Fort Rock, CO 80104, Might 26, 2021 (GLOBE NEWSWIRE) — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Firm”) right now introduced that it has accomplished its beforehand introduced acquisition of Whinstone US (“Whinstone”) from Northern Knowledge (XETRA: NB2). The entire consideration paid within the transaction was 11.8 million shares of Riot widespread inventory and $80 million in money, funded with money on the steadiness sheet.
“The profitable acquisition of Whinstone marks probably the most important milestone in Riot’s historical past, and firmly establishes the Firm as a number one Bitcoin mining platform,” mentioned Jason Les, CEO of Riot. “With Whinstone’s preeminent infrastructure and best-in-class building, improvement, and operations group, Riot is extraordinarily well-positioned to extend the size and scope of its operations. We welcome the gifted Whinstone workers to the Riot household, and I sit up for main our mixed crew as we collectively execute upon the Firm’s mission to change into one of the crucial related and important corporations supporting the Bitcoin community and higher Bitcoin ecosystem.”
“We’re extremely happy with the Whinstone crew and sincerely appreciative of the Rockdale neighborhood that has supported us since we first broke floor in early 2020,” mentioned Chad Harris, CEO of Whinstone. “We sit up for partnering with the Riot crew to advance our pursuit of making America’s main Bitcoin mining firm.”
Riot plans to right away begin additional improvement of further amenities at Whinstone with the intention to quickly deliver the property to its present capability of 750 MW. With this capability enlargement, the Firm’s intention is to ship its future dedicated miner order deliveries to Whinstone, which is able to enable Riot to seize important synergies, together with decrease direct vitality prices and operational prices.
Commencing in early 2020, the Whinstone crew has efficiently constructed the most important Bitcoin internet hosting facility in North America, as measured by developed capability. Whinstone’s complete vitality administration technique delivers best-in-class web vitality prices of roughly 2.5 cents per kWh using cutting-edge expertise and complete analytics to ship industry-leading low value, dependable and responsive energy.
XMS Capital Companions, LLC served as unique monetary advisor and Sidley Austin LLP served as authorized advisor to Riot.
Riot will host a reside convention name at 8:30 am ET on Might 27, 2021 to debate further particulars in regards to the transaction. Additional particulars could also be discovered at http://www.tinyurl.com/RiotIR. The presentation can even be out there on the Riot website.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin and internet hosting Bitcoin mining tools for shoppers. The Firm is increasing and upgrading its mining operations by securing probably the most vitality environment friendly miners at the moment out there. Riot is headquartered in Fort Rock, Colorado, and the Firm’s present mining facility operates out of Rockdale, TX. The Firm additionally has mining tools working in upstate New York beneath a co-location internet hosting settlement with Coinmint. For extra info, go to www.RiotBlockchain.com.
The data offered on this press launch might embody forward-looking statements inside the that means of the federal securities legal guidelines, together with as to the results of the acquisition by the Firm of Whinstone and the long run monetary efficiency and operations of the Firm and Whinstone. As a result of such statements are topic to dangers and uncertainties, precise outcomes might differ materially from these expressed or implied by such forward-looking statements. Phrases corresponding to “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and comparable expressions are supposed to establish forward-looking statements. Ahead-looking statements are primarily based upon present expectations of the Firm and contain assumptions which will by no means materialize or might show to be incorrect. Precise outcomes and the timing of occasions may differ materially from these anticipated in such forward-looking statements on account of numerous dangers and uncertainties. These forward-looking statements might embody, however will not be restricted to, statements about the advantages of the acquisition of Whinstone, together with monetary and working outcomes, and the Firm’s plans, aims, expectations and intentions. Among the many dangers and uncertainties that would trigger precise outcomes to vary from these expressed in forward-looking statements are: (1) the mixing of the companies of the Firm and Whinstone is probably not profitable, or such integration might take longer or be harder, time-consuming or expensive to perform than anticipated; and (2) failure to in any other case notice anticipated efficiencies and strategic and monetary advantages from the acquisition of Whinstone. Detailed info relating to different elements which will trigger precise outcomes to vary materially from these expressed or implied by statements on this press launch could also be discovered within the Firm’s filings with the U.S. Securities and Change Fee (the “SEC”), together with within the sections entitled “Danger Components” and “Cautionary Be aware Relating to Ahead-Wanting Statements” of the Firm’s Annual Report on Type 10-Ok for the fiscal 12 months ended December 31, 2020, which was filed with the SEC on March 31, 2021 and subsequently amended in a submitting with the SEC on April 30, 2021, and the Firm’s Quarterly Report on Type 10-Q for the fiscal quarter ended March 31, 2021, which was filed with the SEC on Might 17, 2021, and within the further threat elements set forth within the Firm’s Present Report on Type 8-Ok filed with the SEC on Might 26, 2021, copies of which can be obtained from the SEC’s web site at www.sec.gov. All forward-looking statements included on this press launch are made solely as of the date of this press launch, and the Firm doesn’t undertake any obligation to publicly replace or appropriate any forward-looking statements to replicate occasions or circumstances that subsequently happen, or of which the Firm hereafter turns into conscious, besides as required by legislation.