VANCOUVER, British Columbia, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Fortress Blockchain Corp. (“Fortress Blockchain” or the “Corporation”) (TSXV:FORT), a growth oriented blockchain mining company with operations established in low cost North American green-energy regions, reports its results of operations for the second quarter ended June 30, 2018. All amounts are in Canadian dollars unless otherwise specified. For the full condensed consolidated interim financial statements and management discussion & analysis for the second quarter ended June 30, 2018, please visit SEDAR at www.sedar.com.
“With the first six months of the fiscal year behind us, and our first full operating quarter in the books, we could not be more pleased with the results generated from operations to date,” stated Aydin Kilic, Co-Founder, CEO and Director of Fortress Blockchain Corp. “As a low cost leader in the industry we are pleased to report industry leading mining margins of 75% and EBITDA margins of 24% for the quarter despite the volatility in bitcoin prices. Our high margins exemplify and further validate our successful business model of driving efficiencies through operations and having access to some of the cheapest power in North America.”
“While cryptocurrency pricing has been under pressure, the Fortress team has performed extremely well,” continued Aydin Kilic. “We remain focused on scaling our operations to maximize shareholder value with our industry leading efficiency and secured low cost environment, which will continue to yield impressive results. Shareholders will take comfort in Fortress’ industry low breakeven mining prices, which provides the Company with flexibility to handle the volatility of the underlying spot prices.”
Second Quarter Financial Highlights:
About Fortress Blockchain Corp.
Fortress Blockchain Corp. is a technology-oriented blockchain mining company committed to operating in low cost North American green-energy regions. Fortress’s resources are currently dedicated to achieving peak operational efficiency in industrial scale Bitcoin mining, to ultimately deliver an industry leading competitive advantage in performance. Fortress has strategically acquired a state-of-the-art mining facility in Washington state which has been in continuous operation since 2014, which serves as an R&D facility to optimize and build out the next generation of highly scalable blockchain mining infrastructure.
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Forward Looking Statements:
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, anticipated revenue, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, budget”, “scheduled”, “suggest”, “optimize”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, believes”, “anomalous” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Fortress Blockchain has attempted to identify important factors that could affect Fortress Blockchain and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Fortress Blockchain does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.