· TAAL enters agreement to establish North American capacity to power BitcoinSV (BSV) transaction solutions for global enterprise clients
· Agreement secures approximately 175 PH of custom blockchain computing power to be operational by Q1, 2021
· BitcoinSV recognized as optimal to scale large transaction volumes for enterprise organizations, allowing them to complete microtransactions autonomously, safely, at a low-cost and without human intervention
· TAAL brings fully regulated and compliant blockchain transaction solutions for global enterprise clients
· Fully 36% of surveyed corporate respondents indicate they expect to invest at least U$5 million in blockchain over the next 12 months, and for 55%, blockchain is critical and in their top five strategic priorities (Source: Deloitte 2020 Global Blockchain Survey)
Vancouver, British Columbia; November 17, 2020 – TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC:TAALF) (“TAAL” or the “Company”) a vertically integrated, blockchain infrastructure and service provider, today announced its Canadian operating subsidiary has entered into an agreement effective October 20, 2020 with a provider to host approximately 175 PH of custom modified blockchain computing power at the provider’s facility in Alberta, Canada. Through this agreement, TAAL will establish trustworthy, North American capacity to power BitcoinSV (BSV) solutions for enterprise clients globally. The term of the agreement is two years with automatic yearly renewals thereafter. The agreement can be terminated by TAAL after eight months on 90 days notice. Fees under the agreement are based on the realized daily performance of the blockchain computing equipment rather than the actual power consumed.
“As BitcoinSV adoption accelerates, it is increasingly recognized as a hugely innovative and disruptive technology with applications and advantages across multiple industry verticals. This agreement positions TAAL to provide our clients with professional, regulated, and compliant solutions with facilities, located in North America, that solidify our first-mover advantage as a leader in BSV transaction processing and reinforce our promise of supporting the growth of enterprise BSV adoption,” said TAAL CEO, Stefan Matthews.
TAAL intends to use the acquired blockchain computing devices to support its ongoing operations and power BitcoinSV (BSV) blockchain transaction processing solutions for enterprise clients. TAAL expects to begin operating the devices by Q1 2021, establishing a significant operational footprint for TAAL in North America. The blockchain computing devices will enable TAAL to offer specialized services to enterprises that require large volumes of transactions processed in North America on an ongoing basis on the reliable BitcoinSV blockchain. TAAL believes that BitcoinSV provides the best blockchain network to support such specialized services to enterprises, supporting large transaction volumes due to BSV’s scaling and microtransaction capabilities.
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 Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users. The Company is led by an experienced management team, Board and Advisory Board members that include entrepreneur and BitcoinSV advocate Calvin Ayre, and renowned computer scientist and visionary Craig Wright, the creator of Bitcoin under the pseudonym Satoshi Nakamoto.
For further information contact:
Matt Whitcomb, Investor Relations
Stefan Matthews, CEO & Executive Chairman
Chris Naprawa, President
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 timing for deployment of the computing capacity under the hosting arrangement and the expected benefits thereof. 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 Item 20 Risk Factors of TAAL’s Form 2A – Listing Statement dated July 31, 2018 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.