Fintech PR
Skychain Provides Update on LOI to Purchase 20 Mw Crypto Hosting Facility in Quebec
Vancouver, British Columbia–(Newsfile Corp. – January 6, 2021) – Skychain Technologies Inc. (TSXV: SCT) announces that, further to the Company’s previous announcement regarding a Letter of Intent (LOI) to acquire an existing 20 Mw crypto mining hosting facility in Sherbrooke, Quebec, SkyChain has provided an update on the facility and confirmed the terms of the LOI dated for reference December 23, 2020 between SkyChain and 1151203 B.C. Ltd (the “Vendor”).
The Sherbrooke facility, currently running at about 70% (14Mw) capacity, covers 40,000 square feet with significant expansion capacity. The site also offers potential electricity cost reductions of approximately 20% compared to electricity costs in BC. The 20Mw capacity can contribute 670Ph/s hashrate to blockchain, and the power capacity can be upgraded to 23Mw without further hardware investment. The Vendor has invested over $8 million to develop the facility.
“We are making very good progress with the transaction,” said SkyChain CEO Bill Zhang. “With its current growth, we expect the site will be loaded at full capacity once the purchase is completed sometime in Q1 2021. With lower operating costs, this revenue stream should contribute to a solid and profitable operation. The site also a holds excellent potential for an internet data center (IDC) and other high density power consumption industries like GPU (graphics card processing unit) gaming and cloud-related industry services.”
Due mostly to clean, efficient hydropower, Quebec offers the second-lowest electricity costs in Canada (behind Manitoba) and some of the lowest in the world. Skychain has relocated all its miners from the Houston BC location to the Quebec site, which will streamline the Company’s business model and lower the cost per Kw to its crypto mining clients.
“With Bitcoin reaching record highs and rapidly gaining worldwide acceptance, we believe SkyChain is in the right place at the right time,” added Zhang. “More and more, Bitcoin is being seen as a hedge against inflation and currency instability, much like gold.”
Under the terms of the Sherbrooke agreement, SkyChain has agreed to purchase the entire facility for total consideration of CDN$5.5 million in cash and shares. The cash portion of the consideration is $3.0 million, of which half is payable upfront and half within 48 months, paid in installments equal to a maximum of 60% of EBITDA until fully paid and any remaining balance payable on the due date. The share portion of the consideration is $2.5 million, or a total of 5 million shares issuable as to 3,000,000 shares upfront and the balance of the shares after certain cash payments are made. A review of the target company’s financial information by our auditors and legal due diligence are nearing completion. Funding is expected to be provided by conventional commercial lending and equity. The facility will immediately boost monthly revenue to $640,000 per month and will be brought up further to capacity within 2 months. The proposed transaction is subject to all necessary Stock exchange and regulatory approvals.
Development of SkyChain’s new crypto hosting site in Birtle, Manitoba continues to progress. A major electrical engineering firm in Winnipeg and Manitoba Hydro International are both overseeing project development.
About Skychain Technologies
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill Zhang
President and CEO
Contact: 604-688-5464
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71520
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Fintech PR
Tabono Capital Announces Strategic Partnership with Invesco to Deliver Enhanced Investment Solutions for UHNW Clients
SINGAPORE, Nov. 26, 2024 /PRNewswire/ — Tabono Capital today has announced a strategic partnership with Invesco that enhances investment solutions for ultra-high-net-worth clients.
Tabono Capital, a multi-family office based in Singapore, collaborates with Invesco, a global investment management leader with over US$1.7 trillion in assets under management. This partnership merges Invesco’s institutional-grade investment expertise, cutting-edge portfolio solutions, and comprehensive research capabilities with Tabono Capital’s strong relationships with ultra-high-net-worth (UHNW) families across the Asia Pacific and Middle East regions.
This collaboration enables Tabono Capital’s clients to benefit from the extensive resources and scale of Invesco’s capabilities. For Invesco, the partnership provides enhanced access to sophisticated investors in key growth markets.
Key elements of the partnership include:
- Implementation and construction of model portfolios and asset allocation frameworks
- Access to institutional-grade investment research and comprehensive market insights for UHNW clients
- Knowledge sharing and collaboration on market intelligence and investor insights
Nirish Unni, CEO & Co-Founder of Tabono Capital, emphasized the significance of the partnership: “This partnership represents a significant milestone in our growth strategy. By leveraging Invesco’s world-class investment research and asset allocation capabilities, we can provide our clients with institutional-grade investment solutions while maintaining the personalized service they expect from a boutique multi-family office.”
Santosh Rao, Co-Founder and Chief Revenue Officer of Tabono Capital, added: “Our clients increasingly seek institutional-quality investment solutions with global reach. This collaboration with Invesco allows us to deliver exactly that, while maintaining our personalised approach to client service. Together, we will create portfolios designed to capture opportunities in key global markets while effectively managing risk.”
Christopher Hamilton, Asia Pacific Head of Client Solutions for Invesco, stated: “We’re proud to partner with Tabono Capital to bring our industry-leading offerings and capabilities to Asia’s expanding family office and UHNW segment. This is a compelling platform for investors to access comprehensive strategies that can help them meet their financial goals.”
About Tabono Capital
Tabono Capital is a multi-family office headquartered in Singapore, licensed by the Monetary Authority of Singapore (MAS) to provide Fund Management services. Co-founded by industry veterans and former private wealth managers Nirish Unni and Santosh Rao, the firm caters to ultra-high-net-worth families across the Asia Pacific and MENA regions, offering comprehensive wealth management and family office solutions. For more information, visit https://tabonocapital.com
Contact: [email protected]
About Invesco
Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in more than 20 countries, our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com/corporate.
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Fintech PR
Protecht launches advanced controls management solution
SYDNEY, Nov. 25, 2024 /PRNewswire/ — Protecht Group, a global leader in enterprise risk management solutions, has released its innovative controls management solution. This cutting-edge tool empowers organizations to design, implement, and maintain a robust controls framework, streamlining compliance and enhancing operational efficiency.
Protecht’s controls management solution addresses the challenges faced by risk and compliance leaders in managing controls across complex regulatory environments. By integrating controls management into the organization’s broader ERM framework, the solution provides a centralized approach to mitigate risks, achieve compliance, and enable organizations to focus on strategic growth.
As organizations face increasing regulatory pressures, the need for a unified, efficient approach to controls management has never been greater. Many businesses struggle with fragmented processes, duplicated efforts across frameworks, and limited visibility into controls effectiveness. Protecht’s controls management solution simplifies these complexities by providing a single source of truth for controls assurance activities.
Key features of Protecht’s controls management solution
- Centralized controls library: Offers a single repository for all control data, tailored to align with organizational needs and regulatory frameworks.
- Simplified control testing: Streamlines the testing process with pre-built templates, automated scheduling, and real-time tracking of progress and results.
- Framework library: Enables seamless mapping between controls and multiple regulatory standards to eliminate redundancies and simplify compliance efforts.
- Advanced reporting and dashboards: Provides real-time insights into control effectiveness and areas requiring improvement, ensuring confidence in decision-making and risk management strategies.
“Protecht’s Controls Management solution simplifies the way organizations handle compliance and risk assurance,” says Damien Stevens, Chief Product & Marketing Officer at Protecht. “By integrating controls into the broader enterprise risk framework, we provide our customers with the tools they need to mitigate risks, optimize efficiency, and align their control environments with their strategic objectives.”
Supporting resources
To help organizations maximize the benefits of the new solution, Protecht offers a range of resources, including:
- Live webinars showcasing the solution’s capabilities for risk and IT professionals alike
- Product tours showing how the solution lets you solve specific controls-related problems
- A comprehensive eBook on building effective controls frameworks
- Opportunities to book a demo and see the solution in action
Find out more and download a brochure at www.protechtgroup.com/solutions/controls-management
About Protecht Group
Headquartered in Sydney, Australia, with offices in London and Los Angeles, Protecht Group provides innovative risk management solutions, including the Protecht ERM platform. Trusted by organizations across government, financial services, education, and other industries, Protecht empowers businesses to manage risk holistically, transitioning from spreadsheets and manual processes to efficient, integrated systems.
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Fintech PR
Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.
Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.
Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.
Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.
Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”
Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”
Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”
He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”
About Dinosaur Group Holdings
Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.
Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.
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