Mr. Paul Ciullo reports
HASHCHAIN TECHNOLOGY INC. ANNOUNCES UPDATE TO ANTICIPATED DIRECTORS FOLLOWING PROPOSED REVERSE TAKEOVER TRANSACTION WITH DIGIHOST INTERNATIONAL, INC.
Hashchain Technology Inc. has provided an update with respect to its previously announced reverse takeover transaction with Digihost International Inc., previously disclosed in the company's press releases of March 28, 2019, April 26, 2019, June 7, 2019, July 29, 2019, and Sept. 11, 2019.
Upon completion of the proposed transaction, it is anticipated that all of the directors and officers of Hashchain will resign and be replaced by nominees of Digihost.
The company is pleased to announce that two additional directors, Gerard Rotonda and Gerard Guez, are anticipated to join the anticipated directors of the issuer resulting from the proposed transaction, as disclosed in the company's management information circular of Sept. 6, 2019, and comprehensive news release of Sept. 11, 2019. Mr. Guez and Mr. Rotonda will join Michel Amar, Alec Amar, Jon Williams, Adam Rossman and Manish Kshatriya as anticipated directors of the resulting issuer.
Mr. Rotonda was the chief financial officer and executive committee member for Deutsche Bank Wealth Management Americas from 2011 through 2018. Mr. Rotonda has over 30 years of experience in business development and financial analysis, most recently as co-founder and partner at MMR Development, a real estate company which develops or repositions office, residential and hotel properties. Mr. Rotonda has also been senior business leader and director of strategy and planning at MasterCard Inc., director of strategic planning at Credit Suisse Group, and vice-president of investment finance and structured lending at Citigroup. Mr. Rotonda holds a BSBA in accounting and MBA from Boston University.
Mr. Guez is an entrepreneur and currently serves as chairman and founder of Sunrise Brands, which was originally founded as Tarrant Apparel Group in 1988 with iconic brands Sasson jeans and JAG. Over the past 30 years, Mr. Guez has been involved in building many recognizable brands that we know today including American Eagle, House of Dereon, Isaac Mizrahi, The Limited, Lane Bryant, ReRock and Superdry. For more than 20 years, Mr. Guez has also been a partner and board member of the hospitality venture Buddha-Bar, which currently has 25 franchises worldwide.
The common shares of Hashchain are currently halted from trading and are not expected to resume trading until the TSX Venture 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.
Completion of the transaction is subject to a number of conditions, including, but not limited to, exchange acceptance and, if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
We seek Safe Harbor.
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