Bitfarms Announces Resignation of CEO and Issuance of Common Shares
March 11 2020 - 10:59PM
Business Wire
Bitfarms Ltd. (“Bitfarms”, or the “Company”)
(TSXV:BITF) announced today that Wes
Fulford has elected to resign as Chief Executive Officer and
Director of Bitfarms and its subsidiaries in order to pursue
another professional opportunity. Mr. Fulford will remain a
consultant to the Company for a limited period in order to assist
with transitional and other matters.
The Board of Directors plans to commence an executive search to
identify a permanent successor. In the interim, Emiliano Grodzki,
Chief Strategy Officer and Director, will act as interim CEO. As a
founder of the Company with strong business experience, Emiliano
will oversee the execution of the Company’s plans in the
near-term.
“On behalf of the Board of Directors, I would like to thank Wes
for his many contributions to Bitfarms over the past two years.
Under Wes’ stewardship, Bitfarms has successfully positioned itself
as a leader within the North American public markets. We wish him
all the best in his future endeavours,” commented Nicolas Bonta,
Chairman of the Board of Directors.
“It’s been an incredible experience working with the team at
Bitfarms. We became the first cryptocurrency company to
successfully clear a prospectus with the Ontario Securities
Commission, a testament to our operational expertise, governance
and transparency. In addition, Bitfarms was the only publicly
traded blockchain infrastructure company to raise significant new
capital last year, despite challenging market conditions. I look
forward to participating in the growth of this business as a
supportive shareholder,” added Wes Fulford.
In addition to customary arrangements, the Company has agreed,
subject to receipt of regulatory approval, to issue 500,000 common
shares to Mr. Fulford in consideration for past services rendered
and to satisfy certain historical entitlements. These common shares
have a deemed value of $0.54 per share.
About Bitfarms Ltd.
The Company owns and operates computing centres that power the
global decentralized financial economy. Bitfarms provides computing
power to cryptocurrency networks such as Bitcoin, earning fees from
each network for securing and processing transactions. Powered by
clean and competitively priced hydroelectricity, Bitfarms operates
5 computing centres in Québec, Canada. Bitfarms’ experienced
management team includes industrial- scale data centre operators
and capital markets professionals, focused on building
infrastructure for the future by developing and hosting the
ecosystem growing around blockchain-based technologies.
To learn more about Bitfarms’ events, developments and online
communities:
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/ Website:
www.bitfarms.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.
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. The forward-looking statements
contained in this press release are made as of the date of this
press release. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200311005842/en/
For investor inquiries, please contact: Sonia Tercas
Director, Investor Relations +1.647.348.9207
stercas@bitfarms.io
For media inquiries, please contact: Marc Duchesne
+1.514.277.3508 marc@ryanap.com
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