Fortress Technologies Announces Leadership and Board of Directors Transition, Asset Purchase Agreement

TORONTO, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Fortress Technologies Inc. (TSX-V: FORT) (the “Company” or “Fortress”) is pleased to announce the appointments of Antonin “AJ” Scalia as Chief Executive Officer and Thomas “Drew” Armstrong as President and Chief Operating Officer. Messrs. Scalia and Armstrong will also replace Joshua Crumb and Michael Costa on the Company’s board of directors (the “Board”). Aydin Kilic, who has served as President and Chief Executive Officer since 2018, has resigned as an officer effective September 20, 2021, and has also resigned from the Board effective September 24, 2021.

​​The Board considered the skills and experience of Messrs. Scalia and Armstrong and is confident the changes to the leadership team will enable the Company to pursue its long-term strategic objectives with new guidance and vision. The new leadership will report to the Board and will be jointly responsible for the overall management and operation of the Company.

Messrs. Scalia and Armstrong join Fortress from Galaxy Digital (“Galaxy”), a diversified financial services firm dedicated to the digital assets sector. While at Galaxy, Messrs. Scalia and Armstrong held various roles across the firm’s investment banking and principal investments divisions, and most recently as founding members of Galaxy’s bitcoin mining business. Prior to joining Galaxy, Mr. Scalia began his career in J.P. Morgan’s technology investment banking group. Mr. Armstrong previously worked in Barclays’ investment bank, where he focused on the origination of esoteric securitized products.

“Drew and I are tremendously excited to be joining Fortress and are motivated by the opportunity ahead of us. Bitcoin promises to advance human freedom around the world; as stewards of the Company, we will strive to contribute to that worthy cause while delivering results for our shareholders,” said Mr. Scalia. Mr. Armstrong added, “Our mission is simple: to champion the beauty of bitcoin mining and build infrastructure that enables human flourishing.”

Management and Directors join Chairman of the Board Roy Sebag in welcoming Messrs. Scalia and Armstrong. Mr. Sebag further commented, “Over the past year, I have increasingly come to see an opportunity for Fortress to become a dominant player in the bitcoin mining space. In order to actualize this potential, the first step was to enlist a world-class management team who understand bitcoin and have the right vision for its future. We are honored to welcome AJ Scalia and Drew Armstrong, who will pioneer this new journey for Fortress. I feel confident that AJ and Drew will help the Company unlock significant shareholder value while helping us to craft the right long-term strategy for our business.”