Ocean Falls Blockchain Provides Corporate Update and Announces Plans to Go Public
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2021) - Ocean Falls Blockchain Corp. ("OFB" or the "Company") is a well capitalized and unified blockchain technology company focused on developing or acquiring relevant and disruptive blockchain applications, in addition to an environmentally conscious boutique cryptocurrency mining operation located in the historic town of Ocean Falls, British Columbia. OFB's objective is to develop and acquire a portfolio of revenue generating blockchain technology applications in addition to generating ongoing revenues from its bitcoin mining operations.
The biggest crtiticism of blockchain technology is the lack of a problem to solve and no clear revenue stream. The Company's blockchain applications will focus on practical areas that can quickly scale, such as its captive insurance applications which will facilitate a portfolio of property and casualty insurance products including prize idemnity.
OFB's mining facility is currently completing infrastructure upgrades from 1MW to 2MW+ of capacity with the potential of increasing capacity significantly as required. These upgrades are anticipated to be completed by August, 2021. The Company's mining operations are currently revenue generating with revenues expected to increase substantially once the infrastructure upgrades are completed.
OFB has a strong national presence with a head office in Vancouver, British Columbia, crypto mining operations situated in Ocean Falls, British Columbia, including a very favorable relationship with green energy power producer Boralex Inc. ("Boralex"), and additional offices and management in Toronto, Ontario. Boralex is a Quebec based company that owns the Ocean Falls power plant with a market capitalization of over $4 billion and trades on the Toronto Stock Exchange.
Ocean Falls is located at the end of Cousins Inlet, near Bella Bella, British Columbia. The history of the town is unique in that it was once the second largest paper producing mill on the BC coast, going into operation in 1912 and home to about 4000 people. The town had a K-12 school system, its own hospital, one of the province's largest hotels and an olympic swimming pool where many champions trained. The paper mill ceased operations permanently in 1980 and most of the residents moved, leaving little more than 50 people in the entire town in the decades since. The founders of OFB were interested in the history and saw a great opportunity to help revitalize the town while using some of the underutilized hydroelectric power from the original turbines since the shutdown of the mill.
Canadian Public Listing
OFB plans to go public through a non-offering prospectus by way of listing its securities on the Canadian Securities Exchange ("CSE"). The Company anticipates to be a publicly listed company in the summer of 2021 with sufficient capital for operations and expansion plans into 2022.
Additional information on the Company is available at www.oceanfallsblockchain.com.
About Ocean Falls Blockchain Corp.
Ocean Falls Blockchain Corp. is a well capitalized and unified blockchain technology company focused on developing or acquiring relevant and disruptive blockchain applications, in addition to an environmentally conscious boutique cryptocurrency mining operation located in the historic town of Ocean Falls, British Columbia.
For Further information, please contact:
Chief Executive Officer
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the Company's ability to generate a portfolio of revenue-generating blockchain technology applications; the Company's ability to continue generating ongoing and increasing revenues from its Bitcoin mining operations; and the Company's ability to develop an encompassing array of assets, intellectual property and blockchain-based businesses; the ability of the Company's insurance applications to reduce costs and automate processes; the Company's ability to complete infrastructure upgrades to accommodate capacity of over 2MW; the Company's ability to complete the infrastructure upgrades by August 2021; the Company's ability to scale up its mining activities; and the Company's ability to achieve a listing on the CSE.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in popularity of blockchain applications; the Company's ability to continue to develop revenue-generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued development of blockchain technology; the continued growth of the Company; the Company's ability to finance the infrastructure upgrades; the Company's ability to complete the upgrades by August 2021; the Company's ability to maintain its favourable relationship with Boralex; the Company's ability to effectively scale-up its mining activities; and the ability of the Company to fulfil the listing requirements of the CSE.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the blockchain industry in general; increased competition in the blockchain-mining market; the potential future unviability of the blockchain market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to the blockchain mining; risks associated with a potential collapse in the value of blockchain-related services; risks associated with the Company's potential inability to attain board, shareholder and/or regulatory approval with respect to the planned listing on the CSE; risks associated with the Company's ability to continue generating a profit; risks associated with financing the Company's infrastructure upgrades; risk that the Company's infrastructure upgrades may not increase the Company's mining capabilities to over 2MW; risks associated with potential delays in the completion of the infrastructure upgrades; the Company's potential inability to generate a portfolio of revenue-generating blockchain technology applications; the Company's potential inability to maintain its favourable relationship with Boralex; the potential inability of the Company's insurance applications to reduce costs and automate processes; and risks associated with the Company's ability to meet CSE listing guidelines.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90012