Shenif Visram replaces Shane Downey, effective immediately
This news release constitutes a "designated news release" for
purposes of the Company's prospectus supplement dated August 17, 2022, to its short form base shelf
prospectus dated August 5,
2022.
TORONTO, Dec. 12, 2022 /PRNewswire/ -- Hut 8 Mining Corp.
(Nasdaq: HUT) (TSX: HUT), ("Hut 8" or the "Company") one of
North America's largest,
innovation-focused digital asset mining pioneers and high
performance computing infrastructure provider, is pleased to
announce the appointment of Shenif Visram, CPA, CMA as
the company's Chief Financial Officer (CFO), effective immediately.
With more than 20 years of financial management experience in the
infrastructure and technology businesses, Shenif brings a wealth of
leadership expertise working in medium and large public and private
companies.
Shenif, who will be based in Toronto and will report to CEO Jaime Leverton, is replacing Hut 8's CFO
Shane Downey, who is moving on to
pursue new opportunities after 20 months with the organization.
"With deep financial experience at IBM Canada, Cogeco Peer 1,
and Aptum Technologies, Shenif is a senior leader with excellent
financial acumen and the skill set we need to lead us through the
next crucial growth period at Hut 8," said Jaime Leverton,
Chief Executive Officer of Hut 8. "The Board and I would like to
thank Shane for his dedication through a significant period of
change at Hut 8, including the strategic expansion of our business
into high performance computing."
Shenif began his finance career with IBM Canada, quickly
progressing to take on CFO roles within key business units
including Global Business Services, Global Technology Services, and
leading as Chief Operating Officer in Global Business Services. He
then moved to Cogeco Peer 1 as Vice President, Finance, before
assuming the CFO role, which he led through the company's
rebranding to Aptum Technologies, a multi-cloud managed services
provider delivering complex, high performance computing
solutions.
"I am incredibly energized by the opportunity to work with a
team of seasoned executives with robust backgrounds in this
exciting industry," said Shenif. "Leveraging my previous experience
in M&A and driving growth in the infrastructure technology
space, I am eager to make a meaningful contribution at Hut 8 by
building on our established balance sheet-first approach as we
continue to successfully navigate the market by executing on our
differentiated strategy and grow as a leader in Bitcoin mining and
high-performance computing."
About Hut 8
Hut 8 is one of North America's largest innovation-focused
digital asset miners, led by a team of business-building
technologists, bullish on bitcoin, blockchain, Web 3.0, and
bridging the nascent and traditional high performance computing
worlds. With two digital asset mining sites located in Southern Alberta and a third site in
North Bay, Ontario, all located in
Canada, Hut 8 has one of the
highest capacity rates in the industry and one of the highest
inventories of self-mined unencumbered Bitcoin of any digital asset
miner or publicly traded company globally. With 36,000 square feet
of geo-diverse data centre space and cloud capacity connected to
electrical grids powered by significant renewables and
emission-free resources, Hut 8 is revolutionizing conventional
assets to create the first hybrid data centre model that serves
both the traditional high-performance compute (Web 2.0) and nascent
digital asset computing sectors, blockchain gaming, and Web 3.0.
Hut 8 was the first Canadian digital asset miner to list on the
Nasdaq Global Select Market. Through innovation, imagination, and
passion, Hut 8 is helping to define the digital asset revolution to
create value and positive impacts for its shareholders and
generations to come.
Cautionary Note Regarding Forward-Looking
Information
This press release includes "forward-looking
information" and "forward-looking statements" within the meaning of
Canadian securities laws and United
States securities laws, respectively (collectively,
"forward-looking information"). All information, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company expects
or anticipates will or may occur in the future, including such
things as future business strategy, competitive strengths, goals,
expansion and growth of the Company's businesses, operations, plans
and other such matters is forward-looking information.
Forward-looking information is often identified by the words "may,"
"would," "could", "should", "will", "intend", "plan", "anticipate",
"allow", "believe", "estimate", "expect", "predict", "can",
"might", "potential", "predict", "is designed to", "likely" or
similar expressions. In addition, any statements in this press
release that refer to expectations, projections or other
characterizations of future events or circumstances contain
forward-looking information and include, among others, statements
regarding: Bitcoin network dynamics; the Company's ability to
advance its longstanding HODL strategy; the Company's ability to
produce additional Bitcoin and maintain existing rates of
productivity at all sites; the Company's ability to deploy
additional miners; the Company's ability to continue mining digital
assets efficiently; the Company's expected recurring revenue and
growth rate from its high performance computing business; and the
Company's ability to successfully navigate the current market.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, security
and cybersecurity threats and hacks, malicious actors or botnet
obtaining control of processing power on the Bitcoin network,
further development and acceptance of the Bitcoin network, changes
to Bitcoin mining difficulty, loss or destruction of private keys,
increases in fees for recording transactions in the Blockchain,
erroneous transactions, reliance on a limited number of key
employees, reliance on third party mining pool service providers,
regulatory changes, classification and tax changes, momentum
pricing risk, fraud and failure related to digital asset exchanges,
difficulty in obtaining banking services and financing, difficulty
in obtaining insurance, permits and licenses, internet and power
disruptions, geopolitical events, uncertainty in the development of
cryptographic and algorithmic protocols, uncertainty about the
acceptance or widespread use of digital assets, failure to
anticipate technology innovations, the COVID19 pandemic, climate
change, currency risk, lending risk and recovery of potential
losses, litigation risk, business integration risk, changes in
market demand, changes in network and infrastructure, system
interruption, failure to achieve intended benefits of power
purchase agreements; potential for interrupted delivery, or
suspension of the delivery, of energy to the Company's mining
sites; changes in leasing arrangements, and other risks related to
the digital asset and data centre business. For a complete list of
the factors that could affect the Company, please see the "Risk
Factors" section of the Company's Annual Information Form dated
March 17, 2022, and Hut 8's other
continuous disclosure documents which are available on the
Company's profile on the System for Electronic Document Analysis
and Retrieval at www.sedar.com and on the EDGAR section of the U.S.
Securities and Exchange Commission's website at www.sec.gov.
These factors are not intended to represent a complete list of
the factors that could affect Hut 8; however, these factors should
be considered carefully. There can be no assurance that such
estimates and assumptions will prove to be correct. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
in this press release as intended, planned, anticipated, believed,
sought, proposed, estimated, forecasted, expected, projected or
targeted and such forward-looking statements included in this press
release should not be unduly relied upon. The impact of any one
assumption, risk, uncertainty, or other factor on a particular
forward-looking statement cannot be determined with certainty
because they are interdependent and Hut 8's future decisions and
actions will depend on management's assessment of all information
at the relevant time. The forward-looking statements contained in
this press release are made as of the date of this press release,
and Hut 8 expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
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CONTACT: Hut 8 Investor Relations, Sue
Ennis, sue@hut8mining.com; Hut 8 Media Relations,
Erin Dermer,
erin.dermer@hut8mining.com
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