VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a leading independent data center technology and blockchain solutions provider, has received approval from the Ministry of Treasury Board and Finance in the Province of Alberta for the incorporation of Systemic Trust Company (“Systemic Trust” or “STC”), a wholly owned subsidiary of DMG.
Systemic Trust is now working with Alberta’s Ministry of Treasury Board and Finance to obtain a certificate of registration that will enable Systemic Trust to provide secure custody of digital assets like bitcoin for institutional clients such as crypto trading platforms, banks, asset managers, corporations and government agencies that either manage cryptocurrencies, or are seeking to expand their business into cryptocurrency services.
Systemic Trust’s CEO, Lawrence Truong, commented, “We’re excited to receive Letters Patent, which is the latest milestone in our vision to increase the adoption of blockchain technology and trust in the Canadian cryptocurrency ecosystem by providing a highly secure, independent, custody solution. Alberta's pragmatism and open-for-business attitude is what draws talent, innovation and fintech companies like Systemic Trust to establish their headquarters in the province, and we are proud to be part of Alberta's vibrant and growing technology sector. With the recent comments from United States government officials during and after the Bitcoin 2024 Nashville Conference, our team is preparing for greater adoption from their counterparts in Canada to follow on from our largest trading partner’s lead.”
DMG’s CEO, Sheldon Bennett, added, “This milestone is an important achievement towards realizing the full potential of DMG’s Core+ strategy. Beyond traditional custody solutions that the Systemic team are pursuing, specifically for DMG’s Core+ offerings, Systemic Trust will also be able to provide financial institutions the vehicle by which they will have the option to send bitcoin through DMG’s Terra Pool, the world’s first carbon neutral pool. Bitcoin transactions that go through Terra Pool are added to the blockchain without adding carbon and without commingling with bad actors. DMG believes that providing this choice to financial institutions will help advance cryptocurrency adoption, as they can offer their clients the ability to hold bitcoin knowing those transactions occurred in a way that meets their regulatory requirements while also complying with environmental policies they may have in place.”
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. stands at the forefront of the blockchain revolution, combining its role as a leading, environmentally conscious entity with a comprehensive suite of services that span digital asset mining and blockchain software development. Dedicated to securing and monetizing the benefits of blockchain technology, DMG serves a diverse portfolio of clients through innovative, end-to-end digital solutions. With a focus on technological advancements and a culture of innovation, the company promotes sustainability and remains a trusted figure in the rapidly evolving global cryptocurrency industry. Its operations, streamlined through its Core and Core+ strategies, underscore DMG’s commitment to vertical integration and environmental sustainability.
For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on Twitter and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: 516-222-2560
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact
CORE IR 516-222-2560
For Media Inquiries
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding presenting at upcoming conferences, DMG’s strategies and plans, the potential and benefits of Terra Pool, the development of Systemic Trust and the expected outcomes and benefits, obtaining a certificate of registration for Systemic Trust, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hash rate mining difficulty.
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG's 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 release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of 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 the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such 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 the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. 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 forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
