Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated
Bitcoin data center company, today announced updates to its Board
of Directors and Executive Team.
Board of DirectorsBen Gagnon,
Chief Executive Officer of Bitfarms, has been appointed to the
Company’s Board of Directors (the “Board”), effective
immediately.
“Ben knows Bitfarms incredibly well from his
previous role as Chief Mining Officer, where he played an integral
role in developing and implementing the Company’s aggressive growth
plan,” said Edie Hofmeister, Chair of the Governance and Nominating
Committee. “As CEO, Ben is a critical addition to the Board, and we
are confident that he will continue to leverage his valuable
skillset and significant insight in this new capacity. The Bitfarms
Board is focused on ensuring the Company has the right team to
oversee and implement the Company’s strategic plan to deliver value
in the near- and long-term.”
“I am honored to take on this additional
responsibility during such an exciting time for Bitfarms,” Gagnon
said. “I look forward to building upon our momentum and am excited
to be working alongside my fellow directors with the shared goal of
executing the Company’s strategic vision and delivering diverse,
meaningful growth and long-term shareholder value.”
The Company also announced today that the Board
has appointed Lead Director Brian Howlett as its new independent
Chairman. Nicolas Bonta, Founder and former Chairman, has decided
to step down from the Board, also effective immediately.
“Nicolas played a critical role in the
foundation and development of this Company,” said Howlett. “He laid
the groundwork for our success as a bitcoin miner and spearheaded
our international expansion, particularly in Latin America. I have
been proud to work alongside him for the past four years and am
grateful for the wisdom and guidance he has provided.”
Nicolas Bonta said, “Founding Bitfarms and
overseeing the Company’s growth has been the highlight of my
professional career. Now is the right time for me to step down and
for Ben to join the Board. I am equally confident in Brian’s
ability to lead the Board as we look ahead to the next phase of
Bitfarms’ growth.”
The Board will continue to be comprised of five directors, four
of whom will be independent.
Executive TeamThe Company also
announced today that Liam Wilson, an experienced executive with
over two decades of leadership experience across multiple relevant
industries, has been appointed Chief Operating Officer, effective
August 26, 2024.
“Liam will play a critical role in developing
and refining our operational procedures and systems with the goal
of improving efficiencies,” said Gagnon. “We look forward to
benefitting from his leadership and U.S. energy industry experience
to enhance value for our shareholders. We continue to recruit for
an SVP of Mining Operations and a VP of HPC/AI as we look to
further bolster our bench and operating strength.”
“Bitfarms is known throughout the crypto space
for its industry-leading mining economics and vertically integrated
operations,” said Wilson. “Having worked with the team on a
consulting basis for the past six months, I’ve been impressed by
the executive team’s expertise, market leading site operations and
best in class facilities throughout the U.S., Canada and Latin
America. Under Ben’s leadership, Bitfarms is entering an exciting
new period of growth, and I’m looking forward to being a part of
it.”
About Liam WilsonMr. Wilson is
a seasoned operating executive with more than 20 years of
leadership experience. Mr. Wilson has transacted in excess of 900
MW of power across the U.S. including developing and operating
facilities in Pennsylvania, Ohio, Georgia, Texas and Nebraska. He
is an expert in the deregulated U.S. energy industry, having led
the first large scale and market-leading Bitcoin mining demand
response program in the deregulated PJM market. His previous senior
executive experience includes roles as the Chief Operating Officer
for publicly traded Mawson Infrastructure Group Inc., Group
Operations Manager for publicly traded EVT Hospitality and
Entertainment, and Group Operations Manager for The Whitehouse
Group.
About Bitfarms Ltd.Founded in
2017, Bitfarms is a global 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 mining farms 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/
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 Toronto
Stock Exchange, Nasdaq, or any other securities exchange or
regulatory authority 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 and are covered by safe harbors under Canadian and United
States securities laws. The statements and information in this
release regarding Management and Board of Directors appointments,
projected growth, target hashrate, opportunities relating to the
Company’s geographical diversification and expansion, upgrading and
deployment of miners as well as the timing therefor, improved
financial performance and balance sheet liquidity, other growth
opportunities and prospects, and other statements regarding future
growth, plans and objectives of the Company and the outcome of the
strategic alternatives recommendations of the Special Committee of
the independent directors of the Company, 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 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 construction and operation of the
Company’s facilities may not occur as currently planned, or at all;
expansion may not materialize as currently anticipated, or at all;
the power purchase agreements and economics thereof may not be as
advantageous as expected; 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
inability to maintain reliable and economical sources of power for
the Company to operate cryptocurrency mining assets; the risks of
an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the potential adverse impact on the
Company’s profitability; the ability to complete current and future
financings; the impact of the Restatement on the price of the
Company’s common shares, financial condition and results of
operations; the risk that a material weakness in internal control
over financial reporting could result in a misstatement of the
Company’s financial position that may lead to a material
misstatement of the annual or interim consolidated financial
statements if not prevented or detected on a timely basis;
historical prices of digital currencies and the ability to mine
digital currencies that will be consistent with historical prices;
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.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 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, including
factors that are currently unknown to or deemed immaterial by the
Company. 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.
Investor Relations
Contacts:
BitfarmsTracy KrummeSVP, Head of IR & Corp. Comms.+1
786-671-5638tkrumme@bitfarms.com
Innisfree M&A IncorporatedGabrielle Wolf / Scott Winter+1
212-750-5833
Laurel Hill Advisory
Group1-877-452-7184416-304-0211assistance@laurelhill.com
Media Contacts:
U.S.: Joele Frank, Wilkinson Brimmer KatcherDan Katcher or
Joseph Sala+1 212-355-4449
Québec: TactLouis-Martin Leclerc+1
418-693-2425lmleclerc@tactconseil.ca
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