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HIVE Blockchain Announces Late Filing of Annual Financial Statements

Autor: Accesswire
30.07.2021, 03:00  |  192   |   |   

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021VANCOUVER, BC / ACCESSWIRE / July 29, 2021 / HIVE …

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021

VANCOUVER, BC / ACCESSWIRE / July 29, 2021 / HIVE Blockchain Technologies Ltd. (TSXV:HIVE)(NASDAQ:HVBT)(FSE:HBF) (the " Company " or " HIVE ") announces that as a result of delays in the completion of its audit, the Company will be unable to file its financial statements and accompanying management's discussion and analysis for the financial year ended March 31, 2021 (collectively, the " Annual Filings ") by July 29, 2021, being the date that such filings are due under applicable Canadian securities law requirements. The late filing is the result of operational and reporting challenges associated with the consolidation of the 5 countries that the Company operates in: Sweden, Canada, Switzerland, Bermuda, and Iceland.

Maintaining operations in so many different jurisdictions allows us to diversify our holdings, and access low-cost green power in stable areas. However, it also brings reporting complications, as each country has its own unique requirements. To address these, we are streamlining financial processes to facilitate faster auditing and reporting. In addition, earlier this year we exited Norway, and in the past 18 months have bought two data center operations in New Brunswick and Lachute, Canada, which are familiar jurisdictions to our financial team.

Other factors contributing to the reporting delay include unexpected accounting and logistical delays associated with the previously announced Sweden GPU facility upgrade process, and in obtaining financial reporting and analysis from the Company's wholly-owned subsidiaries in Sweden, which have recently undergone a corporate reorganization to simplify our operating structure moving forward. We believe this new corporate structure in Sweden will resolve these reporting delays and benefit shareholders overall, with certain tax benefits expected.

This reorganization of our Swedish operation, which is where most of our GPU mining operations are located, will provide a better corporate structure as we move into high performance computing (HPC) cloud hosting. In the future, HIVE will use its high-end GPUs, which currently mine Ethereum, to provide HPC cloud hosting for tasks that require substantial GPU processing power, such as simulations, AI, machine learning, and gaming. This shift to cloud HPC hosting will depend on the timing of the launch of Ethereum 2 (Eth2), which is a planned upgrade to Ethereum that is expected to make mining ETH obsolete. The Eth2 upgrade has been delayed for years, and we do not know exactly when it will take place, if at all. You can read more about our HPC strategy in this prior press release.

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HIVE Blockchain Announces Late Filing of Annual Financial Statements This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021VANCOUVER, BC / ACCESSWIRE / July 29, 2021 / HIVE …

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