HyperBlock Updates Timing of Fourth Quarter and Annual Financial Results
Toronto, Ontario--(Newsfile Corp. - April 30, 2020) - HyperBlock Inc. (CSE: HYPR) ("HyperBlock" or the "Company") provided an update today on the timing of the release of its financial results and associated filings for the fourth quarter and fiscal year-ended December 31, 2019.
The Company is utilizing the temporary relief exemption provided by the Ontario Securities Commission under Ontario Instrument 51-102 - Temporary Exemption from Certain Corporate Finance Requirements - which provides a 45-day extension for periodic filings, including financial statements and related management discussion and analysis (the "Annual Filings") for the year-ended December 31, 2019.
Recent global events pertaining to COVID-19 have impacted the Company, its employees and its directors' ability to rely on timely information required to meet its financial reporting obligations. The company's requisite Annual Filings, as required by section 4.1(2) of NI 51-102, are no later than the extended deadline of June 15, 2020.
Until the Company has filed the Annual Filings, the Company confirms that management and other insiders will observe a trading blackout consistent with the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company further confirms there have been no undisclosed material business developments since February 28, 2020, the date of filing the Company's third quarter interim financial statements except as follows:
- The Company provided an April 2020 status update on Promissory Note Acceleration of Maturity Dates and announced the Resignation of Sean Walsh as Chairman and CEO of the Company (see press release dated April 24, 2020)
- The Company announced the Appointment of Bryan Reyhani to the Board of Directors (see press release dated April 27, 2020)
About HyperBlock Inc.
HyperBlock is a crypto-asset enterprise operating a North American cryptocurrency datacenter and providing complementary product offerings, which include cryptocurrency mining, Mining-as-a-Service (MAAS), server hosting, and server hardware sales, depending on market conditions. HyperBlock operates sustainably, purchasing electricity for its flagship US datacenter from a hydro-electricity generator - and employs advanced recycling technology to minimize environmental impact. Learn more at www.hyperblock.co
Cautionary Note Regarding Forward Looking Information and Future-Orientated Financial Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "plan", "believe", "may", "should", "anticipate", "expect", "intend", "forecast" and similar expressions. The forward-looking information contained in this press release includes, but is not limited to, statements related to: the profitability and growth of the Company as a result of the recent deployment of Bitmain servers; the future status of the Company's current power contracts; the impacts of the Company's liquidity, debt maturities, and trade payables; and the potential revocation of the cease trade orders on the Company's securities. These forward-looking statements contained herein are made as of the date of this press release and are based on assumptions and estimates of management, which management considers reasonable, based on information available on the date hereof. Such assumptions may be incorrect. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors, among other things, include: general economic, market and business conditions will be consistent with expectations, fluctuations in general macroeconomic conditions; fluctuations in securities markets; risks relating to the Company's ability to execute its business strategy and the benefits realizable therefrom, the ability to retain personnel to execute the Company's business plans and strategies; the ability to retain auditors to perform an audit of the Company's financial statements; the presence of laws and regulations that may impose restrictions on the ability of the Company to operate its business, including securities laws applicable to the Company; the speculative nature of cryptocurrency mining and blockchain operations including but not limited to cryptocurrency prices, block rewards, and mining difficulties; and those factors described under the heading "Risks Factors" in the Company's listing statement dated July 10, 2018 and the risks described in the Company's Management's Discussion & Analysis for the year ended December 31, 2018 dated December 12, 2019, each of which is available on the Company's issuer profile on SEDAR. There may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
For more information:
Debra Quinn email@example.com 1-800-613-4721
Roozbeh Ebbadi firstname.lastname@example.org 1-800-613-4721
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