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HIVE Blockchain Restates Previously Issued Financial Statements Based on Non-Cash Valuation of 25,000 Ethereum Investments

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No Impact on Cash Position, Business Operations or Commercial Arrangements of HIVE.
HIVE Remains Well Capitalized and Well Positioned in the Current Digital Currency Landscape.

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE“) has announced that the previously issued financial statements for the interim period ended June 30, 2021 and 2020 and the corresponding management’s discussion and analysis (collectively, the “Original Documents”) have been restated and reissued (collectively, the “Restated Documents”) and filed under the Company’s profile on www.sedar.com. An incorrect mark-to-market value relied upon in the Original Documents caused the coin inventory of 25,000 Ethereum to be higher and, as a result, the Company’s profit, to be overstated by approximately US$5.0 million. Revenue as reported for the quarter remains unchanged. Earnings are comprised of two major components, cash flow from operations and changes in liquid investments like stocks, bonds and digital assets such Bitcoin (BTC) and Ethereum (ETH). The earnings reported from operations have not changed however the price used to value the 25,000 ETH coins in our cold wallet have been restated and reduced by US$200 per ETH coin, which amount is expected to be fully recovered in the following quarter ended September 2021 due to an increase in the mark-to-market value of ETH coins.

The effect of the restatement does not impact the Company’s ongoing operations, revenue from digital currency mining, equipment or other assets. The restatement is a non-cash charge and will not affect the Company’s positive operating results. The inventory of cryptocurrency coins held at June 30, 2021 remains unchanged as reported and unaffected. The inventory of ETH remains the same for the following quarter while the BTC inventory has increased during the July to September calendar quarter 2021.

Details of the changes are fully described in Note 27 to the restated condensed interim consolidated financial statements for the three months ended June 30, 2021 and 2020 as filed on SEDAR on October 25, 2021.

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 stock in the emergent blockchain industry. As a company whose shares trade on a major stock 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 centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.

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

For more information and to register to 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 further information please contact:
Frank Holmes
Tel: (604) 664-1078

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

Forward-Looking Information

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian and U.S. securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes but is not limited to, statements with respect to information about statements regarding the impact of the Restated Documents the potential for the Company’s long-term growth, and the business goals and objectives of the Company.

Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to: the risk that additional information may arise subsequent to the filing of the Restated Documents; the volatility of the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company’s performance as supply chains are disrupted and prevent the Company from carrying out its expansion plans or operating its assets; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to their inherent uncertainty.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100695

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EBRD to provide €30 million of long-term financing to Rönesans Gayrimenkul Yatırım to support regions affected by 2023 earthquakes

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Loan to finance support capex of the shopping centres in the region and projects to help preserve livelihoods in the affected cities

ISTANBUL, March 28, 2024 /PRNewswire/ — The European Bank for Reconstruction and Development (EBRD) is providing a senior loan of € 30 million to Rönesans Gayrimenkul Yatırım A.Ş (Rönesans Real Estate Investment) subsidiary of Rönesans Holding, one of Europe’s leading contracting and investment companies.

Rönesans Gayrimenkul Yatırım (RGY) is the commercial real estate development and investment company of Rönesans Holding. Combining Rönesans Holding’s over 30 years of construction experience with 22 years of real estate experience, RGY has an asset portfolio of 16 real estate properties with a gross asset value of € 2,6 billion as of 2023YE. Rönesans Gayrimenkul Yatırım stands as Türkiye’s largest commercial real estate investment group with its own managed projects, totaling c.1,500,000 square meters of gross building area and c. 740,000 square meters of gross leasable area.

The loan will finance the support capex of Kahramanmaraş and Şanlıurfa Piazza Shopping Centres and will be backed by a guarantee from the European Union.

The project will support the preservation of human capital and the livelihoods in the region. Rönesans Gayrimenkul Yatırım will provide a skills development programme and crafts production trainings dedicated to women. The sales training will prove beneficial to Kahramanmaraş Piazza Shopping Centre’s tenants who are facing labour shortages following significant migration from the city after the earthquake.

Jürgen Rigterink, First Vice President and Head of Client Services Group of the EBRD, said: “I was shocked and saddened to see during my visit the devastating impact the earthquakes have had on the affected region, and I continue to be inspired by the resilience and determination of the local population here.”

“Reconstruction is a long process and can take many years, but it begins by allowing the private sector to regain its vibrant potential. I am proud to say that we have already made available more than half of our initial €1.5 billion investment response, and we will continue to stand with Türkiye on its path to recovery by supporting projects that preserve the livelihoods of the region.”

İpek Ilıcak Kayaalp, Chair of the Board of Directors of Rönesans Holding, said: “We have a strong and longstanding partnership with EBRD for 15 years, and we are happy to collaborate with them on our social infrastructure investment projects in Türkiye and potential projects in Central Asia. We have secured over €500 million in financing from EBRD for our healthcare investment projects in the past, and we are now extending our collaboration to the real estate sector in Türkiye. I believe that our partnership will contribute to the ongoing recovery efforts in the earthquake-affected region, as part of our efforts to implement impactful projects to mitigate the effects of earthquakes.”

Kahramanmaraş Piazza is the only shopping centre in the city of Kahramanmaraş. Despite its location directly above the fault line, it remained intact and became a crucial focal point for the entire city following the February 6 earthquakes. It served as a help centre for urgent needs such as food and shelter for 1,000 people as a part of Rönesans Holding’s earthquake relief efforts, under the leadership of Erman Ilıcak, the President of Rönesans Holding.

Immediately following the 2023 earthquakes, Rönesans Holding and its 2,000 volunteers moved quickly to provide urgent needs for earthquake victims. Within two months of the devastating earthquakes, Rönesans Holding had created temporary living spaces designed for more than 10,000 people, prioritising the wellbeing of the most vulnerable members of society, especially women, children, and young people. The business has continued to support the relief and recovery efforts, launching additional programs to support the education and mental health of those affected by the earthquakes in recent months.

Rönesans Gayrimenkul Yatırım has also been an early leader in green building and implementing energy-saving initiatives since 2017, aiming to cover 40% of its energy consumption with renewable sources by 2025 and achieve 100% renewable energy usage in all projects by 2028. Rönesans Gayrimenkul Yatırım is intensively pursuing solar energy utilization in projects where climate conditions permit, to this end. With a particular focus on solar energy usage, it has achieved a pioneering milestone by obtaining the highest level of BREEAM In-Use certification for its portfolio of 10 properties, marking a groundbreaking achievement as the first in Türkiye and globally.

As of the end of 2023, Rönesans Gayrimenkul Yatırım , which has achieved an occupancy rate of over 97% in its shopping malls and welcomes close to 100 million visitors annually, continues its review process for its public offering, having submitted its applications to the Capital Markets Board (SPK) and Borsa Istanbul.

About Rönesans Group

Rönesans Holding, the conglomerate’s top investment entity headquartered in Ankara, is the 38th largest international contracting company globally and the 9th largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries such as Ballast
Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for 30 years in construction, real estate development, healthcare and energy. Putting resilience and growth through innovation at the core of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women’s Empowerment Principles since 2016.

Rönesans Holding, under the leadership of its president, Erman Ilıcak, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (a minority shareholder in the group), has invested more than EUR8 billion into pioneering projects globally.

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Rönesans Holding

 

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Asia’s leading tech company to partner with Nagad

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DHAKA, Bangladesh, March 28, 2024 /PRNewswire/ — Southeast Asia’s first tech billionaire Goh Peng Ooi has expressed his keen interest in partnering with Nagad, a leading mobile financial service provider based in Bangladesh, through his established Silverlake Group that provides financial software and digital services to banks.

The Malaysian fintech mogul first learnt about Nagad, went through relevant case studies, and gave the go-ahead – this will mark Silverlake Group’s first partnership initiative in South Asia.

Recently, Tanvir A. Mishuk, executive chairman and CEO of Nagad Ltd., received a warm invitation from Goh Peng Ooi at his residence in Malaysia. Impressed by Nagad’s customer-friendly innovations, acquisition of over 9 crore customers within just five years, and its unique business model, Goh Peng promptly expressed his interest in making the partnership Nagad. During this courtesy call, Mishuk also invited him to Nagad Ltd.

Founded in 1989, Silverlake Group currently provides support to more than 400 banks operating in over a hundred countries. Almost all banks in Singapore, including its two main banks United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), are heavily dependent on Silverlake’s technology. Its business collaborations extend across Europe, America, Australia, Africa, and Asia.

During the meeting with Tanvir A. Mishuk, Goh Peng Ooi said they had previously received multiple proposals from different companies in various South Asian countries, including Bangladesh and India, but they hadn’t found sufficient reasons to integrate them into Silverlake. However, they perceive Nagad differently in the realm of financial entities.

According to the proposal, Silverlake Group will offer Nagad the opportunity to utilise its most advanced banking technologies. Nagad believes this initiative will not only benefit Nagad but also bring significant changes to the entire banking sector in Bangladesh.

Talking about Goh Peng Ooi and Silverlake Group’s interest in partnering with Nagad, CEO of Nagad Ltd. Tanvir A. Mishuk, said, “I think this is not only good news for Nagad but also for the entire Bangladesh, as it creates the possibility of a massive change in the country’s banking landscape. We believe it will eventually play a transformative role for millions of people in the country.”

Inaugurated by Honourable Prime Minister Sheikh Hasina in 2019 as a mobile financial service, Nagad is now preparing to emerge as the country’s first digital bank in the middle of this year. Nagad has already introduced some ground-breaking innovations, leading to a transformation in the country’s financial industry. Nagad also hopes to continue to better serve its customers through its digital bank.

About Nagad Ltd (https://www.nagad.com.bd/)

Nagad Limited is one of the leading MFS operators in Bangladesh’s payment industry with 90 million registered customers and an average daily transaction of about USD 113 million. The digital payment platform, known as a successful public-private partnership between Bangladesh Postal Department and the private sector.

Contact:
Lincoln Md. Lutforzaman Sarker
Assistant Vice President (AVP),
Media and Communications, Nagad Limited.
Email: [email protected]

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Hakluyt’s 2023 accounts record another year of strong growth

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LONDON, March 28, 2024 /PRNewswire/ — Hakluyt, the global strategic advisory firm for businesses and investors, recorded another period of robust financial growth in the year ending 30 June 2023, expanding its core advisory business while investing for the future.

The firm’s financial results, which were filed today with Companies House, show that revenue increased by 9% to a new record level, with a slightly lower profit margin reflecting substantial investment in the firm’s people and geographic footprint. During this period, Hakluyt opened new offices in Abu Dhabi and Toronto, and continued to recruit new talent worldwide.

Hakluyt also announced its first investment fund, Hakluyt Capital, during this period, which gives some of the world’s most promising growth-stage companies access to the firm’s unrivalled global connectivity, advice and expertise.  

Hakluyt’s managing partner, Varun Chandra, said: “As business leaders continue to face increasingly complex challenges, we have invested in the international reach and expertise of our team, which enable us to provide world-class counsel and connectivity where they are most needed. I am pleased that our core business grew substantially in the financial year 2022-23, and that operating profits remained strong. My thanks to every member of the brilliant Hakluyt team who has helped us deliver against our plan.”

Notes to editors:

Hakluyt is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues. For more information on the firm, please visit www.hakluytandco.com 

 

 

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