Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin
self-mining company, appointed Patricia Osorio as Vice
President of Corporate, reporting to President Geoff Morphy.
Morphy said, “Patricia will work closely with
the executive team and board in managing our global activities. In
addition to supporting our corporate governance initiatives, she
will assist with global business development and integration. I had
the pleasure of working with Patricia while she was corporate
secretary at a global, publicly traded, clean tech company based in
Montreal. She will be a great asset as we continue to expand our
operational footprint in Canada, the United States, Latin America,
and other jurisdictions. I am excited about her future contribution
to Bitfarms.”
About Patricia Osorio
Osorio brings 18 years of corporate experience
in Canada, including corporate governance roles with Canadian
companies with activities overseas (Africa and Latin America). Most
recently, she served as Corporate Secretary for Dundee Sustainable
Technologies, a publicly traded, Montreal-based company focused on
environmentally friendly technologies for the treatment of material
from the mining industry.
Osorio, an accredited Colombian lawyer, earned
her Bachelor of Laws (LL.B.) in October 1997 at Universidad
Pontificia Bolivariana, Medellín, Antioquia and was called to the
Colombian Barreau in February 1998. She is fluent in English,
French and Spanish.
Options Grant
The Company further announces the granting of
stock options (“Options”) to certain officers and
employees of the Company. Options to purchase an aggregate
of 120,000 common shares were granted pursuant to the
Company’s Stock Option Plan. The Options are exercisable into one
common share of the Company at a price of CAD$9.81 for a period of
five years from the date of grant and are subject to vesting
conditions.
About Bitfarms
Ltd.
Founded in 2017, Bitfarms is a global Bitcoin
self-mining company, running vertically integrated mining
operations with onsite technical repair, proprietary data analytics
and company-owned electrical engineering and installation services
to deliver high operational performance and uptime.
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. On
February 24, 2021, Bitfarms was honoured to be announced as a
Rising Star by the TSX-V. On June 21, 2021, Bitfarms started
trading on the Nasdaq Stock Market.
Bitfarms has a diversified production platform
with five industrial scale facilities located in Québec. Each
Canadian facility is over 99% powered with environmentally friendly
hydro power and secured with long-term power contracts. Bitfarms is
currently the only publicly traded pure-play Bitcoin 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/
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), Nasdaq, or
any other securities exchange or regulatory authority accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking
Statements
This news release contains certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release and are covered by safe harbors under Canadian and U.S.
securities laws. The information in this release regarding
expectations in respect to its expansion plans (including
computational goals), anticipated mining capacity and receipt of
new miners, and about other future plans and objectives of the
Company are forward-looking information. Other forward-looking
information includes, but is not limited to, information
concerning: 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 potential resulting significant negative impact on
the Company’s operations, the construction and operation of
expanded blockchain infrastructure as currently planned, and the
regulatory environment for cryptocurrency in the applicable
jurisdictions.
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
assumptions and estimates of management of the Company at the time
they were 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 including the Company’s ability
to utilize the Company’s at-the-market offering (the “ATM Program”)
and the prices at which the Company may sell Common Shares in the
ATM Program as well as capital market conditions in general; 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; dilution in relation
to the ATM Program and from other equity issuances; and volatile
securities markets impacting security pricing unrelated to
operating performance. In addition, particular factors that could
impact future results of the business of Bitfarms include, but are
not limited to: 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 applicable jurisdictions, 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, the
adoption or expansion of any regulation or law that will prevent
Bitfarms from operating its business, or make it more costly to do
so. For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
including the annual information form for the year ended December
31, 2020, filed on April 7, 2021. The Company has also assumed that
no significant events occur outside of Bitfarms’ normal course of
business. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those expressed in forward-looking statements, 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 any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts
Investor Relations:
LHA Investor
RelationsDavid Barnard+1
415-433-3777Investors@bitfarms.com
US Media:
YAP GlobalMia
Grodsky, Account Executive mia@yapglobal.com
Québec
Media:
Ryan Affaires
publiquesValérie Pomerleau, Public Affairs and
Communications valerie@ryanap.com
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