Digital Currencies

TAAL ANNOUNCES 2022 FIRST-QUARTER FINANCIAL RESULTS

TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) (“TAAL” or the “Company“), a vertically integrated blockchain infrastructure and service provider for enterprise, announced today its financial results for the three months ended March 31, 2022 (“Q1 2022“). These filings are available for review on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.taal.com/investors. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.

TAAL Distributed Information Technologies Inc. logo (CNW Group/Taal Distributed Information Technologies Inc.)
TAAL Distributed Information Technologies Inc. logo (CNW Group/Taal Distributed Information Technologies Inc.)

Q1 2022 Highlights

  • Gross revenue from hashing operations was $8.7 million, a $7.8 million increase from $0.9 million compared to the first quarter of the prior year (“Q1 2021“).
  • Adjusted EBITDA was a loss of $0.9 million versus a loss of $3.5 million in Q1 2021.
  • Cost of revenue was $5.0 million, compared to $0.6 million in the comparable quarter of the prior year.
  • Income before operating expenses was $0.8 million, compared to $5.3 million in the comparable quarter or the prior year.
  • Operating costs totaled $5.1 million, resulting in net positive income from operations.
  • Down payments for hashing equipment and hosting provider services exiting the quarter were $34.7 million.
  • As of March 31, 2022, TAAL had about 23,000 BSV, 600 BCH and 0.5 BTC in coin treasury.

Operational Update and Q1 2022 Review

On January 1, 2022, TAAL welcomed Richard Baker as its new Chief Executive Officer. Under his leadership, the team has effectively navigated unprecedented global macro market pressures, geopolitical events in Europe with global impact, and the price decrease in coin markets, which in combination had material impacts for the Company.

In Q1 2022, TAAL processed a total of 232,801,287 Transactions in 9590 blocks on the BSV network. This is up from 18,382,371 transactions in 4270 blocks during Q1 2021.

During the quarter, the Company continued to monitor and assess the global situation involving Russia, where the Company owns and manages hashing operations.  To date, operations have continued and the Company will update shareholders in the event of any significant developments. At the present time, TAAL’s operations in Russia are compliant with all international sanctions and are continuing, subject to ongoing risk management assessment.

The Company has been actively engaged in negotiations with several service providers in North America to host TAAL’s existing and future machine deployments and is positively progressing on these developments.

Throughout the quarter, TAAL continued to expand and focus its software development on enterprise blockchain infrastructure and software services. The launch of the TAAL Console platform and the TAAL API Transaction processing service is part of a corporate vision which reflects an anticipated paradigm shift in the blockchain industry, marked by a transition from a block rewards subsidy model to a transaction fee-based model as the prevailing profit model.

“During Q1 we experienced a significant level of uncertainty and change in our market.  For the most part, these are global headwinds that out of our direct control, but that we must recognize and address responsibly with a focus on long term opportunities that will provide a sustainable future for TAAL,” said Mr. Baker.

TAAL’s partner network has seen continued success as well. MusicArt, a unique NFT platform focused solely on celebrating music-based art and imagery and who offer exclusive pieces from art rock icons like Mike Dubois, (The Grateful Dead, The Allman Brothers Band, Fleetwood Mac, The Rolling Stones), Ioannis (Blue Oyster Cult, Deep Purple, Starship), and Karl Ferris (Eric Clapton, Cream, Jimi Hendrix).  In addition, to reduce the risk of online crime, TAAL’s strategic partner Smartledger collaborated with CertiHash and IBM Consulting to develop a next-generation cybersecurity detection tool. This tool will decrease the overall time to identify a data breach from the average 212 days, significantly reducing the life cycle and total cost of a cyber-attack.  For more examples of 30+ businesses building applications and services with TAAL, please visit our blog – https://www.taal.com/blog/category/use-cases/

Subsequent to quarter end, whilst we continue to see the depressed prices for the BSV, BTC and BCH coin markets, the net revenues generated from TAAL’s owned and managed hashing operations remain positive.

About TAAL Distributed Information Technologies Inc.

TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world’s largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.

For more information please visit – www.taal.com/investors

The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements included in this news release constitute “forward-looking information” as defined under applicable Canadian securities legislation. The words “will”, “intends”, “expects” and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: the growth of TAAL’s treasury through, among other things, BSV hashing activities; TAAL’s future computing power and capacity; development plans for the New Brunswick facility, geopolitical risks to operations and TAAL’s business and strategic plans. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out in TAAL’s Annual Information Form dated April 30, 2022, under the heading “Risk Factors” and elsewhere in TAAL’s continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.

SOURCE Taal Distributed Information Technologies Inc.

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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.