TAAL Announces Correction to December 22, 2020 Press Release
VANCOUVER, BC, Dec. 23, 2020 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL" or the "Company") a vertically integrated blockchain infrastructure and service provider, would like to amend the press release that was published on December 22, 2020, which incorrectly disclosed that the Company had agreed to purchase 5,000 M30s new blockchain computers. A corrected press release follows:
TAAL BRINGS ON ADDITIONAL PROCESSING POWER TO SUPPORT THE FUTURE OF ENTERPRISE TRANSACTION PROCESSING
VANCOUVER, BC, Dec. 23, 2020 – TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL" or the "Company") a vertically integrated blockchain infrastructure and service provider, has recently purchased new blockchain computers, which once deployed, represent over 130 petahash/s ("PH") in additional computing power and will bring the Company's overall computing capacity up to more than 280 PH.
On November 17, 2020 TAAL disclosed that a hosting agreement had been concluded with a Canadian provider to deploy 175 PH of computing power. This is comprised of 155 PH of previously acquired custom modified blockchain computers and 19 PH of newly acquired machines all of which are expected to be deployed in Q1 2021. TAAL and the hosting provider have since agreed to place approximately 40 PH of additional blockchain computers at the facility in Q2 of 2021.
The Company is in discussions with hosting providers for placement of the remainder of the new machines and expects they will also be deployed in Q2 2021.
The increase in TAAL's self-hashing capacity will help fuel the Company's stated growth strategy and support the Company's vision placing blockchain transaction processing at the core of its business. TAAL provides value-added service to clients across several industries and the Company expects the market for these services to continue to grow.
"The acquisition of these new, blockchain technologies expedites our expansion plans, representing important progress in building capacity to power TAAL BitcoinSV (BSV) solutions for global enterprise clients," commented Stefan Matthews, TAAL Executive Chairman and Chief Executive Officer.
ABOUT TAAL DISTRIBUTED INFORMATION TECHNOLOGIES INC.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the BitcoinSV platform, and developing, operating, and managing distributed computing systems for enterprise users. The Company is led by an experienced management team, Board and Advisory Board members that include entrepreneur and BitcoinSV advocate Calvin Ayre, and renowned computer scientist and visionary Craig Wright.
Visit TAAL online at www.taal.com
The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding the expected timing for the deployment of the newly acquired computers and expectations that the increased computing capacity will help fuel the Company's stated growth strategy. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out in Item 20 Risk Factors of TAAL's Form 2A – Listing Statement dated July 31, 2018 and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
Matt Whitcomb, Investor Relations, [email protected], 604-260-6142; Stefan Matthews, CEO & Executive Chairman, [email protected]; Chris Naprawa, President, [email protected]
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