HIVE Blockchain Announces Late Filing of Annual Financial Statements

This information launch constitutes a “designated information launch” for the needs of the Firm’s prospectus complement dated February 2, 2021 to its quick type base shelf prospectus dated January 27, 2021

VANCOUVER, BC / ACCESSWIRE / July 29, 2021 / HIVE Blockchain Applied sciences Ltd. (TSXV:HIVE)(NASDAQ:HVBT)(FSE:HBF) (the “ Firm ” or “ HIVE “) proclaims that on account of delays within the completion of its audit, the Firm shall be unable to file its monetary statements and accompanying administration’s dialogue and evaluation for the monetary 12 months ended March 31, 2021 (collectively, the “ Annual Filings “) by July 29, 2021, being the date that such filings are due beneath relevant Canadian securities legislation necessities. The late submitting is the results of operational and reporting challenges related to the consolidation of the 5 international locations that the Firm operates in: Sweden, Canada, Switzerland, Bermuda, and Iceland.

Sustaining operations in so many alternative jurisdictions permits us to diversify our holdings, and entry low-cost inexperienced energy in secure areas. Nevertheless, it additionally brings reporting issues, as every nation has its personal distinctive necessities. To deal with these, we’re streamlining monetary processes to facilitate quicker auditing and reporting. As well as, earlier this 12 months we exited Norway, and prior to now 18 months have purchased two information middle operations in New Brunswick and Lachute, Canada, that are acquainted jurisdictions to our monetary crew.

Different components contributing to the reporting delay embrace sudden accounting and logistical delays related to the beforehand introduced Sweden GPU facility improve course of, and in acquiring monetary reporting and evaluation from the Firm’s wholly-owned subsidiaries in Sweden, which have just lately undergone a company reorganization to simplify our working construction shifting ahead. We consider this new company construction in Sweden will resolve these reporting delays and profit shareholders total, with sure tax advantages anticipated.

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This reorganization of our Swedish operation, which is the place most of our GPU mining operations are positioned, will present a greater company construction as we transfer into excessive efficiency computing (HPC) cloud internet hosting. Sooner or later, HIVE will use its high-end GPUs, which at the moment mine Ethereum, to offer HPC cloud internet hosting for duties that require substantial GPU processing energy, resembling simulations, AI, machine studying, and gaming. This shift to cloud HPC internet hosting will depend upon the timing of the launch of Ethereum 2 (Eth2), which is a deliberate improve to Ethereum that’s anticipated to make mining ETH out of date. The Eth2 improve has been delayed for years, and we have no idea precisely when it’ll happen, if in any respect. You’ll be able to learn extra about our HPC technique on this prior press release.

In response to the reporting delay, the Firm has utilized for a administration stop commerce order (the “ MCTO “) by the British Columbia Securities Fee proscribing the Firm’s chief govt officer and chief monetary officer from buying and selling the Firm’s shares till the Annual Filings are filed. The Firm at the moment expects to file the Annual Filings on or earlier than August 12, 2021 and can concern a press launch saying completion of those filings at such time. Till the Firm recordsdata the Annual Filings, it’ll adjust to the choice data pointers set out in Nationwide Coverage 12-203 – Administration Stop Commerce Order. The rules, amongst different issues, require the Firm to concern biweekly default standing stories by means of a information launch for so long as the Annual Filings haven’t been filed. Through the MCTO, the overall investing public will proceed to have the ability to commerce within the Firm’s shares.

We’ll preserve traders up to date as we transfer via this course of.

About HIVE Blockchain Applied sciences Ltd.

HIVE Blockchain Applied sciences Ltd. went public in 2017 as the primary cryptocurrency mining firm with a inexperienced power and ESG technique.

HIVE is a growth-oriented know-how inventory within the emergent blockchain business and has been worthwhile each quarter for the previous 12 months. As an organization whose shares commerce on a significant inventory alternate, we’re constructing a bridge between the digital forex and blockchain sector and conventional capital markets. HIVE owns state-of-the-art, inexperienced energy-powered information centre services in Canada, Sweden, and Iceland, the place we supply solely inexperienced power to mine on the cloud and HODL each Ethereum and Bitcoin. For the reason that starting of 2021, HIVE has held in safe storage most of its ETH and BTC coin mining rewards. Our shares present traders with publicity to the working margins of digital forex mining, in addition to a portfolio of cryptocurrencies resembling ETH and BTC. As a result of HIVE additionally owns arduous belongings resembling information facilities and superior multi-use servers, we consider our shares supply traders a horny method to achieve publicity to the cryptocurrency area. HIVE traded over 2 billion shares in 2020.

We encourage you to go to HIVE’s YouTube channel here to study extra about HIVE.

For extra data and to register to HIVE’s mailing record, please go to www.HIVEblockchain.com. Comply with @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Applied sciences Ltd.

“Frank Holmes”Govt Chairman

For additional data please contact:

Frank HolmesTel: (604) 664-1078

Neither the TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this information launch.

Ahead-Wanting Data

Apart from the statements of historic truth, this information launch comprises “forward-looking data” throughout the which means of the relevant Canadian and U.S. securities laws that’s primarily based on expectations, estimates and projections as on the date of this information launch. “Ahead-looking data” on this information launch contains, however shouldn’t be restricted to, statements relating to the timing, evaluation, completion and submitting of the Annual Filings; software and grant of an MCTO; enterprise targets and targets of the Firm, and different forward-looking data regarding the intentions, plans and future actions of the events to the transactions described herein and the phrases thereon.

Components that would trigger precise outcomes to vary materially from these described in such forward-looking data embrace, however usually are not restricted to, the Firm could not full its audit and file the Annual Filings as at the moment anticipated, or in any respect; the Firm will not be granted the MCTO; and different associated dangers as extra totally set out within the registration assertion of the Firm and different paperwork disclosed beneath the Firm’s filings at www.sec.gov/EDGARand www.sedar.com.

The forward-looking data on this information launch displays the present expectations, assumptions and/or beliefs of the Firm primarily based on data at the moment accessible to the Firm. In reference to the forward-looking data contained on this information launch, the Firm has made assumptions concerning the Firm’s skill to finish and file the Annual Filings. The Firm has additionally assumed that no vital occasions happen outdoors of the Firm’s regular course of enterprise. Though the Firm believes that the assumptions inherent within the forward-looking data are affordable, forward-looking data shouldn’t be a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such data because of the inherent uncertainty therein.

SOURCE: Hive Blockchain Applied sciences Ltd

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