TORONTO, Feb. 21, 2023 /PRNewswire/ -- Hut 8 Mining Corp.
(Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the
"Company") announces that it received the Statement of
Defence and Counterclaim (the "Counterclaim") of Validus
Power Corp. and its subsidiary, Bay Power Corp. (collectively,
"Validus").
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The Counterclaim relates to the Company's ongoing dispute with
Validus in respect of Validus' failure to meet its contractual
obligations under the power purchase agreement it entered into with
the Company as well as the associated lease between the Company and
Validus at the Company's mining facility in North Bay, Ontario. In addition to denying the
majority of allegations in the Company's Statement of Claim,
Validus has brought counterclaims against the Company and is
seeking monetary damages. The Company intends to pursue the
claims set out in its Statement of Claim as previously announced.
The Company considers the Counterclaim to be without sufficient
merit and will vigorously defend all of the claims in the
Counterclaim.
As the matter is now before the court, Hut 8 does not intend to
make additional comments on this subject unless otherwise
determined to be appropriate.
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 unencumbered, self-mined 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 with respect to the
North Bay facility and the
expected outcome of any proceedings related to Validus.
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 Bitcoinnetwork, 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, changes in leasing arrangements, 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, 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, as well as its most
recent Base Shelf Prospectus dated August 5,
2022 and Prospectus Supplement dated August 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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Investor contact: Sue Ennis, sue@hut8.io; Media
contact: Erin Dermer, erin.dermer@hut8.io
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