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Bitfarms Nominates Andrew J. Chang for Election to the Board of Directors

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Bitfarms (NASDAQ/TSX: BITF) has nominated Andrew J. Chang for election to its Board of Directors at the Special Meeting scheduled for November 20, 2024. The meeting will address expanding the Board from five to six members and ratifying the company's shareholder rights plan. Chang brings 20 years of technology industry experience, notably as a founding partner of Liberty City Ventures and former COO of Paxos, where he helped grow the team from 8 to 190 employees and launched the first regulated blockchain-focused trust company and stablecoin in the U.S. During his tenure at Paxos, the company raised $500M and achieved a $2.4 billion valuation.

Bitfarms (NASDAQ/TSX: BITF) ha nominato Andrew J. Chang per l'elezione al suo Consiglio di Amministrazione nella riunione straordinaria programmata per il 20 novembre 2024. La riunione affronterà l'espansione del Consiglio da cinque a sei membri e la ratifica del piano dei diritti degli azionisti dell'azienda. Chang porta con sé 20 anni di esperienza nell'industria della tecnologia, in particolare come partner fondatore di Liberty City Ventures e ex COO di Paxos, dove ha contribuito alla crescita del team da 8 a 190 dipendenti e ha lanciato la prima società di fiducia focalizzata sulla blockchain e stablecoin regolamentata negli Stati Uniti. Durante il suo mandato presso Paxos, l'azienda ha raccolto 500 milioni di dollari e ha raggiunto una valutazione di 2,4 miliardi di dollari.

Bitfarms (NASDAQ/TSX: BITF) ha nominado a Andrew J. Chang para ser elegido en su Junta Directiva en la Reunión Especial programada para el 20 de noviembre de 2024. La reunión abordará la expansión de la Junta de cinco a seis miembros y la ratificación del plan de derechos de los accionistas de la empresa. Chang aporta 20 años de experiencia en la industria tecnológica, especialmente como socio fundador de Liberty City Ventures y ex COO de Paxos, donde ayudó a hacer crecer el equipo de 8 a 190 empleados y lanzó la primera empresa de fideicomiso enfocada en blockchain y stablecoin regulada en los EE. UU. Durante su tiempo en Paxos, la empresa recaudó 500 millones de dólares y alcanzó una valoración de 2.4 mil millones de dólares.

Bitfarms (NASDAQ/TSX: BITF)는 2024년 11월 20일에 예정된 특별 회의에서 Andrew J. Chang을 이사로 선출할 것을 지명했습니다. 이 회의에서는 이사회를 5명에서 6명으로 확대하고 회사의 주주권 계획을 승인하는 내용을 다룰 예정입니다. Chang은 20년의 기술 산업 경험을 가지고 있으며, 특히 Liberty City Ventures의 공동 창립자이자 Paxos의 전 COO로서 팀을 8명에서 190명으로 성장시키고 미국에서 최초의 규제된 블록체인 중심 신탁 회사 및 스테이블코인을 출시하는 데 기여했습니다. Paxos 재임 기간 동안, 회사는 5억 달러를 조달하고 24억 달러의 가치를 달성했습니다.

Bitfarms (NASDAQ/TSX: BITF) a nommé Andrew J. Chang pour être élu à son Conseil d'Administration lors de la Réunion Spéciale prévue pour le 20 novembre 2024. La réunion abordera l'expansion du Conseil de cinq à six membres et la ratification du plan de droits des actionnaires de l'entreprise. Chang apporte 20 ans d'expérience dans l'industrie technologique, notamment en tant que partenaire fondateur de Liberty City Ventures et ancien COO de Paxos, où il a aidé à faire passer l'équipe de 8 à 190 employés et a lancé la première société de fiducie axée sur la blockchain et stablecoin régulée aux États-Unis. Pendant son mandat chez Paxos, l'entreprise a levé 500 millions de dollars et atteint une valorisation de 2,4 milliards de dollars.

Bitfarms (NASDAQ/TSX: BITF) hat Andrew J. Chang für die Wahl in seinen Vorstand bei der für den 20. November 2024 geplanten außerordentlichen Sitzung nominiert. In der Sitzung wird die Erweiterung des Vorstands von fünf auf sechs Mitglieder sowie die Genehmigung des Aktionärsrechteplans des Unternehmens angesprochen. Chang bringt 20 Jahre Erfahrung in der Technologiebranche mit, insbesondere als Gründungspartner von Liberty City Ventures und ehemaliger COO von Paxos, wo er half, das Team von 8 auf 190 Mitarbeiter zu vergrößern und das erste regulierte blockchainorientierte Treuhandunternehmen sowie Stablecoin in den USA ins Leben zu rufen. Während seiner Zeit bei Paxos sammelte das Unternehmen 500 Millionen Dollar und erreichte eine Bewertung von 2,4 Milliarden Dollar.

Positive
  • Board expansion indicates corporate growth and improved governance
  • Nomination of experienced blockchain industry veteran with proven track record
  • Candidate's previous success in scaling Paxos from 8 to 190 employees
  • Strategic addition of venture capital and operational expertise to the Board
Negative
  • None.

- Company to Hold Virtual Special Meeting of Shareholders on November 20, 2024 -

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Québec, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, today announced that it has nominated Andrew J. Chang for election to its Board of Directors (the “Board”) at the Special Meeting of shareholders to be held on November 20, 2024 at 4:00p.m. Eastern Time (the “Special Meeting”).

Bitfarms Special Meeting of Shareholders
Pursuant to the Settlement Agreement between the Company and Riot Platforms, Inc. dated September 23, 2024, at the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, to ratify the Company’s shareholder rights plan adopted on July 24, 2024, and to conduct such other business as may properly come before the Special Meeting.

Shareholders and guests can access the virtual meeting using this link. Additional information regarding the Special Meeting, including how to vote, is available via the proxy materials disseminated to shareholders by Bitfarms and as filed on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/EDGAR.

Nomination of Andrew J. Chang to Bitfarms Board of Directors
Bitfarms’ Governance and Nominating Committee conducted a thorough director search process and held interviews with several qualified candidates, and, along with the Board, unanimously supports the nomination of Andrew J. Chang for election at the Special Meeting.

Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur, and advisor. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as Chief Operating Officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe, and more. At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the U.S. During that time, Paxos raised $500M in capital and its most recent valuation is $2.4 billion.

Before joining Paxos, Andrew served as a Lead Strategic Partner Development Manager at Google, working in business development for display ad products. Prior to that, he was the Chief Operating Officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency. 

Andrew earned his MBA from New York University’s Leonard N. Stern School of Business, where he was President of the student body, and a BS from Boston College.

Brian Howlett, Independent Chairman of the Board, said, “The Bitfarms Board is committed to strong corporate governance and recognizes that a diverse set of skills is required to effectively oversee the execution of the Company’s strategic initiatives. Andrew is an impressive technology industry veteran whose experience and knowledge is highly complementary to that of our current Board. We believe he will be instrumental as we execute our aggressive growth plan, and we look forward to leveraging his expertise to maximize value for Bitfarms shareholders.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding holding the Special Meeting and the timing thereof, and the matters to be put before the Company’s shareholders at the Special Meeting are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. 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 any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contact:

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca


FAQ

When is Bitfarms (BITF) Special Meeting of shareholders scheduled for 2024?

Bitfarms' Special Meeting of shareholders is scheduled for November 20, 2024, at 4:00 p.m. Eastern Time.

Who has Bitfarms (BITF) nominated to its Board of Directors in October 2024?

Bitfarms has nominated Andrew J. Chang, a 20-year technology industry veteran and former COO of Paxos, to its Board of Directors.

What will shareholders vote on at Bitfarms (BITF) Special Meeting in November 2024?

Shareholders will vote on expanding the Board from five to six members, electing an independent director, and ratifying the shareholder rights plan adopted on July 24, 2024.

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