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HashChain Technology Reports Fourth Quarter and Full Year 2019 Financial Report and Provides Update on Proposed Reverse Takeover
(via TheNewswire) VANCOUVER - TheNewswire - December 23, 2019 - HashChain Techno...
About this update from Intellabridge Technology Corp.
[{"type":"text","content":"HashChain Technology Reports Fourth Quarter and Full Year 2019 Financial Report and Provides Update on Proposed Reverse Takeover(via TheNewswire)\n \n \nVANCOUVER - TheNewswire - December 23, 2019 - HashChain Technology Inc. (\"HashChain\" or the \"Company\") (TSXV:KASH) (OTC:HSSHF) today announced its results for the fourth quarter and full year ended August 31, 2019. \n\n\n \nQuarterly Highlights\n\n\n \n\n\n\n \n- Mined approximately 300 newly minted Bitcoin.\n\n\n \n- Recognized operating revenue totaling $4 million from digital currency mining. \n\n\n \n- Incurred a net loss of $451,096 for the quarter. \n\n\n \nFY 2019 Highlights\n\n\n \n- Generated income of $11,503,102 from mining of digital currencies.\n\n\n \n- Mined 1,422 newly minted Bitcoin.\n\n\n \n- Extinguished outstanding debts owed through the completion of the sale of the NODE40 software platform \n\n\n \n- Incurred a net loss of $8,594,036 for the year. \n\n\n \nA comprehensive discussion of HashChain's financials and operations are provided in the Company's \"Management Discussion & Analysis and Financial Statements\" filed on SEDAR and can be found under the Company's profile on www.sedar.com.\n\n\n \nOutlook\n\n\n \nOn March 28, 2019, the Company announced that it has entered into a Definitive Agreement with shareholders of Digihost International, Inc. (\"Digihost\") whereby the business and assets of the Company and Digihost will be combined by way of a share exchange between the Company and shareholders of Digihost (the \"Proposed Transaction\"), constituting a \"reverse-takeover\" of the Company by Digihost under the policies of the TSX Venture Exchange.\n\n\n \nDue to increasing costs of cryptocurrency mining and volatility in the valuation of mined-cryptocurrencies, the hosting expenses paid by HashChain to its colocation facility per coin mined are presently greater than the value of the coins mined. Completion of the Proposed Transaction will vertically integrate the hosting business to be acquired by Digihost with the mining operations of HashChain, such that the cost of mining is significantly reduced. \n\n\n \nManagement of the Company anticipates that the completion of the Proposed Transaction would provide a number of benefits to HashChain, including:\n\n\n \n- reduced costs of cryptocurrency mining through the vertical integration of HashC...