Digital Currencies

OLB Group Inc. Reports 2021 Financials, Increases Revenue by 71%

The OLB Group, Inc. (“OLB,” “we,” “us,” “our,” or the “Company”), a diversified Fintech eCommerce merchant services provider and Bitcoin cryptocurrency mining enterprise, announced its year end 2021 financial results.

We are a diversified FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.

In July 2021, we formed DMINT, Inc., a wholly owned subsidiary (“DMint”) to operate in the cryptocurrency mining industry. DMint has initiated the first phase of the cryptocurrency mining operation by placing purchase orders for data centers and ASIC-based Antminer S19J Pro mining computers specifically configured to mine Bitcoin. As a result of this newly formed business, the Company began to report its operational results in two segments – “Fintech Services” and “Cryptocurrency Business” in the fourth quarter of 2021.

Financial Highlights

Following its acquisition of a portfolio of merchants in the Cannabidiol (or “CBD”) industry, along with other merchants utilizing financial transaction processing services during the fourth quarter of 2022, the Company’s merchant services annualized transaction volume run rate has reached $1.35 Billion in transaction volume as a result of approximately 28.5 million transactions. This increased number of transactions resulted in an increase in revenue of 27.3% in the fourth quarter of 2022 compared with the same period in 2021.

For the year ended December 31, 2021, we had total revenue of $16,710,759 compared to $9,766,621 of revenue for the year ended December 31, 2020, an increase of $6,944,138 or 71.1%. The Fintech Services segment reported $16,406,755 of revenue and the Cryptocurrency Business segment reported $304,004 of revenue. We earned $15,810,626 in transaction and processing fees, $131,802 in merchant equipment rental and sales and $464,327 in other revenue during the year ended December 31, 2021, compared to $8,358,459 in transaction and processing fees, $88,538 in merchant equipment sales and $1,319,624 in other revenue during the year ended December 31, 2020.

For the year ended December 31, 2021, we had processing and servicing costs of $13,480,212 compared to $6,003,931 of processing and servicing costs for the year ended December 31, 2020. Processing and servicing costs increased by $7,4767,281 or 124.5%.

General and administrative expenses (“G&A”) for the year ended December 31, 2021 was $2,387,416 compared to $1,520,362 for the year ended December 31, 2020, an increase of $867,054 or 57%. In the current period we had increases of our contracted services of approximately $415,000 and computer and internet expense of approximately $197,000. The Fin tech Services segment attributed to $1,818,347 of GSA and the Crypto currency Business segment attributed to $569,069 of GSA during the year ended December 31, 2021.

Our net loss for the year ended December 31, 2021 was ($4,978,358) compared to ($1,776,727) for the year ended December 31, 2020. We had an increase in our net loss of $3,201,631 because of the expenses relating to the commencement of our Crypto currency Business segment and for the reasons discussed above.

Adjusted EDICTAL for the year ended December 31, 2021 was ($2,509,671). The adjustments include $461,051 for stock-based compensation, $116,737 of interest expense and $1,890,899 of depreciation and amortization.

For the three months ended December 31, 2021, we had total revenue of $8,826,862 compared to $2,226,404 of revenue for three months ended December 31, 2020, an increase of $607,169 or 27.3%. The Fin tech Services segment reported $8,522,858 of revenue and the Crypto currency Business segment reported $304,001 of revenue. We earned $8,374,309 in transaction and processing fees, $33,612 in merchant equipment rental and sales and $114,937 in other revenue during the three months ended December 31, 2021, compared to $2,090,264 in transaction and processing fees, $18,507 in merchant equipment sales and $117,633 in other revenue during the three months ended December 31, 2020.

For the three months ended December 31, 2021, we had processing and servicing costs of $7,610,473 compared to $1,547,274 of processing and servicing costs for the three months ended December 31, 2020. Processing and servicing costs increased by $551,471 or 35.6%.

GSA expense for the three months ended December 31, 2021 was $977,460 compared to $392,335 for the three months ended December 31, 2020, an increase of $585,125 or 149.1%. The Fin tech Services segment attributed to $117,988 of GSA and the Crypto currency Business segment attributed to $480,967 of GSA during the year ended December 31, 2021.

Key Highlights for 2021

  • Annual revenue increased to $16.71 million in 2021 from $9.77 million in 2020 (71% increase)
  • $1.3B Million in transaction volume annualized run rate ending 2021
  • 4.9 million transactions were processed in 2021
  • Merchant services business increased $16.4 million in 2021 compared with 2020 (67.8% increase)
  • Acquired exclusive natural gas purchasing rights for use in Crypto currency Business Segment’s Bicorn mining operations
  • Acquired 1000 ASCII Biotin mining computers
  • Acquired merchant portfolio and processing agreements adding 1,500 new merchants and customers
  • Company continues to be debt free
  • Raised approximately $31M in capital
  • Established Crypto currency Business segment as a stand-alone business relating to the Company’s Biotin mining operation.
  • Completed build out of two Biotin mining locations in Bradford, PA
  • Enabled existing eCommerce applications to include crypto currency payment capabilities

To see a complete version of the Company’s Annual Report on Form 10-K, please click on the following link:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390022015583/f10k2021_theolbgroup.htm

To see the Company’s response to frequently asked questions, please click on the following link:

Ask Question

For more information about The LOB Group, please visit www.olb.com or www.olb.com/investors-data.

Future OLB Press Releases and Updates

Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@OLB.com.

About The OLB Group, Inc.

The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company’s eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers projected by end of 2021. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data and www.dmint.com.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, Net Loss before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and adjusted EBITDA, as defined in Regulation G. The Company reports its financial results in compliance with GAAP, but also provides additional non-GAAP measures of its operating results. The Company defines EBITDA as net loss, before interest, taxes, depreciation and amortization. The Company defines adjusted EBITDA as EBITDA, as defined above, adding back non-cash stock option costs and certain non-recurring items, such as costs incurred with completing acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management believes the use of EBITDA and adjusted EBITDA is appropriate to enhance the understanding by the Company’s investors of its historical performance through use of a metric that seeks to normalize earnings.

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, the CBD and related products marketplace, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005369/en/

Contacts

Rick Lutz
The OLB Group – Investor Relations
investorrelations@olb.com 
(212) 278-0900 EXT: 333

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Tokens.com Shares Positive Outlook on Ethereum Merge

Tokens.com Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a publicly-traded company that invests in Web3 assets and builds businesses linked to crypto staking, the metaverse and play-to-earn gaming, shares its positive outlook on the upcoming Ethereum Merge and the impact to its staking business segment.

Ethereum, the most widely used blockchain for NFTs and Web3 metaverses, will be making a significant processing upgrade on or about September 15th. The upgrade, called the ‘Merge’, marks the transition from a proof-of-work mechanism, performed by crypto miners, to a proof-of-stake mechanism, performed by crypto stakers.

The upgrade will require 99.9% less energy consumption to validate transactions than the previous mining process. As a result, the Ethereum blockchain will no longer require miners, who will be fully replaced by stakers, like Tokens.com. The upgrade will also allow Ethereum to achieve greater scale, with faster transaction speeds and lower transaction fees. Ethereum’s native token, ETH, is the second largest cryptocurrency after Bitcoin with a market capitalization of approximately $200 billion.

Tokens.com has been staking ETH at scale since early 2021 and owns over 3,100 ETH. Tokens.com anticipates no impact to its operations through the completion of the Merge other than increased revenues. Subsequent to the Merge, it is expected that the compensation for staking ETH will increase from current levels.

“We have been early adopters of the shift to staking and are one of the first public companies to own and stake ETH at scale,” said Andrew Kiguel, CEO of Tokens.com. “Long-term mass adoption of Web3 and crypto requires a move to environmentally friendly processes. As a result, we have continued staking Ethereum, Solana, Polkadot and other layer one blockchains used in the creation of NFTs, metaverses and play-to-earn video games.”

Tokens.com is committed to only investing in tokens compatible with a staking platform due to its increased energy efficiency and environmental friendliness. In addition to its ETH token ownership, Tokens.com owns Polkadot and Solana used for its staking business, amongst other tokens.

About Tokens.com

Tokens.com Corp is a publicly traded company that invests in Web3 assets and builds Web3 businesses. The Company focuses on three operating segments: i) crypto staking, ii) the metaverse and, iii) play-to-earn crypto gaming. Tokens.com owns digital assets and operating businesses within each of these three segments.

Staking operations occur within Tokens.com. Metaverse operations occur within a subsidiary called Metaverse Group. Crypto gaming operations occur within a subsidiary called Hulk Labs. All three businesses are tied together by the utilization of blockchain technology and are linked to high-growth macro trends within Web3. Through sharing resources and infrastructure across these business segments, Tokens.com is able to efficiently incubate these businesses from inception to revenue generation.

Visit Tokens.com to learn more.

Keep up-to-date on Tokens.com developments and join our online communities on Twitter, LinkedIn, and YouTube.

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Contacts

Tokens.com Corp.
Andrew Kiguel, CEO
Telephone: +1-647-578-7490
Email: contact@tokens.com

Jennifer Karkula, Head of Communications
Email: contact@tokens.com

Media: Ali Clarke – Talk Shop Media
Email: ali@talkshopmedia.com

iMining Arranges Private Placement

iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining”) announces that it has arranged a non-brokered private placement of up to $1,000,000 (the “Financing”) through the issuance of up to 11,764,705 units (the “Units”) at a price of $0.085 per Unit. Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one common share of iMining at a price of $0.21 per share for a period of 2 years, provided that in the event the closing price of the Company’s Shares is equal to or greater than $0.40 per share for 20 consecutive trading days, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.

Interested parties may contact the Company at investor@imining.com.

The proceeds of the private placement will be budgeted as follows:

Execution of mining infrastructure powered by Natural Gas$750,000
Marketing and other related activities$100,000  
Financing costs, filing and legal fees, commissions and G&A$150,000 
Total$1,000,000 

There is no material fact or material change about the Company that has not been generally disclosed.

Finders’ fees may be payable on this financing.

All securities issued pursuant to the Private Placement are subject to a hold period of four months plus one day from the date of issuance and the resale rules of applicable securities legislation. The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory, including the approval of the TSX Venture Exchange

About iMining Technologies Inc.

iMining is a publicly listed Web3.0 technology company developing technology for Crypto Mining, Decentralized Finance (“DeFi”) and Non-Fungible Tokens (“NFT”). iMining also owns BitBit Financial Inc., an ATM Network and crypto OTC Trading Platform for individual and institutions.

iMining investments are directly linked to the Bitcoin Mining, Crypto Trading, Decentralized Finance (“DeFI”) and Metaverse Non-Fungible Tokens (“NFTs”). With diverse blockchain investment and infrastructure solutions, iMining looks to be a leader in accelerating the growth of Web3.0 for the enterprise market. The Company’s operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.

ON BEHALF OF THE BOARD

Signed “Khurram Shroff“
Khurram Shroff, President & CEO

FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Email: investor@imining.com
Telephone: +1 (844) IMININC (464-6462)

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 release.

Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.