Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a
global leader in vertically integrated Bitcoin data center
operations, today announced that it has nominated Andrew J. Chang
for election to its Board of Directors (the “Board”) at the Special
Meeting of shareholders to be held on November 20, 2024 at 4:00p.m.
Eastern Time (the “Special Meeting”).
Bitfarms Special Meeting of
Shareholders Pursuant to the Settlement Agreement between
the Company and Riot Platforms, Inc. dated September 23, 2024, at
the Special Meeting, shareholders will be asked to approve an
expansion of the Board from five members to six members, to elect
an independent director nominated by the Board to serve as the
sixth member of the Board, to ratify the Company’s shareholder
rights plan adopted on July 24, 2024, and to conduct such other
business as may properly come before the Special Meeting.
Shareholders and guests can access the virtual
meeting using this link. Additional information regarding the
Special Meeting, including how to vote, is available via the proxy
materials disseminated to shareholders by Bitfarms and as filed on
SEDAR+ at http://www.sedarplus.ca and on EDGAR at
http://www.sec.gov/EDGAR.
Nomination of Andrew J. Chang to
Bitfarms Board of DirectorsBitfarms’ Governance and
Nominating Committee conducted a thorough director search process
and held interviews with several qualified candidates, and, along
with the Board, unanimously supports the nomination of Andrew J.
Chang for election at the Special Meeting.
Mr. Chang is a 20-year veteran of the technology
industry with experience as an investor, operating executive,
entrepreneur, and advisor. He was a founding partner of Liberty
City Ventures, a leading venture capital fund. Mr. Chang also
served as Chief Operating Officer of Paxos, a blockchain
infrastructure platform that has powered solutions for PayPal,
Stripe, and more. At Paxos, he helped grow the team from 8 to 190
employees and launched the first regulated blockchain focused trust
company and the first regulated stablecoin in the U.S. During that
time, Paxos raised $500M in capital and its most recent valuation
is $2.4 billion.
Before joining Paxos, Andrew served as a Lead
Strategic Partner Development Manager at Google, working in
business development for display ad products. Prior to that, he was
the Chief Operating Officer of ConditionOne and an associate at
TechStars (New York). He also has experience managing innovation in
research, analytics and digital media at WPP PLC-owned Kantar Video
and at 360i, a digital marketing agency.
Andrew earned his MBA from New York University’s
Leonard N. Stern School of Business, where he was President of the
student body, and a BS from Boston College.
Brian Howlett, Independent Chairman of the
Board, said, “The Bitfarms Board is committed to strong corporate
governance and recognizes that a diverse set of skills is required
to effectively oversee the execution of the Company’s strategic
initiatives. Andrew is an impressive technology industry veteran
whose experience and knowledge is highly complementary to that of
our current Board. We believe he will be instrumental as we execute
our aggressive growth plan, and we look forward to leveraging his
expertise to maximize value for Bitfarms shareholders.”
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global vertically
integrated Bitcoin data center company that contributes its
computational power to one or more mining pools from which it
receives payment in Bitcoin. Bitfarms develops, owns, and operates
vertically integrated data centers with in-house management and
company-owned electrical engineering, installation service, and
multiple onsite technical repair centers. The Company’s proprietary
data analytics system delivers best-in-class operational
performance and uptime.
Bitfarms currently has 12 operating Bitcoin data
centers and two under development situated in four countries:
Canada, the United States, Paraguay, and Argentina. Powered
predominantly by environmentally friendly hydro-electric and
long-term power contracts, Bitfarms is committed to using
sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events,
developments, and online communities:
www.bitfarms.comhttps://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
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 and are covered by safe harbors under Canadian and United
States securities laws. The statements and information in this
release regarding holding the Special Meeting and the timing
thereof, and the matters to be put before the Company’s
shareholders at the Special Meeting are forward-looking
information.
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”, “prospects”,
“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. This forward-looking information is based on
assumptions and estimates of management of Bitfarms 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 Bitfarms 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 construction and operation of new
facilities may not occur as currently planned, or at all; expansion
of existing facilities may not materialize as currently
anticipated, or at all; new miners may not perform up to
expectations; revenue may not increase as currently anticipated, or
at all; the ongoing ability to successfully mine Bitcoin is not
assured; failure of the equipment upgrades to be installed and
operated as planned; the availability of additional power may not
occur as currently planned, or at all; expansion may not
materialize as currently anticipated, or at all; and the power
purchase agreements and economics thereof may not be as
advantageous as expected. For further information concerning these
and other risks and uncertainties, refer to Bitfarms’ filings
on www.sedarplus.ca (which are also available on the
website of the U.S. Securities and Exchange Commission
at www.sec.gov), including the MD&A for the year-ended
December 31, 2023, filed on March 7, 2024 and the MD&A for the
three and six months ended June 30, 2024 filed on August 8, 2024.
Although Bitfarms 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,
including factors that are currently unknown to or deemed
immaterial by Bitfarms. 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. Bitfarms undertakes no obligation
to revise or update any forward-looking information other than as
required by law. 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 Toronto
Stock Exchange, Nasdaq, or any other securities exchange or
regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Investor Relations Contact:
BitfarmsTracy KrummeSVP, Head
of IR & Corp. Comms.+1 786-671-5638tkrumme@bitfarms.com
Media Contact:
Québec: TactLouis-Martin
Leclerc+1 418-693-2425lmleclerc@tactconseil.ca
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