- Open access to new clients to access Bosonic’s custodial cryptocurrency exchange with full digital custodianship
- Collecting $1 million in debt against real estate assets
- The CEO increases equity stakes in the company
- Upcoming presentations for investors
VANCOUVER, BC, 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, announced that it has opened access to the Bosonic Network to members of Terra Pool. With Bosonic’s multi-custodial blockchain-based solution, the only solution on the market where client assets are held in the client’s own account with a regulated custodian and not an exchange.
Due to the nature of Bosonic’s multi-custodial blockchain solution, customers do not face the pitfalls and risks of traditional cryptocurrency exchanges. In addition, Bosonic clients who trade with FTX or any other exchange have no risk of loss or frozen withdrawals, as Bosonic performs real-time clearing and settlement against assets held by clients and exchanges in custodianship.
Bosonic is a pioneer in Decentralized Financial Market Infrastructure (dFMI) technology, which eliminates counterparty risk, as digital assets are only held with regulated custodians, not on exchanges. DMG offers Terra Pool members access through its portal, https://exchange.blockseer.com to the Bosonic Network with the Prime Trust as the custodian. Customers are onboarded with Prime Trust, which performs Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Bosonic Client Services staff will guide and support customers through the setup and trading process.
DMG CEO Sheldon Bennett states: “We are a core member of the decentralized Bosonic network, which is focused on eliminating counterparty risk. The Bosonic platform has been our preferred way to transact with digital assets – specifically Bitcoin – for several months now. We believe DMG’s non-crypto mining revenue growth will be associated with our Core+ projects in handling and securing cryptocurrency, and Bosonic plays an important role in achieving this goal.”
Bosonic CEO Rosario Ingargiola added, “Bosonic has spent the past seven years building a digital asset trading platform to protect clients, and has successfully used blockchain technology to eliminate counterparty risk. Recent events mark a watershed moment towards popularizing the Bosonic dFMI approach. We are pleased to welcome DMG and its Terra Pool member companies to conduct transactions on the Bosonic Network.”
Million dollar debt financing
DMG announced that it has completed a small raise of CAD 1 million in financing at a Prime variable rate + 4.55% per annum and an 18-month term using a secured real estate asset. “DMG continues to seek larger debt financing to support planned upgrades to the Christina Lake mining facility. Although market conditions are currently challenging, because DMG is asset-heavy and debt-light, the company has been able to engage in meaningful conversations with debt providers that offer competitive pricing for our market, commented Stephen Eliscu, COO of DMG.
The CEO buys the shares of the company
In addition, DMG CEO Sheldon Bennett has purchased 500,000 shares of DMG over the past few weeks, split between 250,000 shares bought in the open market and 250,000 call (exercise) and hold options. Mr. Bennett commented, “The increase in my personal position in DMG shares reflects my conviction that DMG’s business, both core and core+, continues to enjoy exceptional momentum, even in these difficult market conditions, which is not properly reflected in the value of DMG shares.” .
Upcoming DMG management presentations and meeting opportunities 1:1
DMG CEO Sheldon Bennett and/or COO Stephen Iliescu will be presenting at several upcoming investor events:
About DMG Blockchain Solutions Inc.
DMG is a green, vertically integrated blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions for investing in the blockchain ecosystem. DMG’s sustainable business is divided into two business lines under the Core and Core+ strategies and unified through the vertical integration of DMG.
Future changes in the Bitcoin network-level mining difficulty rate or the Bitcoin hash rate may materially affect the future performance of Bitcoin DMG production, and future operating results may also be affected by the Bitcoin price and hash mining difficulty increase.
For more information about DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For more information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations Contact:
CORE IR (516) 222-2560
For media inquiries:
Jules Abraham, Head of Communications
Neither TSX Venture Exchange nor its regulation service provider (as defined in the TSX Venture Exchange Policies) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary note regarding forward-looking information
This press release contains forward-looking information or statements that are based on current expectations. Forward-looking statements in this press release include statements regarding potential additional debt for additional financing of the Christina Lake facility, attendance at investor events/conferences, expected benefits and prospects for use of Bosonic by the Company and Terra Pool members, increased non-cryptocurrency mining revenue, product and service launches, and events. , courses of action, and the capabilities 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 forward-looking wording such as “may,” “expect,” “estimate,” “expect,” “intend,” “believe,” “continue,” or the negative thereof or similar variations. The reader is cautioned that the assumptions used in preparing any forward-looking information may be incorrect. Events or conditions may cause actual results to differ materially from those projected, as a result of various known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, including but not limited to market and others. the terms and fluctuations in the trading price of the Company’s common stock, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the financial condition of the company; the ability to remain competitive as other, better-funded competitors develop and release competitive products; regulatory uncertainty; access to equipment; market conditions, demand, and prices for products and services; bitcoin ordering and pricing; security threats, including loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG facilities; DMG’s ability to successfully identify, design and launch new products in a timely manner to meet customer needs; Ability to attract, retain and motivate qualified employees; competition in the industry; the impact of technological changes on products and the industry; failure to develop innovative new 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 business; the ability to manage working capital; And rely on key personnel. The DMG may not actually achieve its plans, expectations, or expectations. This data and information is based on many assumptions related to current 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 programs, and the lack of regulation. Or the law that will prevent the company from operating its business, the expected costs, the ability to secure enough capital to complete its business plans, the ability to achieve targets, and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. DMG’s securities are highly speculative due to the nature of DMG’s business. For more information about these other risks and uncertainties, please refer to the Company’s filings at 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, continued availability of capital and financing, equipment failures, shortages in equipment supply, power and infrastructure, and adverse weather and weather events. failure to obtain any permits required to operate the business, the impact of technological changes on the industry, the impact of COVID-19 or other viruses and illnesses on the business’s ability to operate, securing equipment, hiring employees, competition, and security threats including bitcoin stolen from DMG or its clients, consumer sentiment towards DMG’s products and services and blockchain technology in general, failure to develop new and innovative products, litigation, increased operating costs, increased equipment and labor costs, decrease in the price of bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of principal employers and consultants , general economic conditions, market or business. The 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 press release are made as of the date of this press 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. In addition, the Company undertakes no obligation to comment on projections or statements made by third parties with respect to the matters discussed above.
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