TAAL ANNOUNCES 2021 FIRST-QUARTER FINANCIAL RESULTS
Vancouver, British Columbia; May 27, 2021 – 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 for the three months ended March 31, 2021. 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.
- As of May 25, 2021, TAAL had approximately 84,000 BitcoinSV in treasury.
First Quarter Highlights
- Hashing operations recommenced in January 2021 resulting in gross revenues of $0.9 million for the quarter, representing approximately 89% of gross revenues.
- Income before operating expenses was $5.3 million for the quarter, which included a realized gain of $1.9 million on the Company’s sale of digital assets and unrealized gains of $2.9 million.
- Operating costs totaled $5.1 million for the quarter, resulting in net positive income from operations.
- On March 18, 2021, the Company closed a public equity offering for aggregate gross proceeds of approximately $40.0 million.
Down payments for hashing equipment and hosting provider services of $6.3 million were made during the quarter.
Subsequent to the Quarter
The Company continues to make progress on its plans to deploy additional digital asset hashing equipment in Canada, and, as announced on May 21, 2021, recently purchased an additional 3,000 machines, which are expected to be fully operational by the first quarter of 2022.
TAAL has expanded its in-house research and development team, which will result in new TAAL products and services launches anticipated in Q3 2021. The Company will continue to bring additional team members on board to meet development and client needs.
“We have made significant progress this quarter towards our strategy to be the leading blockchain infrastructure and service provider for enterprise, and we are just getting started. BitcoinSV Blockchain transaction volume continues to accelerate, as of May 19, 2021 volumes now exceed BTC by up to 30% according to CoinDance. Our team is incredibly excited about these developments and our capacity to deliver transformative benefit for enterprise,” comments Stefan Matthews, TAAL Executive Chairman and Chief Executive Officer.
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 expected deployment of additional computing power and capacity; and BSV transaction volumes. 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.
For further information contact:
Matt Whitcomb, Investor Relations, [email protected] 604-260-6142
Stefan Matthews, CEO & Executive Chairman, [email protected]
Chris Naprawa, President, [email protected]