HENEWSWIRE.CA
HashChain Technology Inc. Advises of Retraction of June 2019 Investor Presentation and Provides Update on Proposed Reverse Takeover Transaction with Digihost International, Inc.
07/24/2019 11:30:00 AM
(via TheNewswire)
Vancouver, BC - TheNewswire - July 24, 2019 - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV:KASH) (OTC:HSSHF) provides notice of a complete retraction of an investor presentation relating to the Company prepared for Digihost International, Inc. ("Digihost") and provides an update with respect to its previously announced reverse takeover transaction (the "Proposed Transaction") with Digihost.
Retraction of Digihost Investor Presentation
It has come to the attention of the Company that an inaccurate working draft of a June 2019 investor relations presentation which was being prepared for Digihost in connection with the Proposed Transaction (the "June 2019 Investor Presentation") was distributed by an agent of Digihost (the "Agent") without the approval of the Company or Digihost. The June 2019 Investor Presentation is retracted in its entirety.
The Company wishes to clarify that neither the Company nor Digihost prepared or authorized the distribution of the information included in the June 2019 Investor Presentation and that Digihost terminated its relationship with the Agent effective June 26, 2019. The Company cautions investors that the June 2019 Investor Presentation contains inaccuracies about the Company, Digihost and the Proposed Transaction. Accordingly, the information and statements contained in the June 2019 Investor Presentation, which may continue to be found in the public domain, should not be relied upon. Digihost has agreed, and will advise any agents engaged by it, that any future investor presentations regarding HashChain are to be reviewed and approved by HashChain prior to dissemination.
Update on Proposed Transaction
As last disclosed in the press release of the Company dated June 11, 2019, the Company has entered into an agreement with shareholders of Digihost, pursuant to which the assets of HashChain and Digihost will be combined by way of a share exchange between HashChain and shareholders of Digihost. The Proposed Transaction will constitute a "reverse-takeover" of HashChain by Digihost under the policies of the TSX Venture Exchange (the "TSXV" or the "Exchange").
The completion of the Proposed Transaction is subject to a number of conditions precedent (as described in prior press releases of the Company), including approval of the Proposed Transaction by the Exchange and the shareholders of HashChain. Review of the Proposed Transaction by the Exchange remains ongoing.
Trading Halt
The common shares of HashChain are currently halted from trading and are not expected to resume trading until the Exchange completes its review of the Proposed Transaction and a management information circular describing the Proposed Transaction is filed on SEDAR for consideration by HashChain's shareholders.
The Proposed Transaction cannot close until the required shareholder approval is obtained and there can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of HashChain should be considered highly speculative.
The Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.
Additional Information
For further information, please contact:
HashChain Technology Inc.
Paul Ciullo, Chief Financial Officer
T: 607-760-7870
Digihost International, Inc.
Angie Ihler, Media Inquiries
T: 917-242-6549
