HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (“HIVE”) announces that the transition of the Company’s GPU chips in Sweden to Blockbase Group DWC-LLC (“Blockbase”) from Genesis Mining (“Genesis”) is progressing on schedule and early results are showing improvements in efficiency and performance at the Swedish facility. Nicolás Chaparro, CEO of Genesis Mining Iceland ehf. and Genesis Mining’s Regional Manager – Nordics, has continued to be extremely helpful throughout the migration. The Company is pleased to announce that the transition is not expected to require a shutdown of the equipment or the facility and the transition is scheduled to be completed prior to the end of September.
“We are very happy with the pace of transition of our GPU chips in Sweden to Blockbase and the improved performance we are seeing,” said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. “The software deployed by Blockbase is showing consistent performance enhancements as we migrate chips from Genesis. We continue to accumulate newly minted Ethereum coins mined at the facility and we are on-track to complete the cutover before the end of September. The fact that Blockbase’s software and its engineers have been able to seamlessly migrate chips to their platform without meaningful downtime is a testament to Blockbase’s expertise and the advancements implemented into their next gen software.”
HIVE also announces that it expects to file its annual financial statements and accompanying management’s discussion and analysis for the financial year ended March 31, 2019 (collectively, the “Annual Filings”) on or before September 29, 2019. As a result of the delayed Annual Filings the Company will have a delay in the filing of its interim financial statements, management’s discussion and analysis, and the related certifications for the period ended June 30, 2019 (“Interim Filings”), which had a filing deadline of August 29, 2019 . HIVE will continue to provide biweekly status updates on the delay of filing its Annual Filings and Interim Filings.
HIVE confirms that since it announced a delay of its Annual Filings (the “Filings Notice”) there is no material change to the information set out in the Filings Notice that has not been generally disclosed and there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203. Management is working diligently to meet the Company’s obligations relating to its Annual Filings and that, while subject to the Management Cease Trade Order (“MCTO”), the Company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly status reports until it has satisfied the necessary filing requirements.
SOURCE HIVE Blockchain Technologies Ltd.