TAAL Files 2020 Fiscal Year-End Financial Results and Provides Operational Guidance for 2021
VANCOUVER, BC, April 30, 2021 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC:TAALF) ("TAAL" or the "Company"), a vertically integrated blockchain infrastructure and service provider for enterprise, announced today its financial results and Management Discussion and Analysis for the fiscal year ended December 31, 2020. These filings are available for review on the Company's SEDAR profile at www.sedar.com and on the Company's website at www.taal.com. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
Subsequent to Year-End
- As of March 31, 2021, TAAL had approximately 74,000 BitcoinSV ("BSV") in treasury
- Based on current network conditions, TAAL anticipates winning at least 30 blocks per day attributable to TAAL
- Each block currently paying 6.25 BitcoinSV as a reward
- TAAL pool averaged 45 blocks a day in Q1 2021
- On March 18th, TAAL closed an oversubscribed prospectus offering for aggregate gross proceeds of approximately $40 Million
- On March 13th, TAAL processed a world record 638MB block on the BSV blockchain network
- Hashing operations commenced in Canada in Q1 of 2021.
2020 Overview
2020 was a year of groundwork for TAAL in transitioning its business towards the goal of becoming a world leader in blockchain infrastructure and transaction processing.
The Company purchased new blockchain computers, which are anticipated to help the Company reach its 2021 goal of 400 petahash, owned and controlled by TAAL, on the BSV blockchain network once fully deployed.
Also, in 2020, TAAL expanded its enterprise blockchain infrastructure services with its acquisition of WhatsOnChain. WhatsOnChain owns proprietary BitcoinSV blockchain explorer technology developed by its founders, who created the first-ever BSV block explorer to provide data in an easy and user-friendly manner.
Q3 2020 saw a new TAAL office in Zug, Switzerland, and key hires in c-suite and senior management roles. In connection with the Zug office opening, TAAL onboarded several key new hires to expand the Company's operations, including a new President, Chief Operating Officer, Chief Technology Officer, Chief Compliance Officer. In addition, Q4 2020 saw the election of two new members to its Board of Directors, and Mr. Stefan Matthews, the Chairman of the Company's board of directors, took on the Chief Executive Officer position and is now serving as Executive Chairman and Chief Executive Officer.
Stefan Matthews, TAAL's CEO and Executive Chairman, commented that "2020 was a year of transition for TAAL. Despite the challenges of the global pandemic, 2020 marked multiple and significant milestones for TAAL in building the infrastructure, capacity, and global expertise to enable us to execute our strategic plan. We see evidence of Blockchain technology moving significantly closer to mass adoption. Our infrastructure and product innovations, built on the BitcoinSV protocol with its scalability and ultra-low transaction fee advantages, position us to enable enterprise transformation across global markets using this technology. I congratulate our entire team on their hard work and commitment towards preparing TAAL to be a global blockchain leader."
New Website Announcement 2021
TAAL recently launched its newly designed website, designed to enhance clients' online experience and provide an easier way for investors to learn about TAAL (taal.com).
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.
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 growth of TAAL's treasury through, among other things, BSV hashing activities; TAAL Pool's anticipated hashing activity; TAAL's future computing power and capacity; and TAAL's business and strategic plans. 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 TAAL's Annual Information Form dated April 30, 2021 under the heading "Risk Factors" 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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