Vancouver, British Columbia--(Newsfile Corp. - July 27, 2026) - Skychain Technologies Inc. (TSXV: SCT.H) ("Skychain" or the "Company") today announced the preliminary findings of an internal investigation initiated by its Board of Directors following the reconstitution of the Company's Board pursuant to a recent court decision concerning the process by which the previous Board of Directors had been replaced.

Following the reconstitution of the Board, the Company commenced a comprehensive review of its historical operations, corporate records, financial records, and project assets. During that review, the Board identified significant discrepancies between the Company's historical asset records and the assets remaining under the Company's ownership and control, prompting an internal investigation into the status and disposition of assets associated with the Miningsky project.

Miningsky, a wholly owned subsidiary of Skychain, was established to develop the Miningsky 12MW Bitcoin mining project in Manitoba. The project involved substantial investment in electrical infrastructure, project equipment, and real property prior to its suspension.

To assist in the investigation, the Board appointed Director West Ma to conduct site inspections, review public records, and gather information from parties involved in the storage, transfer, or disposition of former project assets.

Preliminary Investigation Findings

The investigation found that two power transformers originally purchased by the Company for the Miningsky project are no longer owned by the Company and are now held by private parties and listed for sale through an industrial equipment broker. Nine additional transformers located in Manitoba were also found to have been transferred to third parties. The investigation further confirmed that six storage containers associated with the project remain at the site but are no longer under the Company's control.

In addition, the investigation determined that the former Miningsky project property in Melita, Manitoba is no longer owned by the Company. A review of Manitoba Land Titles records confirmed that ownership of the property changed following its original acquisition for the project.

Based on the investigation completed to date, the Board has concluded that a substantial portion of the assets originally acquired for the Miningsky project are no longer owned or controlled by the Company.

Board Review

The Board's preliminary review indicates that a significant portion of the Company's historical project assets had already been transferred or otherwise disposed of before the Board resumed oversight of the Company.

As a result, assets that were originally acquired by the Company for the Miningsky project and that may otherwise have remained available to support the Company's operations and obligations are no longer available to the Company.

In addition to reviewing the disposition of physical assets, the Company has commenced a review of historical financial transactions to determine the status of corporate funds and to identify any additional recovery opportunities that may be available.

As of July 22, 2026, the previous management has not completed the return of control of the Company. For example, financial records, both digital and paper, corporate minute books, and Company email accounts and records have not been returned.

Next Steps

The Company has retained legal counsel to review the findings of the investigation and evaluate all available legal remedies, including the recovery of corporate assets where legally available, the review of historical asset and financial transactions, and any claims or remedies that may exist under applicable law.

The investigation remains ongoing. The Company is committed to establishing a complete factual record regarding the historical disposition of corporate assets and, where appropriate, pursuing recovery of assets or other legal remedies in the best interests of the Company and its stakeholders.

The Company recognizes that the Miningsky project involved significant commercial commitments and contractual obligations. Had the project assets remained under the Company's ownership, those assets could have represented significant value available to satisfy certain corporate obligations. Based on the preliminary investigation, however, a substantial portion of those assets had already been transferred or otherwise disposed of before the current Board resumed oversight of the Company.

The Company will provide further updates as the investigation progresses or as material developments occur.

The Company is open to listening to and discussing the matter with any shareholders or investors.

About Skychain Technologies Inc.

Skychain Technologies Inc. is a Canadian technology company focused on digital infrastructure and technology investments.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306646

Source: Skychain Technologies Inc.