Riot Blockchain Announces Appointment of Benjamin Yi as Executive Chairman and Appointments of New Director and New Lead Inde...
May 24 2021 - 4:45PM
Riot Blockchain, Inc. (NASDAQ: RIOT)
("Riot" or the
"Company"), one of the leading Nasdaq-listed public Bitcoin
mining companies in the United States, announces the appointment of
Benjamin Yi as Executive Chairman, and that Lance D’Ambrosio has
been appointed to the Company’s Board of Directors, as an
independent director.
Appointment of Executive Chairman, Benjamin Yi
Benjamin Yi has served as an independent director on the Riot’s
Board of Directors since October 2018 and as Chairman of the Board
since November 2020. As Executive Chairman, he will support
and continue to work closely with Riot’s executive management team
to execute upon the Company’s mission to become one of the most
relevant and significant companies supporting the Bitcoin network
and greater Bitcoin ecosystem.
During Mr. Yi’s tenure to-date, the Company’s collective
achievements include:
- Significantly improved operating and financial profiles,
including the attainment of profitability;
- A reconstituted and more diverse Board of Directors;
- A reconstituted, operationally-streamlined management
team;
- The announcement of a transformative transaction, creating a
US-based industry leader in Bitcoin mining via the planned
acquisition of Whinstone US, the largest Bitcoin hosting facility
in North America, as measured by developed capacity.
Mr. Yi brings significant experience in corporate strategy,
corporate development, and governance to the Riot management
team. In addition to having served as a director of several
public and private companies, he also brings over sixteen years of
unique capital markets experience to the management team, with a
particular expertise in fintech-enabled businesses, specialty
finance, and special situations investing throughout a company’s
capital structure.
Appointment of New Director, Lance D’Ambrosio
Riot is also pleased to announce that Lance D’Ambrosio has been
appointed to the Company’s Board of Directors, effective today.
Lance D’Ambrosio, age 64, is a successful entrepreneur, private
investor, corporate director, and a past recipient of the Ernst
& Young and Merrill Lynch Entrepreneur of the Year Award in the
category of e-Software & Services. Currently, he serves
as Managing Partner of 4 D Investments, which focuses on technology
and real estate investments. Mr. D’Ambrosio has founded and
grown several companies spanning several industries, including the
telecommunications, materials, and automotive sectors. Over
the course of his career, he has led capital raising efforts
totalling hundreds of millions of dollars, executed on over thirty
corporate acquisitions, successfully taken a number of companies
public on both US and international exchanges, and successfully
sold several businesses to larger market participants, including
Sprint Telecommunications and Comsat International, a subsidiary of
Lockheed Martin.
Mr. D’Ambrosio brings significant corporate governance
experience to Riot’s Board, including expertise in financial
analysis, mergers and acquisitions, and complex international
structuring. Mr. D’Ambrosio graduated from the University of
Utah in 1979 with a Degree of Bachelor of Science in Marketing and
a Bachelor of Science Degree in Management as a member of the
Dean’s Honor List.
Appointment of New Lead Independent Director
Riot is also pleased to announce that the Board of Directors has
unanimously elected Hubert Marleau as Lead Independent Director,
effective today. Mr. Marleau has served as an independent
director since November 2020 and currently serves as the Chair of
the Governance and Nominating Committee.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on Bitcoin mining.
The Company is expanding and upgrading its mining operations
by securing the most energy efficient miners currently available.
Riot is headquartered in Castle Rock, Colorado, and the
Company’s mining operations are located in upstate New York, under
a co-location hosting agreement with Coinmint. For more
information, visit www.RiotBlockchain.com.
Safe Harbor
The information provided in this press release may include
forward-looking statements relating to future events or the future
financial performance of the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as "anticipates," “believes,” "plans,"
"expects," "intends," "will," "potential," "hope" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based upon current
expectations of the Company and involve assumptions that may never
materialize or may prove to be incorrect. Actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of various risks and
uncertainties. Detailed information regarding factors that may
cause actual results to differ materially from the results
expressed or implied by statements in this press release relating
to the Company may be found in the Company's periodic filings with
the U.S. Securities and Exchange Commission (the “SEC”), including
the factors described in the sections entitled "Risk Factors" and
“Cautionary Note Regarding Forward-Looking Statements” of the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2020, which was filed with the SEC on March 31, 2021,
copies of which may be obtained from the SEC's website at
www.sec.gov. The Company does not undertake any obligation to
update forward-looking statements contained in this press
release.
Investor Contact - Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
PR Contact
Riot Blockchain, Inc.
PR@riotblockchain.com
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