ZUG, Switzerland and
VANCOUVER, Sept. 3, 2019 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) ("HIVE") announces
that it has ended discussions concerning a proposed partnership and
share swap with Argo Blockchain (LSE:ARB) ("Argo"). HIVE previously
announced on May 31 that the Company
had entered a non-binding letter of intent and heads of terms and a
share swap agreement with Argo to explore a proposed strategic
partnership.
"At the time of the announcement, our analysis indicated that
Argo was significantly undervalued, and a relatively quiet stock
trading below cash per share which made it an attractive
investment. Today, in our opinion, it is fully valued," said
Frank Holmes, Interim Executive
Chairman and Interim CEO of HIVE. "Since the announcement, HIVE's
global brand has ignited awareness of Argo and its stock price.
After analysis we are of the opinion that the best use of cash for
HIVE shareholders is to expand operations in Sweden and North-America directly rather than invest in
Argo. Further, their strategy and tactics have changed. We wish
them success in their future endeavors in the crypto blockchain
world."
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE owns state-of-the-art
GPU-based digital currency mining resources in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produces newly minted digital currencies
like Bitcoin. Its deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com. Follow @HIVEblockchain on
Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
"Frank Holmes"
Interim Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes, but is not limited to, the Company's expectations to
orderly transition operations in Sweden and Iceland from, and to continue operations
(including rebooting operations in Sweden or otherwise profitably utilizing its
equipment) without, Genesis; the Company's engagement of a new
service provider; the long term growth, business goals and
objectives of the Company, and other forward-looking information
concerning the intentions, plans and future actions of the parties
to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, the rebooting of the operations in
Sweden may not proceed as smoothly
or as profitably than anticipated; the transition of the operations
in Sweden and Iceland from Genesis to the Company may not
proceed as orderly or as timely as anticipated; counterparties to
agreements underlying the master services and related agreements
may not consent to the transfer and assignment of such underlying
agreements from Genesis to the Company, and the Company may not be
able to source alternative service providers on as favourable
terms; the integration of the new service provider(s) may not
proceed as smoothly as anticipated; changes in economic conditions
in the cryptocurrency ecosystem, fluctuations in energy prices in
Sweden, or depreciation of digital
assets including Ethereum and Bitcoin may adversely affect the
Company's continued operations and/or profitability; the
digital currency market generally; the Company's ability to
successfully mine digital currency; the Company may not be able to
profitably liquidate its current digital currency inventory, or at
all; a decline in digital currency prices may have a significant
negative impact on the Company's operations; the volatility of
digital currency prices; and other related risks as more fully set
out in the Filing Statement of the Company dated September 13, 2017 and other documents disclosed
under the Company's filings at www.sedar.com.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to profitably liquidate its digital currency inventory as
required; historical prices of digital currencies and the ability
of the Company to mine digital currencies will be consistent with
historical prices; and there will be no regulation or law that will
prevent the Company from operating its business. The Company has
also assumed that no significant events occur outside of the
Company's normal course of business. Although the Company believes
that the assumptions inherent in the forward-looking information
are reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
SOURCE HIVE Blockchain Technologies Ltd.