Cision PR Newswire

LUXXFOLIO Increases Hash Rate to 138 PH/s

Company Appoints New Executives

VANCOUVER, BC, Jan. 21, 2022 LUXXFOLIO Holdings Inc. (the "Company" or "LUXXFOLIO") (CSE: LUXX) (OTCQB: LUXFF) (Frankfurt: LUH) (Berlin: LUH) a vertically-integrated digital asset company is pleased to announce an additional 190 Bitmain S19J Pro miners were received this month with over half being installed, bringing the hash rate to 138 PH/s.  The remainder will be installed with the ongoing build of phase one of the site expansion.

LUXXFOLIO Holdings Inc. continues to build on the core foundation of digital assets and industrial scale mining, and to support this operational focus, the Company has made the following Executive appointments: Kelly Klatik as Executive Chairman, Ken MacLean as President, Kien Tran as Chief Operating Officer, and Anthony Wong as Corporate Secretary.

Dean Linden, Co-founder and founding CEO, will transition from CEO to the Chief Communication Strategist of the Company and will continue to deliver LUXXFOLIO content to the Company's stakeholders and followers.

Kelly Klatik, Executive Chairman, MBA, ICD.D

Kelly has over 30 years of experience primarily in management within the financial and alternative asset sectors.  He is a Managing Partner at Cypress Hills Partners, an alternative specialty lending firm, which he co-founded in 2014. Cypress Hills has funded in excess of $150 million in loans to borrowers across Canada and the US, which have adopted disruptive data driven science or technology including businesses within the Bitcoin ecosystem. Prior to this, he was a co-founder and CEO of TSX-V listed Falco Resources, a natural resource data mining play, which harvested a 100-year-old data set resulting in one of the largest digital data mining discoveries in Canada.  Kelly received a Bachelor of Commerce in Accounting from the University of Saskatchewan, an MBA from Royal Roads University, and earned the Institute of Corporate Directors designation (ICD.D) from Rotman School of Business.

Ken MacLean, President, MBA

Ken began working in the technology world with positions at IBM, Sun Microsystems and Digital and has been active in the crypto markets since 2017.  He has been an integral part of financing and building organizations across multiple industries including real estate, retail, heavy industry, and technology including virtual reality and crypto.  Ken has an MBA from the University of Calgary with a focus on new venture finance and technology.

Kien Tran, Chief Operating Officer, MBA

Kien founded Westblock Capital in 2017 as an integrated digital asset company where he built and operated an industrial scale mining facility.  He has developed an extensive network of relationships in the cryptocurrency industry.  Prior to Westblock, which was recently acquired by LUXXFOLIO, Kien spent 15 years in Investment Banking and Capital Markets in New York, Toronto, and Calgary, which includes running the energy derivatives trading desks for Barclays and Scotia in New York and Calgary.  He has an MBA from the University of Chicago and a Bachelor of Commerce from the University of Calgary.

Anthony Wong, Corporate Secretary, JD

Anthony has over 25 years of experience in the corporate finance and communications industry. His diverse skill set uniquely positions him to understand and work with a variety of businesses and ventures from law to technology to digital media, which includes 7 years in private practice as a securities lawyer and 9 years with the BC Securities Commission. Anthony earned his law degree from the University of British Columbia.

Kelly Klatik commented, "We have put together a strong and nimble team, each of us with unique skill sets. Ken and Kien bring tremendous depth in the Bitcoin mining space to the parent company from their early days with WestBlock, and most recently in the build out of the LUXX Mining Division.  Anthony brings his regulatory and capital markets experience and I bring a background in the acceleration of disruptive innovative companies in Canada and the U.S. Together we know we can execute on scaling LUXXFOLIO in its evolution as a digital asset company."

Options Issuance 

On January 20, 2022, the Company granted stock options to directors, employees and consultants of the Company to purchase an aggregate of 2.078 million common shares in the capital of the Company. The stock options are exercisable for a term of five years from the date of the grant at an exercise price of 45 cents per common share. The stock options were granted in accordance with the terms of the Company's stock option plan and the policies of the CSE. The stock options will vest over a 24-month period and are subject to a four-month-and-one-day hold period from the date of the grant, in accordance with applicable securities laws.

Recent Company Highlights

Date

Milestones

May 2021:

LUXXFOLIO orders 2400 Bitmain S19J Pro miners (NR May 3, 2021);

Jun 2021:

LUXXFOLIO completes acquisition of industrial scale crypto mining operation
(NR Jun. 15, 2021);

Jul 2021:

LUXXFOLIO receives and installs 590 Avalon miners (NR Jul. 19, 2021);

Aug 2021:

LUXXFOLIO announces expansion to increase capacity from 8MW to 15 MW
(NR Aug. 12, 2021);

Aug 2021:

LUXXFOLIO reinvests price rebate and installs an additional 100 Bitmain S19J
Pro miners (NR Aug. 4, 2021);

Sep 2021:

LUXXFOLIO enters into swap agreement on 600 miners and receives early
delivery on 300 (NR Sep. 20, 2021).

Oct 2021:

LUXXFOLIO accepts early deliver of an additional 75 Miners (total of 675 early
deliveries) resulting in a Hash Rate increase of 144% since Sept. 1 2021
(NR Oct. 14, 2021).

Oct 2021:

LUXXFOLIO confirms order for additional 500 Bitmain S19J Pro miners
thereby increasing anticipated future hash rate to 360 PH/s (NR Oct. 21, 2021)

Nov 2021:

LUXXFOLIO Procures Immersion-Cooling for Crypto Mining Operations with
anticipated 25% Increase in Hash Rate (NR Nov. 10, 2021)

Nov 2021

LUXXFOLIO accepts early delivery of an additional 100 Miners (total of 735
early deliveries) resulting in a Hash Rate increase of 162% since Sept. 1 2021
(NR Nov. 16, 2021)

Nov 2021:

LUXXFOLIO closes acquisition of Ethereum mining operation (NR Nov. 27, 2021);

Dec 2021

LUXXFOLIO closes ~$10 Million Institutional led Bought Deal Financing led by
investment banking firm PI Financial (NR Dec. 2)

Dec 2021

LUXXFOLIO finalizes order for additional 500 Bitmain S19J Pro miners thereby
increasing anticipated future hash rate to 360 PH/s (NR Dec. 16, 2021)

Estimated Calendar Miner Delivery Dates

  • Q1 2022: 600 Miners
  • Q2 2022: 1100 Miners
  • Q3 2022: 300 Miners

About LUXXFOLIO

LUXXFOLIO Holdings Inc. is a publicly-traded vertically-integrated digital asset company based in Canada. We operate an industrial scale cryptocurrency mining facility in the United States running off mostly renewable energy with a focus on the blockchain ecosystem and generation of digital assets. LUXXFOLIO provides a liquid alternative for exposure to digital assets for the broader capital markets.

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  •  Twitter at LuxxfolioH
  • The Company diligently posts updates through videos from the official company YouTube channel at: YouTube Channel
  • Please join the conversation on our LUXXFOLIO Holdings supporter's Telegram group at: https://t.me/Luxxfolio

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipated", "will be", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements regarding the Company, its hosting operations, miners, and the Company's development of its growth strategy are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

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SOURCE Luxxfolio Holdings Inc.