Cathedra Bitcoin Announces Board of Directors Change

Rhea-AI Summary

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has announced that Roy Sebag resigned from the Board of Directors effective April 4, 2023. Drew Armstrong, the President and COO, will now serve as Chairman. The Board is actively seeking Sebag's replacement. In his statement, Sebag cited personal and business commitments as reasons for his departure but expressed confidence in the company's management and his continued support as the largest individual shareholder. Armstrong acknowledged Sebag's contributions and emphasized the Board's commitment to find a qualified independent director shortly.

Positive

• Drew Armstrong's promotion to Chairman may provide stronger leadership continuity.
• Roy Sebag remains the largest individual shareholder, indicating confidence in the company's future.

Negative

• Roy Sebag's resignation may raise concerns about continuity in leadership.
• The need to fill an independent director seat could create temporary uncertainty.

TORONTO--(BUSINESS WIRE)-- (Block Height: 783,963) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra” or the “Company”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announces the resignation of Roy Sebag from the Company’s board of directors (the “Board”) effective April 4, 2023. President and Chief Operating Officer Drew Armstrong, who has also served on the Board since September 2021, will assume the role of Chairman. The Board has begun searching for a replacement for Mr. Sebag and hopes to provide an update in short order. Until such time, the Board shall consist of Drew Armstrong (Chairman and President), AJ Scalia (Chief Executive Officer), David Jaques (independent), and Marcus Dent (independent).

Statement from Roy Sebag:

“Due to other business and personal demands on my time, I have decided to vacate my position as Chairman of the Board of Cathedra. My activity at the Company has naturally diminished into a less active role than in the 2018-2021 period, particularly since Marcus Dent, AJ Scalia, and Drew Armstrong joined the Board and AJ and Drew took the reins as management in Q3 2021.

Though I will no longer serve on the Board, I will continue to be an advocate for the Company. I remain the largest individual shareholder and Cathedra is the most promising investment I have in the space. If I had any doubts about the Company’s prospects, I would not have made this decision. Indeed, it is my confidence in the existing Board along with the management team which gives me peace of mind as a long-term shareholder.

I have enjoyed my time on the Board and would like to thank my fellow directors for their diligent work over the past few years.”

Statement from Drew Armstrong:

“We thank Roy for his service during his five-year tenure at Cathedra. Roy’s vision and prudence have directly benefited shareholders, employees, and partners alike. We look forward to Roy’s continued support as a shareholder. The Board has begun working to fill the vacant independent director seat with a worthy replacement and will update the market in due time.”

About Cathedra Bitcoin

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.

Cathedra believes sound money and abundant energy are the fundamental ingredients to human progress and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra’s diversified bitcoin mining operations total 247 PH/s and span three states and five locations in the United States. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.

For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin.

Cautionary Statement

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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the Debt Settlement, the approval of the TSXV, the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’s ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.

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”, “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 and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005308/en/

Media and Investor Relations Inquiries

Sean Ty

Chief Financial Officer

ir@cathedra.com

Source: Cathedra Bitcoin Inc.

FAQ

Who has resigned from Cathedra Bitcoin's board?

Roy Sebag has resigned from the Board of Directors of Cathedra Bitcoin Inc. effective April 4, 2023.

Who will replace Roy Sebag on the board of Cathedra Bitcoin?

The Board of Cathedra Bitcoin is currently searching for a replacement for Roy Sebag.

What position will Drew Armstrong assume after Roy Sebag's resignation?

Drew Armstrong will assume the role of Chairman of the Board following Roy Sebag's resignation.

What reasons did Roy Sebag provide for his resignation?

Roy Sebag cited personal and business commitments as reasons for his resignation from the board.

How does Roy Sebag's resignation affect Cathedra Bitcoin's management?

While Roy Sebag's resignation may raise continuity concerns, he remains supportive as the largest individual shareholder.