Highlights
- Open access to new customers to access Bosonic’s crypto exchange with full digital custody
- $1 million in debt raised against real estate assets
- The CEO increases the shares in the company
- 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 that it has opened access to the Bosonic Network to Terra Pool members. With the Bosonic multi-deposit blockchain-based solution, the only such solution in the market where client funds are held in the client’s own account with a regulated custodian and not an exchange.
Due to the multi-custodial nature of Bosonic’s blockchain-based solution, clients do not fall into the pitfalls and risks of traditional cryptocurrency exchanges. In addition, Bosonic’s customers trading on 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 customers and exchanges.
Bosonic is a pioneer in decentralized Financial Market Infrastructure (dFMI) technology, which eliminates counterparty risk, as digital assets are held only with regulated custodians, not exchanges. DMG offers Terra Pool members access through its portal, to Bosonic Network with Prime Trust as custodian. Clients are onboarded by 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 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 method of choice for digital asset transactions – particularly bitcoin – for several months now. We believe that the growth of DMG’s non-crypto mining revenue will be associated with our Core+ projects in crypto transactions and security, and Bosonic plays an important role in achieving this goal.”
Bosonic’s CEO, Rosario Ingargiola, added, “Bosonic has spent the past seven years building a digital asset trading platform to protect clients, successfully using blockchain technology to eliminate counterparty risk. Recent events represent a watershed moment towards mainstreaming the Bosonic dFMI approach. We are delighted to welcome DMG and their Terra Pool member companies to trade on the Bosonic Network.”
$1 million debt financing
DMG announces that it has completed a small increase of CAD $1 million in financing with a variable interest rate of Prime + 4.55% per annum and a term of 18 months using a secured real estate asset. “DMG continues to seek additional major debt financing to support its planned upgrades to the Christina Lake mining facility. Although market conditions are currently challenging, given DMG’s asset-heavy and debt-light nature, the company has been able to engage in meaningful discussions with debt providers that offers competitive pricing for our market,” commented Steven Eliscu, DMG’s COO.
The CEO buys the company’s shares
In addition, DMG CEO Sheldon Bennett has purchased 500,000 DMG shares in recent weeks, divided into 250,000 shares purchased in the open market and 250,000 stock options purchased (exercised) and held. “Increasing my personal position in DMG’s stock reflects my belief that DMG’s businesses, both Core and Core+, continue to have exceptional momentum, even in these trying market conditions, which are not properly reflected in the value of DMG’s stock,” Bennett said. .
Upcoming DMG Management Presentations and 1:1 meeting opportunities
DMG CEO Sheldon Bennett and/or COO Steven Eliscu will present 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 united through DMG’s vertical integration.
Future changes in the Bitcoin network’s mining difficulty or Bitcoin hash rate could 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 hash rate mining problems.
For more information about DMG Blockchain Solutions visit: www.dmgblockchain.com
follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.
On behalf of the board,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: [email protected]
Internet: www.dmgblockchain.com
Investor Relations Contact:
CORE IR (516) 222-2560
For media enquiries:
Jules Abraham, Communications Manager
CORE IR
(917) 885-7378
Neither the TSX Venture Exchange nor its regulatory 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.
Warning regarding forward-looking information
This press release contains forward-looking information or statements based on current expectations. Forward-looking statements in this press release include statements regarding potential additional debt financing to further upgrade the Christina Lake facility, participation in investor events/conferences, anticipated benefits and expectations of use of Bosonic by the Company and Terra Pool members, increasing non-crypto mining revenues, launch of products and services, events, courses of action and the potential of the company’s technology and operations, among other things, are all forward-looking information.
Forward-looking statements consist of statements that are not purely historical, including statements of beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking words such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is warned that assumptions used in the preparation of forward-looking information may turn out to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of a number of known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including, but not limited to, the market and other factors. conditions, volatility 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 Company’s financial condition; the ability to remain competitive when other better-funded competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and demand and pricing of products and services; the demand and pricing of bitcoin; security threats, including loss/theft of DMG’s bitcoin; DMG’s relationship with its customers, distributors and business partners; 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 customer needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technological changes on the products and the industry; inability to develop new and innovative products; the ability to 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. There can be no assurance that DMG will actually achieve its plans, projections or expectations. Such statements and information are based on a number of assumptions regarding 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 develop software successfully, that there will be no regulation. or law that would prevent the company from conducting its business, expected costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve its goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not rely on these forward-looking statements. The securities of DMG are considered highly speculative due to DMG’s operations. For additional information about these and other risks and uncertainties, see 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 lack of regulatory approval, continued available capital and financing, equipment failure, lack of supply of equipment, power and infrastructure, adverse weather and climate events. , failure to obtain 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, consumers’ feelings towards DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, litigation, increases in operating costs, increases in equipment and labor costs, decreases in the price of Bitcoin, failure of counterparties to fulfill their contractual obligations, public regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to rely on forward-looking information. The forward-looking statements 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 undertakes 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 the expectations of or statements from third parties in relation to the matters discussed above.
