Bitfarms Ltd. (“
Bitfarms”, or the
“
Company”) (TSXV: BITF // OTC:BFARF), today
announces the appointment of Jeffrey Lucas as Chief Financial
Officer, effective June 14, 2021, as well as two management
promotions.
Mr. Lucas brings to Bitfarms extensive
international financial and operational experience with public
companies listed on the NYSE and Nasdaq. He will be responsible for
the oversight of the finance, accounting, and reporting functions
with the mandate to raise capital, enhance our corporate
communications, expand our investor relations activities, increase
analyst coverage, and support and integrate acquisitions as part of
building a higher level of financial and operational excellence
throughout the Company.
Prior to his corporate roles, Mr. Lucas worked
in high yield investment banking with L. F. Rothschild and in
institutional money management as a securities analyst with Wells
Capital Management. He is a Chartered Financial Analyst and
Certified Public Accountant, having received that certification
while with PricewaterhouseCoopers as a member of their technology
and industrials practices. Mr. Lucas earned an MBA with emphasis on
finance from Harvard Business School and a BA in Economics
from Tufts University and studied at the London School of
Economics.
“Jeff’s experience in leading
and driving operational change at high growth, transformational
industrial and technology companies will enable him to make an
immediate impact at Bitfarms as we expand internationally and
prepare for our expected upcoming listing on Nasdaq. We look
forward to Jeff’s strong leadership and he will be an excellent
addition to our executive management team,” said Emiliano Grodzki,
Bitfarms’ CEO. “In addition, I wish to thank Mauro Ferrara, our
interim CFO, for his contributions to Bitfarms over the past seven
months. He stepped into our Company at a challenging time in which
the industry was experiencing significant change and evolution. "We
are pleased that Mauro will help us in transition, with a possible
ongoing role as part of our finance staff to be determined. We look
forward to our continued work with Mauro and wish him the very best
for his career.”
Further strengthening our executive team,
Director of Mining Operations, Ben Gagnon, has been named as the
Company’s Chief Mining Officer and Nathaniel Port, Director of
Finance has been named Senior Vice President of Finance and
Accounting, both effective June 1, 2021.
“I am particularly pleased to announce the
promotions of Nathaniel and Ben,” said Mr. Grodzki, “We are
fortunate to have this caliber of talent on our team. Each has
contributed significantly to Bitfarms’ growth and development and
will be instrumental to achieving our strategic growth plans for
2021 and beyond.”
Mr. Gagnon has been working in the Bitcoin
mining industry since 2015. His considerable mining and
international experience includes establishing mining operations in
China, Canada, and the United States, as well as founding multiple
Bitcoin companies and developing technologies, including mining as
a service, negative emissions mining (otherwise referred to as
turn-key flare gas mitigation) and immersion cooling
technology.
Mr. Gagnon joined Bitfarms in December 2019 as
Director of Business Development. Recognizing his extensive
experience and early contributions to Bitfarms, he was promoted to
Director of Mining Operations, where he played a pivotal role in
developing and managing our mining strategy and operations.
Mr. Gagnon has a B.Sc. in Economics and
International Business from the Kelley School of Business at
Indiana University and an M.Sc. in Internet Computing and
E-commerce with a specialty in Cyber Security from Hong Kong
University.
Mr. Port joined Bitfarms in 2018 as one of its
earliest employees. He is responsible for Bitfarms’ financial
reporting and working capital management and serves as the primary
interface with the Company’s Big Four audit firm. Mr. Port was
instrumental in developing Bitfarms’ finance function and
contributed significantly towards the Company’s strategic financial
objectives, notably Bitfarms’ listing as the first cryptocurrency
company on the TSX Venture Exchange to complete a long-form
prospectus with the Ontario Securities Commission, and the
Company’s anticipated upcoming listing on the Nasdaq Global
Market.
Prior to joining Bitfarms, Mr. Port worked in in
public accounting managing audit engagements for clients primarily
in the manufacturing and technology sectors. He graduated with
distinction from Concordia University’s John Molson School of
Business and placed on CPA Canada’s National Honour Roll.
The Company has granted Mr. Lucas 364,050
incentive stock options, pursuant to the Company’s Stock Option
Plan (the “Options”). The Options are exercisable into one common
share of the Company at a price of $5.45, for a period of five
years from the date of grant and are subject to vesting
conditions.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a Bitcoin mining
company, running vertically integrated mining operations with
onsite technical repair, proprietary data analytics and
Company-owned electrical engineering and installation services to
deliver high operational performance and uptime.
Having demonstrated rapid growth and stellar
operations, Bitfarms became the first Bitcoin mining company to
complete its long form prospectus with the Ontario Securities
Commission and started trading on the TSX-V in July 2019. On
February 24, 2021, Bitfarms was honoured to be announced as a
Rising Star by the TSX-V.
Bitfarms has a diversified production platform
with five industrial scale facilities located in Québec. Each
facility is 100% powered with environmentally friendly hydro power
and secured with long-term power contracts. Bitfarms is currently
the only publicly traded pure-play mining company audited by a Big
Four audit firm.
To learn more about Bitfarms’ events,
developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Defined Terms
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. 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 information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release. The information in this release regarding expectations in
respect to the future level of Bitcoin inventory and about future
plans and objectives of the Company are forward-looking
information. Other forward-looking information includes, but is not
limited to, information concerning: the intentions, plans and
future actions of the Company, as well as Bitfarms’ ability to
successfully mine digital currency, revenue increasing as currently
anticipated, the ability to profitably liquidate current and future
digital currency inventory, volatility of network difficulty and
digital currency prices and the potential resulting significant
negative impact on the Company’s operations, the construction and
operation of expanded blockchain infrastructure as currently
planned, and the regulatory environment for cryptocurrency in the
applicable jurisdictions.
Any statements that involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the global economic climate; dilution;
the Company’s limited operating history; future capital needs and
uncertainty of additional financing; the competitive nature of the
industry; currency exchange risks; the need for the Company to
manage its planned growth and expansion; the effects of product
development and need for continued technology change; protection of
proprietary rights; the effect of government regulation and
compliance on the Company and the industry; network security risks;
the ability of the Company to maintain properly working systems;
reliance on key personnel; global economic and financial market
deterioration impeding access to capital or increasing the cost of
capital; and volatile securities markets impacting security pricing
unrelated to operating performance. In addition, particular factors
that could impact future results of the business of Bitfarms
include, but are not limited to: the construction and operation of
blockchain infrastructure may not occur as currently planned, or at
all; expansion may not materialize as currently anticipated, or at
all; the digital currency market; the ability to successfully mine
digital currency; revenue may not increase as currently
anticipated, or at all; it may not be possible to profitably
liquidate the current digital currency inventory, or at all; a
decline in digital currency prices may have a significant negative
impact on operations; an increase in network difficulty may have a
significant negative impact on operations; the volatility of
digital currency prices; the anticipated growth and sustainability
of hydroelectricity for the purposes of cryptocurrency mining in
the applicable jurisdictions, the ability to complete current and
future financings, any regulations or laws that will prevent
Bitfarms from operating its business; historical prices of digital
currencies and the ability to mine digital currencies that will be
consistent with historical prices; an inability to predict and
counteract the effects of COVID-19 on the business of the Company,
including but not limited to the effects of COVID-19 on the price
of digital currencies, capital market conditions, restriction on
labour and international travel and supply chains; and, the
adoption or expansion of any regulation or law that will prevent
Bitfarms from operating its business, or make it more costly to do
so. For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
including the annual information form for the year ended December
31, 2020, filed on April 7, 2021. The Company has also assumed that
no significant events occur outside of Bitfarms’ normal course of
business. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those expressed in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts
Investor Relations:
CORE IR+1 516 222
2560Investors@bitfarms.com
US Media:
CORE
IR
Jules Abraham, Director of Public Relationsjulesa@coreir.com
YAP GlobalMia Grodsky, Account
Executivemia@yapglobal.com
Québec Media:
Ryan Affaires publiques Marc Duchesne,
Directeur / Directormarc@ryanap.com
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