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HyperBlock Streamlines Operations, Announces Update to Executive Management Team and Custodial Business LaunchTORONTO, Oct. 10, 2018 /CNW/ - (CSE: HYPR) — HyperBlock Inc. — one of North America's largest publicly traded diversified crypto asset enterprises — is streamlining its operations and is excited to be moving ahead with its planned crypto custody product launch. The company has successfully exited four Canadian locations — executing on its consolidation plans in Eastern Canada and at its US cryptocurrency datacenter in the Pacific Northwest. HyperBlock CEO Sean Walsh says the moves are a proactive step to help the company weather difficult market conditions and will over time, result in lower, more efficient power costs. "Hash rate sales have been soft in recent months due to relentless increases in mining difficulty — without corresponding increases in Bitcoin price," he says. Building Long-Term Value: Proprietary Crypto Custodial Solution Nearing Launch Brent Arsenault Appointed as Interim CFO "Brent will be instrumental in ensuring HyperBlock continues operating in a sustainable, disciplined manner that will provide the greatest long-term value for our shareholders," says Walsh. "His depth of experience in the public markets — business ethics and philosophy of prudence and transparency —make him an excellent addition to our team," explains Walsh. Before joining HyperBlock, Arsenault was Director of Finance at Brio Gold Inc., where he was an integral contributor to the successful completion of the company's initial public offering, having led all financial statement filings, financial planning, analysis and internal audit requirements. Prior to that, Arsenault spent several years as a senior financial leader and Investor Relations specialist at Yamana Gold — and served as a senior auditor with global leader Deloitte from 2007 to 2012. Arsenault holds a CPA, CA designation and an accounting undergraduate degree from Brock University. "Building a Strong Financial Foundation in an Exciting New Industry" Leadership Updates About HyperBlock Inc. Cautionary Note Regarding Forward Looking Information and Future-Orientated Financial Information These forward-looking statements are based on reasonable assumptions and estimates of management of the company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: that market prices will be consistent with expectations, the continued availability of capital and financing, general economic, market and business conditions will be consistent with expectations, fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in the prices of cryptocurrencies mined by the company; historical prices of cryptocurrencies and the ability of the company to mine cryptocurrencies consistent with historical prices; the ability to retain personnel to execute the company's business plans and strategies; availability of power supply at prices favorable to the business and operations of the company, or at all; higher operating costs; the presence of laws and regulations that may impose restrictions on the ability of the company to operate it business; the speculative nature of cryptocurrency mining and blockchain operations; changes in project parameters as plans continue to be evaluated; and those factors described under the heading "Risks Factors" in the company's listing statement dated July 10, 2018 available on the company's issuer profile on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the company believes, or believed at the time, to be reasonable assumptions, the company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. SOURCE HyperBlock Inc. |