HIVE Blockchain (TSX.V:HIVE) (OTCQX:HVBTF) Provides Update on Proposed Partnership with Argo Blockchain
Zug, Switzerland and Vancouver, Canada - September 3, 2019 (Investorideas.com Newswire) HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) ("HIVE") announces that it has ended discussions concerning a proposed partnership and share swap with Argo Blockchain (LSE:ARB) ("Argo"). HIVE previously announced on May 31 that the Company had entered a non-binding letter of intent and heads of terms and a share swap agreement with Argo to explore a proposed strategic partnership.
"At the time of the announcement, our analysis indicated that Argo was significantly undervalued, and a relatively quiet stock trading below cash per share which made it an attractive investment. Today, in our opinion, it is fully valued," said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. "Since the announcement, HIVE's global brand has ignited awareness of Argo and its stock price. After analysis we are of the opinion that the best use of cash for HIVE shareholders is to expand operations in Sweden and North-America directly rather than invest in Argo. Further, their strategy and tactics have changed. We wish them success in their future endeavors in the crypto blockchain world."
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art GPU-based digital currency mining resources in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously as well as cloud-based ASIC-based capacity which produces newly minted digital currencies like Bitcoin. Its deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins.
On Behalf Of HIVE Blockchain Technologies Ltd.
Interim Executive Chairman
For further information please contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes, but is not limited to, statements regarding the timing, review, completion and filing of the Annual Filings; application and grant of an MCTO; business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, no further optimization of operations in Sweden may be realized by the Company; the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; and other related risks as more fully set out in the Filing Statement of the Company dated September 13, 2017 and other documents disclosed under the Company's filings at www.sedar.com.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to continue and improve operations in Sweden; the Company's ability to complete and file the Annual Filings. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
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