement strategies. We look forward assisting the Company in
achieving its corporate goals,” added CORE IR President and
Co-Founder Scott Gordon.
CORE IR has been engaged at a rate of US$15,000 per
month for an initial term of twelve months and thereafter may be
extended by mutual agreement or terminated earlier by a party with
30 days written notice after 6 months of service. CORE IR has also
agreed to a one-time grant of 15,000 incentive stock options (the
"Options") exercisable at a price of C$6.35 per share for a period
of two years. The Options will be subject to the terms of the
Company's stock option plan and will vest as to 25% on each
three-month anniversary of the Effective Date. The options due and
issuable pursuant to this agreement are subject to the approval of
the TSX Venture Exchange. Other than the options, neither CORE IR
nor any of its directors, officers or employees have any interest,
directly or indirectly, in Bitfarms or its securities, or any right
or intent to acquire such an interest.
Issuance of Shares
The Company further announces it has issued 6,221 common shares
at a price of $0.69 per common share to a certain shareholder as a
result of an issuance deficiency noted in connection with the 2018
merger between Blockchain Mining Ltd. (a predecessor to the
Company) and Backbone Hosting Solutions Inc. (the Company’s
operating subsidiary).
About Bitfarms Ltd. Founded in 2017 Bitfarms is
one of the one of the largest, oldest, and most cost-effective
public bitcoin mining operations in the world. Bitfarms run
vertically integrated mining operations with onsite technical
repair, data analytics and engineers to deliver high performance
and uptime of operations.
Having demonstrated rapid growth and stellar operations,
Bitfarms became the first Bitcoin mining company to complete its
long form prospectus with the Ontario Securities Commission and
started trading on the TSX-V in July 2019. Bitfarms is currently
listed as a Rising Star by the TSX-V.
Bitfarms has a diversified production platform with five
industrial scale facilities located in Quebec. Each facility is
100% powered with environmentally friendly hydro power and secured
with long-term power contracts. Bitfarms is currently the only
publicly traded pure-play mining company audited by a Big Four
audit firm.
To learn more about Bitfarms’ events, developments and online
communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
About CORE IRHeadquartered in Garden City, New
York, CORE IR is comprised of senior market leaders with expertise
in institutional and retail investor relations, integrated
corporate communications, and capital markets advisory services.
CORE IR provides proprietary integrated investor and public
relations solutions that yield targeted exposure for small to
mid-sized companies. For more information, please
visit www.coreir.com.
Cautionary Statement
Trading in the securities of the Company should be considered
highly speculative. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain “forward-looking information”
within the meaning of applicable Canadian securities laws that are
based on expectations, estimates and projections as at the date of
this news release. The information in this release about future
plans and objectives of the Company, are forward-looking
information. Other forward-looking information includes but is not
limited to information concerning: the delivery of new miners on
schedule and otherwise in accordance with the contract terms; the
intentions, plans and future actions of the Company, as well as
Bitfarms’ ability to successfully mine digital currency, revenue
increasing as currently anticipated, the ability to profitably
liquidate current and future digital currency inventory, volatility
of network difficulty and digital currency prices and the resulting
significant negative impact on the Company’s operations, the
construction and operation of expanded blockchain infrastructure as
currently planned, and the regulatory environment of cryptocurrency
in the Provinces of Canada.
Any statements that involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as “expects”, or “does not expect”, “is
expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on reasonable
assumptions and estimates of management of the Company at the time
it was made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the global economic climate; dilution;
the Company’s limited operating history; future capital needs and
uncertainty of additional financing; the competitive nature of the
industry; currency exchange risks; the need for the Company to
manage its planned growth and expansion; the effects of product
development and need for continued technology change; protection of
proprietary rights; the effect of government regulation and
compliance on the Company and the industry; network security risks;
the ability of the Company to maintain properly working systems;
reliance on key personnel; global economic and financial market
deterioration impeding access to capital or increasing the cost of
capital; and volatile securities markets impacting security pricing
unrelated to operating performance. In addition, particular factors
which could impact future results of the business of Bitfarms
include but are not limited to: successful delivery of the new
miners on the agreed schedule in accordance with the contract terms
and the potential for further improvements to profitability and
efficiency across mining operations; the construction and operation
of blockchain infrastructure may not occur as currently planned, or
at all; expansion may not materialize as currently anticipated, or
at all; the digital currency market; the ability to successfully
mine digital currency; revenue may not increase as currently
anticipated, or at all; it may not be possible to profitably
liquidate the current digital currency inventory, or at all; a
decline in digital currency prices may have a significant negative
impact on operations; an increase in network difficulty may have a
significant negative impact on operations; the volatility of
digital currency prices; the anticipated growth and sustainability
of hydroelectricity for the purposes of cryptocurrency mining in
the Province of Québec, the ability to complete current and future
financings, any regulations or laws that will prevent Bitfarms from
operating its business; historical prices of digital currencies and
the ability to mine digital currencies that will be consistent with
historical prices; an inability to predict and counteract the
effects of COVID-19 on the business of the Company, including but
not limited to the effects of COVID-19 on the price of digital
currencies, capital market conditions, restriction on labour and
international travel and supply chains; and there will be no
regulation or law that will prevent Bitfarms from operating its
business. The Company has also assumed that no significant events
occur outside of the Bitfarms’ normal course of business. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts
For corporate inquiries:
Geoff Morphygmorphy@bitfarms.com
For media inquiries:Ellis
Ballardellis@yapglobal.com
Jules AbrahamDirector of Public RelationsCORE
IR917-885-7378julesa@coreir.com
Investor Relations Contact:CORE IRTristan
TraywickManaging Director516 22 2560tt@coreir.com
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