VANCOUVER, British Columbia, April 24, 2018 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V:DMGI) (“DMG” or the “Company”), a diversified blockchain and cryptocurrency company, announced today that Charlie Lee, inventor of Litecoin and former director of engineering at Coinbase, has joined DMG’s advisory board as the Company prepares to add litecoin (LTC) mining as part of its Mining-as-a-Service (MaaS) operations, as well as apply the Lightning protocol for cross-chain atomic swaps between blockchains such as Bitcoin and Litecoin.
Mr. Lee is a celebrity figure in the cryptocurrency world, having created Litecoin just two years after the first Bitcoin appeared. LTC has remained one of the top-valued cryptocurrencies. Mr. Lee’s litecoin hashing protocol uses a different algorithm from Bitcoin and was designed to reduce blockchain transaction time by almost 75 percent, which potentially makes litecoin better suited for higher volume transaction applications like retail shopping and online payments. Lee graduated from MIT with a computer science degree and developed Litecoin while working at Google as a software engineer. He left Google in 2013 to become one of the first hires at Coinbase, and in 2017, Lee stepped down from his position at Coinbase to work full time on LTC as managing director of the Litecoin Foundation.
“Next to bitcoin, our global Mining-as-a-Service (MaaS) customers are requesting litecoin mining services. Thus, as we prepare to expand our unique MaaS offering beyond bitcoin, we are fortunate to have Charlie Lee as both a shareholder and an advisor,” said Dan Reitzik, CEO of DMG Blockchain Solutions, Inc. “As for Charlie, every employee in DMG Blockchain Solutions knows him by reputation, if not personally, and we are all excited to have his industry knowledge and his personal attention on DMG’s strategy and development going forward.”
“I am delighted to see DMG’s interest in supporting LTC,” said Charlie Lee, managing director of the Litecoin Foundation. “I’m looking forward to advising both DMG’s industrial mining and engineering teams as the company expands into the LTC ecosystem.”
About DMG Blockchain Solutions
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, along with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting - Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, addition of litecoin mining for MaaS, other potential transactions, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment and power; market conditions and the demand and pricing for products; the demand and pricing of bitcoins and litecoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, that there will be sufficient power to operate its cryptocurrency mining machines, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin and litecoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, lack of supply of power, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.