DMG Announces Change of Directors | New

VANCOUVER, British Columbia, Aug. 22, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces that John D. (JD) Abouchar has been appointed as the new independent director of the board of directors and member of the audit committee.

DMG also announces that Independent Board Director Nick Seto has resigned, effective August 22, 2022. Mr. Seto served on DMG’s Board of Directors for three years and has entered a new role as consultant for DMG. We thank him for his service since the early days of DMG mining.

Mr. Abouchar brings extensive experience to the DMG Board of Directors. He is the founder and managing partner of Glass Creek Partners, Inc., an investment and advisory firm specializing in emerging, publicly traded technology companies. Mr. Abouchar has extensive experience in the financial markets over the past 30 years as a portfolio manager, technology equity research analyst and board member of several publicly traded US companies. Most recently, he served as Chairman of the Board of Cynergistek (AMEX: CTEK), a cybersecurity company, where he was instrumental in re-incorporating the company and listing it on a major US stock exchange. He holds a BS in Economics from the Wharton School of the University of Pennsylvania.

In addition to joining the Audit Committee, JD will focus on corporate governance and shareholder engagement. “As we grow DMG responsibly and profitably and enter our next stage of development, JD will help us target a wider range of institutional investors, bring his capital markets experience to investment banks and U.S. stock exchanges and further develop our corporate governance and shareholder base,” said CEO Sheldon Bennett.

“Sheldon and the DMG team have done an admirable job in building and growing the company into the company it is today,” added Mr. Abouchar. “I am honored to join the Board of Directors and look forward to bringing my experience in business development and strategic planning to accelerate the exciting work that DMG is doing in the rapidly evolving blockchain technology industry. My goal is to help management engage shareholders, evaluate equity market opportunities, attract analyst coverage, and work with the team to maximize shareholder value.

Allocation of stock options

Board directors, Mr. JD Abouchar and Mr. Kelly Allin, each received 200,000 stock options, exercisable at a price of $0.33 per share for a period of five years from the date of attribution.

About DMG Blockchain Solutions Inc.

DMG is a vertically integrated, eco-friendly blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable activities are segmented into two business areas under the Core and Core+ strategies and unified through the vertical integration of DMG.

Future changes in the bitcoin network-wide mining difficulty rate or bitcoin hashrate could materially affect the future performance of DMG’s bitcoin production, and future operating results could also be materially affected by the price. bitcoin and an increase in hashrate mining difficulty.

For more information about DMG Blockchain Solutions, visit: www.dmgblockchain.com

Follow @dmgblockchain on Twitter and subscribe to The DMG YouTube channel.

On behalf of the Board of Directors,

Sheldon Bennett, CEO and Director

For more information, please contact:

DMG Blockchain Solutions Inc.

E-mail:[email protected]

The Web: www.dmgblockchain.com

Contact with Investor Relations:

CORE IR (516) 222-2560

For media inquiries:

Jules Abraham, communications manager

COREIR

(917) 885-7378

[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Caution 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 the targeting of a broader group of institutional investors, and the development of corporate governance and shareholder outreach, potential uplisting opportunities and the engaging analyst coverage, events, plans and potential for 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 regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking terms such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue”. or the negative thereof or similar variations. Readers are cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, but without limitation, market and other economic conditions, volatility of the Company’s common stock price, business, economic and financial market conditions; the ability to manage operating expenses, which could adversely affect the Company’s financial condition; the ability to remain competitive as other, better-funded competitors develop and market competitive products; regulatory uncertainties; access to equipment; market conditions and demand for and prices of products and services; bitcoin demand and price; security threats, including loss/theft of DMG bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and launch new products on a timely basis that meet customer needs; the ability to attract, retain and motivate qualified personnel; industry competition; the impact of technological changes on products and the industry; inability to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend claims of third parties for 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 reliance on key personnel. DMG may not achieve its plans, projections or expectations. These statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including demand for its products and services, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, the expected costs, the ability to obtain sufficient capital to carry out its business plans, the ability to achieve its objectives 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 considered highly speculative due to the nature of DMG’s business. For further information regarding these and other risks and uncertainties, please 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 the forward-looking statements include the inability to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply in equipment, electricity and infrastructure, adverse weather and climate events. , the inability to obtain permits required to operate the business, the impact of technological changes on the industry, the impact of COVID-19 or other viruses and diseases on the ability of the business to operate , securing equipment and hiring personnel, competition, security threats including bitcoins stolen from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology in general , inability to develop new and innovative products, litigation, increased operating costs, increased equipment and labor costs, declining Bitcoin price, counterparty failure to their contractual obligations, government regulations, loss of key employment and consultants, and general economic, market or business conditions. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on 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 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, the Company assumes no obligation to comment on any expectations or representations made by third parties with respect to the matters discussed above.

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