Highlights
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Open access to new clients to access Bosonic’s cross custodian crypto exchange with full digital custody
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$1-million debt raised against real estate asset
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CEO increases shareholdings in company
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Upcoming investor presentations
VANCOUVER, British Columbia, Nov. 22, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces it has opened access to the Bosonic Network for Terra Pool members. With the Bosonic multi-custodial blockchain-based solution, the only such solution in the market where client assets are held in the client’s own account at a regulated custodian and not an exchange.
Due to the nature of Bosonic’s multi-custodial blockchain based solution, clients do not run into the pitfalls and risks that traditional cryptocurrency exchanges hold. Additionally, Bosonic’s clients trading with FTX or any other exchange have not had any risk of loss or frozen withdrawals, as Bosonic performs real-time clearing and settlement against assets held at the custodian by clients and exchanges.
Bosonic is a pioneer of decentralized Financial Market Infrastructure (dFMI) technology, which eliminates counterparty risk, as digital assets are held only at regulated custodians, not the exchanges. DMG is offering Terra Pool members access through its portal, https://exchange.blockseer.com to the Bosonic Network with Prime Trust as the custodian. Clients are onboarded to Prime Trust, which performs know your customer (KYC) and anti-money laundering (AML) checks. Bosonic Client Services staff will guide and support clients through the onboarding and trading process.
DMG CEO Sheldon Bennett stated, “We are an integral member of the decentralized Bosonic Network, which is focused on eliminating counterparty risk. The Bosonic platform has been our preferred method for transacting digital assets – specifically bitcoin – for several months now. We believe the growth of DMG’s non-crypto mining revenue will be associated with our Core+ projects in transacting and securing crypto, and Bosonic plays an important role in achieving this objective.”
Bosonic CEO, Rosario Ingargiola added, “Bosonic has spent the last seven years building a platform for trading digital assets to protect clients, successfully utilizing blockchain technology to eliminate counterparty risk. Recent events represent a watershed moment towards the mainstreaming of the Bosonic dFMI approach. We are delighted to welcome DMG and its Terra Pool member companies to transact on the Bosonic Network.”
$1 Million Debt Financing
DMG announces it has completed a small raise of CAD $1 million financing with a variable rate of Prime + 4.55% per annum and term of 18 months utilizing a secured real estate asset. “DMG continues to seek additional larger debt financing to support its planned Christina Lake mining facility upgrades. Although market conditions are currently challenging, given DMG is asset heavy and debt light, the Company has been able to engage in meaningful conversations with debt providers that offer competitive rates for our market,” commented Steven Eliscu, DMG’s COO.
CEO Purchases Company Shares
In addition, DMG’s CEO Sheldon Bennett has purchased 500,000 of DMG shares over the past few weeks, split between 250,000 shares purchased in the open market and 250,000 stock options purchased (executed) and held. “Increasing my personal position in DMG’s stock reflects my conviction that DMG’s businesses, both Core and Core+, continue to have exceptional momentum, even in these trying market conditions, which is not properly reflected in the value of DMG’s stock,” Mr. Bennett commented.
Upcoming DMG Management Presentations and 1:1 Meeting Opportunities
DMG CEO Sheldon Bennett and/or COO Steven Eliscu will be presenting at several upcoming investor events:
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable businesses are segmented into two business lines under the Core and Core+ strategies and unified through DMG’s vertical integration.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of Bitcoin, and future operating results could also be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact:
CORE IR (516) 222-2560
For Media Inquiries:
Jules Abraham, Head of Communications
CORE IR
(917) 885-7378
julesa@coreir.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding potential additional debt financing to further upgrade the Christina Lake facility, attending investor events/conferences, the expected benefits and expectations of using Bosonic by the Company and Terra Pool members, increasing non-crypto mining revenues, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products and services; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products and services, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, adverse weather and climate events, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
