Canada's
Financial Technology Leader Powers Up its Team for 2018
Expansion
TORONTO, March 20, 2018 /CNW/ - CryptoGlobal Corp. (TSXV:
CPTO) — one of Canada's fastest
growing FinTech and blockchain technology companies — is powering
up its leadership team by naming veteran professional engineer
Kenan Huskovic as its Chief Energy
and Engineering Officer.
"Kenan brings a wealth of experience in finding and building out
innovative, sustainable and affordable engineering and power
solutions, which will help CryptoGlobal continue to expand our
self-mining and hosting revenues," explains CryptoGlobal CEO
Rob Segal.
Experienced Energy and Engineering Leadership
Before joining CryptoGlobal, Huskovic was the Executive Vice
President at Modern Niagara, a full-service, national mechanical
and electrical design, build firm. Huskovic also spent 14
years at WSP — one of the world's leading engineering firms —
helping to lead complex, landmark projects across the
country. Huskovic brings more than 16 years of expertise in
the design and implementation of complex projects and associated
systems related to a variety of sectors, including: power
generation, data center communications and more.
His areas of specialization include power systems generation and
distribution, security systems, life safety, fire protection
systems, energy modelling, mechanical cooling and ventilation
systems design. In 2015, Huskovic was named one of the Top 40
Under 40 Consulting Engineers in North America. Huskovic
holds a Bachelor of Science, Engineering from the University of Toronto — and is a licensed,
professional engineer in a number of Canadian provinces. He
currently serves as the Membership Director for the Greater Toronto Area chapter of AFCOM.
Finding Innovative Solutions to Power
Challenges
Segal says Huscovic and COO Roozbeh
Ebbadi's combined leadership was essential to help the
company quickly adjust when it encountered unexpected delays in
Quebec due to a province-wide
slowdown on crypto power deal approvals. "As we work through those
issues, our team has been able to effectively pivot to place
machines in our existing facilities and in supplemental,
fully-powered locations with strategic partners in Quebec and the Atlantic provinces," he
says.
7100 Machines Mining by End of March – EBITDA and Cash Flow
Positive in April
According to Segal, CryptoGlobal is on-track to have
approximately 7100 machines actively mining by the end of March;
bringing the company's current operating capacity to 11 MW by the
end of the month. All 8563 of the company's mining rigs are
scheduled to be operational by the end of April 2018.
This represents a portfolio allocation of roughly 44% Bitcoin,
24% Litecoin, 13% Dash and 19% Ether. This mix will be
optimized as the company continues to reinvest in growing its
mining revenues.
As previously announced, the company expects to be EBITDA and
cash flow positive starting in April
2018.
Powering the Blockchain with Renewable, Canadian
Power
"CryptoGlobal is one of Canada's fastest growing financial technology
companies, with a strong core of cryptocurrency mining. This is an
exciting opportunity to help lay the power, engineering and
infrastructure foundations for CryptoGlobal's immediate and
long-term success," says Huskovic.
CryptoGlobal – We Power the Blockchain
CryptoGlobal is a leading Canadian FinTech and blockchain
technology company built on a strong core of diversified
cryptocurrency mining. Currently, CryptoGlobal focuses on mining
Bitcoin, DASH, Ether and LiteCoin — using a mix of custom-tuned
mining technologies. Learn more about CryptoGlobal at
www.cryptoglobal.io
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking information
and forward-looking statements within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. These forward-looking statements may not be
appropriate for other purposes. Any statement that involves
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 statements. In this news release, forward-looking
statements relate, among other things, to: information pertaining
to strategy, plans, or future financial performance, such as
statements with respect to future revenues, EBITDA, cash flows and
other statements that express management's expectations or
estimates of future performance, the anticipated timing of future
cash flow and positive EBITDA, the number of machines that are
expected to be running by various dates and future operating
capacity.
These forward-looking statements are based on reasonable
assumptions and estimates of management of the company at the time
such statements were made. 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: that market prices will be
consistent with expectations, the continued availability of capital
and financing, general economic, market and business conditions
will be consistent with expectations, fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in the prices of cryptocurrencies mined by the
company; historical prices of cryptocurrencies and the ability of
the company to mine cryptocurrencies consistent with historical
prices; higher operating costs; the presence of laws and
regulations that may impose restrictions on the ability of the
company to operate it business; the speculative nature of
cryptocurrency mining and blockchain operations; changes in project
parameters as plans continue to be evaluated; and those factors
described under the heading "Risks Factors" in the company's most
recent filing statement dated January 17,
2018 available on SEDAR. Although the forward-looking
statements contained in this news release are based upon what
management of the company believes, or believed at the time, to be
reasonable assumptions, the company cannot assure shareholders that
actual results will be consistent with such forward-looking
statements, as 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.
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.
SOURCE CryptoGlobal Corp.