Bitfarms Announces Completion of Acquisition of Remaining Interest in its Operating Entity and Provides Notice of Release of Second Quarter 2019 Results

TORONTO & BROSSARD, Quebec--(BUSINESS WIRE)-- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV: BITF) today announced that it has completed the acquisition of the remaining equity interest in its operating entity, Backbone Hosting Solutions Inc (“Backbone”).

As previously announced on August 12, 2019, the Company entered into an agreement with the shareholders of Backbone to acquire 26,295,655 class A voting common shares of Backbone (the “Purchased Shares”), being the remaining 39.3% of the issued and outstanding shares of Backbone not already owned by Bitfarms. The Acquisition gives Bitfarms 100% direct and indirect control of the operating entity, Backbone. As consideration for the Purchased Shares, Bitfarms issued one common share in exchange for each Purchased Share, for an aggregate of 26,295,655 newly issued shares of Bitfarms.

Release of Second Quarter Results

Bitfarms also announces it will release its second quarter 2019 results on Thursday August 29, 2019 prior to market open.

The Company’s senior management will be hosting a webcast presentation at 10:00 AM Eastern Standard Time on August 29, 2019 to discuss Bitfarms financial and operating results and provide market commentary and an update on its growth plan. To view the webcast presentation, please register using this direct link. The financial results and presentation will also be available on our website.

Special Meeting of Shareholders

On Monday September 16, 2019, the Company will hold a Special Meeting of shareholders of record at the end of trading day on August 6, 2019, where shareholders will be asked to approve the Company’s incentive stock option plan and approve and ratify all outstanding options issued pursuant to such incentive stock option plan.

About Bitfarms Ltd.

Bitfarms operates blockchain computing centres that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, earning fees from each network for securing and processing transactions. Powered by clean and competitively priced hydroelectricity, Bitfarms operates four facilities in Québec, Canada which currently generate approximately 308 petahash per second of installed computational power. Bitfarms’ strong and experienced management team is comprised of veteran industrial-scale data center operators and capital markets professionals, focused on building infrastructure for the future by developing and hosting the ecosystem growing around blockchain-based technologies.

To learn more about Bitfarms’ events, developments and online communities:

Cautionary Statement

This press release does not constitute an offer to sell or a solicitation of an offer to buy or sell securities or other financial instruments in any jurisdiction or any advice or recommendation with respect to such securities or other financial instruments of the Company. Investors are cautioned that, except as disclosed in the Company’s regulatory disclosures prepared in connection with transactions described herein, any information released or received with respect to the transactions described herein may not be accurate or complete and should not be relied upon. 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.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable securities laws that are based on expectations, estimates and projections as at the date of this news release.
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.

The information in this release and the 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 including the plans and future actions following the acquisition of the Purchased Shares, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate the current digital currency inventory, fluctuations in digital currency prices and the resulting significant negative impact on Bitfarms’ operations, the volatility of digital currency prices, the construction and operation of blockchain infrastructure as currently planned, and no regulation or law that will prevent Bitfarms from operating its business.

For investor inquiries, please contact:
Sonia Tercas
Director, Investor Relations
[email protected]

For media inquiries, please contact:
Bahador Zabihiyan
Director, Public and Government Relations
[email protected]

Source: Bitfarms