HIVE Blockchain announces late submission of interim accounts

by Arthur · February 14, 2023

VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) — HIVE Blockchain Technologies Ltd. (TSXV:HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) announces that as a result of an unforeseen tax notice received this morning in relation to one of our European subsidiaries, the Company will not be able to file its interim financial statements and accompanying management’s discussion and analysis for the three and nine months ended December 31, 2022 (collectively, the “Interim Filings”) by February 14, 2023, the date on which such filings are due pursuant to applicable Canadian securities law requirements. The late filing is a result of giving the Company sufficient time to assess the potential impact, if any, of this announcement on the provisional registrations. HIVE expects to submit the provisional applications on or before 28 February 2023.

By maintaining operations in so many different jurisdictions, we can diversify our holdings and gain access to low-cost green power in stable areas. However, it also brings reporting complications, as each country is subject to its own unique requirements and procedures for filing and reporting. In particular, HIVE has a number of subsidiaries in each country where it operates, and the company requires local accounting firms and advisors to provide an independent review while adhering to local guidelines. To address these, HIVE continues to seek opportunities to streamline its financial processes to facilitate faster review, audit and reporting.

In response to the reporting delay, the Company has applied to the British Columbia Securities Commission for a cease-and-desist order (“MCTO”), restricts the company’s CEO and CFO from trading the company’s shares until the temporary registrations are filed and the MCTO is revoked. The Company currently expects to file the provisional registrations on or before February 21, 2023 and will issue a press release announcing the completion of these registrations at that time. Until the company submits the interim filings, it will comply with the alternative information guidelines set forth in National Policy 12-203 – Management ceases trading orders. The guidelines require, among other things, that the company must issue standard status reports every two weeks in the form of a press release as long as the temporary registrations have not been archived. If the MCTO is granted, the investing public will still be able to trade in the company’s shares throughout the duration of the MCTO.

We will keep investors updated as we go through this process.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

HIVE is a growth-oriented technology share in the emerging blockchain industry. As a company whose shares are traded on a major exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data center facilities in Canada, Sweden and Iceland, where we seek to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of the treasury of ETH and BTC derived from mining rewards. Our shares give investors exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multipurpose servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.

For more information and to sign up for HIVE’s mailing list, please visit www.HIVEblockchain.com.
Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes“
Executive Chairman

For more information please contact:
Frank Holmes
Phone: (604) 664-1078

Neither the TSX Venture Exchange nor the Regulatory Services Provider (as that term is defined in the TSX Venture Exchange Policy) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking information

Except for statements of historical fact, this press release contains “forward-looking information” within the meaning of applicable Canadian and US securities laws that are based on expectations, estimates and projections as of the date of this press release. “Forward-looking information” in this press release includes, but is not limited to, statements regarding the timing, review, completion and filing of preliminary registrations; application and grant of an MCTO; business goals and objectives of the company, and other forward-looking information about the intentions, plans and future actions of the parties to the transactions described herein and the terms thereof.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the company being unable to complete the audit and file the interim filings currently expected, or at all ; and other related risks as more fully described in the registration statement of the company and other documents disclosed during the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking information in this press release reflects the company’s current expectations, assumptions and/or beliefs based on information available to the company. In connection with the forward-looking information in this press release, the company has made assumptions about the company’s ability to complete and submit the temporary registrations. The company has also assumed that no significant events occur outside the company’s normal operations. Although the Company believes that the assumptions contained in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, such information should not be relied upon due to the inherent uncertainty therein.