Month: October 2018

VANCOUVER, British Columbia, Oct. 26, 2018 (GLOBE NEWSWIRE) — Squire Mining  Ltd. (CSE:SQR; FRA:9SQ; OTCQB:SQRMF) (“Squire” or the “Company”). Squire is pleased to announce the appointments of two new Directors and the subsequent appointment of three accomplished executives to its leadership team. Given the recent successful milestones achieved by the Company, specifically related to  progress with the development of Squire’s next-generation ASIC chip and mining rigs for Bitcoin Cash (BCH), Bitcoin Core (BTC) and associated  cryptocurrencies, the Board has undertaken to establish a market leading executive team to help evolve the Company from a research and development business to include an international sales and marketing group focused on launching our next generation Bitcoin mining rig to Squire’s exclusive distribution partner, CoinGeek.com.

To undertake this next phase in corporate growth, both Taras Kulyk and Marco Strub have been appointed to the Board of Directors of the Company (the “Board”).

Taras Kulyk has spent his career in venture capital, banking, and technology. Most recently, Mr. Kulyk led the CoinGeek Mining and Hardware team where he oversaw the development and growth of one of the largest crypto mining fleets globally. Before joining CoinGeek, Mr. Kulyk was part of Decentral’s leadership team in Toronto, Canada. Prior to this, Mr. Kulyk spent three years in investment banking at CIBC World Markets and BMO Capital Markets in the resources sector, followed by two years with TD Securities with the Communications, Media and Technology team, where his coverage focus was on the Canadian tech and media sectors. He is a graduate of Osgoode Hall Law School at York University where he received a Juris Doctor with a focus in Banking, Corporate, Finance, and Securities Law, and earned his MBA, with distinction, with a specialization in Finance and Strategic Management from the Schulich School of Business.

Marco Strub has over 25 years of experience as an entrepreneur and executive in the financial services and consulting sectors. Since March 2003, Mr. Strub has been the Principal and Chief Executive Officer of Sircon AG, a portfolio management company based in Zurich, Switzerland. Prior to this, Mr. Strub served as a Partner of Exulta AG from 1997 to 2003. He has been an Independent Director of numerous private and publicly listed companies, including Triumph Gold Corp and ZincX Resources Corp, listed on the TSX Venture Exchange. Mr. Strub received a Master of Arts degree from the University of St. Gallen, Switzerland in 1982.

The foregoing appointments fill vacancies on the Board as David Rokoss and Garry Stock have each resigned as directors of the Company. In connection with such appointments, the Board has granted 200,000 options to Mr. Stock at an exercise price of CAD 0.4250, exercisable for a term of one year from the date of grant. The Board wishes to thank both Mr. Rokoss and Mr. Stock for their many contributions to the Company and wishes them well for the future.

Following the above appointments, the Company is pleased to announce that the new Board has appointed Mr. Kulyk as Chief Executive Officer of Squire. Mr. Kulyk will lead the Company as it aims to become an international leader in the development, production, and sales of leading cryptocurrency mining technology. Simon Moore, Squire’s current CEO and Chairman have stepped down effective immediately to facilitate the transition. The Company sincerely appreciates the leadership and dedication Mr. Moore has provided, guiding the Company from its early conceptual stage to its current form.

Joining Mr. Kulyk at the executive level will be Yevgeniy Meshcherekov, who has been appointed Chief Financial Officer (CFO) of the Company. Mr. Meshcherekov is a Chartered Professional Accountant with more than 15 years of management experience in the industry and public practice. He has demonstrated financial and organizational leadership in the wealth management, blockchain technology and fintech sectors within operations spanning Canada, Europe and Asia. Prior to joining Squire, Mr. Meshcherekov was Director of Finance of the nChain Group, a global leading blockchain research and development company. Previous to that he was Director of Finance of nTrust Technology Solutions Corp., a regulated money transfer platform which evolved into a Bitcoin wallet and exchange. He started his career and gained extensive experience through a Canadian audit firm providing tax, reporting and accounting assurance services to private and publicly traded companies. Mr. Meshcherekov has board and committee level experience, having recently served a three year term on the board of a local not-for-profit organization. Mr. Meshcherekov replaces Rich Wheeless, the current CFO of Squire, who has resigned effective today.

Additionally, the Company is pleased to announce that Angela Holowaychuk has been appointed as its Chief Operations Officer. Over the last 15 years, Mrs. Holowaychuk has found herself at the forefront of emerging technologies, holding senior management positions leading day to day operations, technical development teams and global expansion projects within the fintech, regtech and most recently, blockchain and Bitcoin exchange sectors. Her expertise is building global operations and service channels from the ground up and working closely with legal and regulatory advisers, executives and technology specialists. Mrs. Holowaychuk attended the British Columbia Institute of  Technology for Operations and Supply Chain Management.

Richard Underhill has also resigned as an executive officer of the Company. “I am very excited to be joining the Company at this critical stage of growth,” commented incoming CEO and Director Taras Kulyk. “The team is very excited by the vast potential of our new technology.”

For further information contact:
Taras Kulyk, CEO, Director
Telephone: (647) 703-6456

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, statements regarding the Company’s initial ASIC chip and mining rig for Bitcoin Cash (BCH), Bitcoin Core (BTC) and other associated cryptocurrencies and the timing for development and completion thereof. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, risks related to chip and rig design, development and manufacturing (including design flaws, software/programming errors, hardware/software integration issues, manufacturing delays, inability to source components on a timely basis or at all, etc.), technological change, obsolescence and the marketability of any chips or rigs developed by the Company. See also the Company’s Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) filed with the CSE and SEDAR for a more detailed discussion of risk factors facing the Company and its development and manufacture of ASIC chips and mining rigs. There are no assurances that the Company will successfully design and develop a commercially viable ASIC chip or mining rig or that such chip and rig will provide the estimated terahash to energy consumption ratio or improvement over currently available systems as contemplated. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including the Listing Statement. The Company disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

October 11, 2018 - VANCOUVER, B.C., Squire Mining Ltd. (CSE:SQR; FRA:9SQ; OTCQB:SQRMF) (“Squire” or the “Company”). Squire is pleased to announce Ennoconn Corporation (“Ennoconn”) as our hardware manufacturer for next-generation mining systems to mine Bitcoin Cash, Bitcoin, and other associated cryptocurrencies. Ennoconn is a leading industrial motherboard designer and total hardware system solution provider headquartered in Taipei, Taiwan and listed on the Taiwan stock exchange (TPE:6414). In 2007, Foxconn Technology Group, the largest “Electronic Manufacturing Service” company in the world, became the majority shareholder of Ennoconn, forming a strong strategic alliance in embedded system and electronic manufacturing.

On August 21, 2018, Squire announced that AraSystems Technology Corp. (“AraSystems”), a subsidiary of Squire, had entered into a provisional non-binding agreement with a major global technology assembly company. This company, now revealed to be Ennoconn, will assist in the design and assembly of our next generation mining rig at such time as a working prototype of our debut ASIC chip is completed.

On October 3, 2018 Squire announced the successful completion and testing of its FPGA working prototype microchip, with early results of the terahash-to-energy consumption ratio, indicating that the final ASIC chip and mining system has the potential to reduce operational costs by up to 40% for enterprise mining facilities.

• This cost reduction was estimated by one leading enterprise mining group to be worth up to $60M per year in savings to their operations alone.
• The final ASIC chip and mining system together are expected to provide up to a four times improvement in the performance of mining the blockchain, a process that enables miners to be paid, thereby increasing the return on investment, and profit, for miners. Such calculations are based on comparisons with the majority of current generation mining machines operating inside enterprise facilities around the world.

Following this success, the Company has signed a binding Memorandum of Understanding with Ennoconn and funded work to commence Phase 1 design and development of AraSystem’s next generation mining system in collaboration with its partners in Taipei, Taiwan and in Seoul, South Korea. Definitive documentation will be entered into following delivery of final specifications and data sheets to Ennoconn later this month.

Squire’s engineers are currently working with Ennoconn to design and develop AraSystem’s mining rig which will house the debut ASIC chip currently under development by the Company’s subsidiary AraCore Technology Corp (“AraCore”), in conjunction with GaonChips and Samsung Electronics (see news releases dated September 25 and October 3, 2018). In turn, Ennoconn will be responsible for mass assembly of the mining rig once all design, development and testing work has been completed.

A prototype of the mining rig along with full specifications of the AraCore ASIC chip are expected to be presented at the CoinGeek Conference in London on November 28 – 30, 2018, with presales expected to commence on or around that date. Significant interest has already been expressed by several of the industry’s largest enterprise mining companies, which currently host hundreds of thousands of mining machines in their facilities across the world.

“We are very pleased to be partnering with the skilled engineers at Ennoconn, one of the world’s leading electronic manufacturing companies,” stated Simon Moore, Executive Chairman and CEO of Squire. “As we launch our next generation mining rig with a suite of proprietary innovations, it’s imperative that our manufacturing partners have the talent, experience, and capacity to not only deliver unique hardware, but also deliver best in class quality. We believe Ennoconn will help ensure the production of an exceptional mining rig for the marketplace” he said. Further, Mr. Moore noted, “based on initial interest from the sector, the potential for significant sales and the subsequent revenue for Squire is on track in the coming year which would make Squire and its partners a noteworthy industry provider of crypto mining hardware and next-generation innovation on a global scale.”

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this news release.

About AraSystems Technology Corp.

AraSystems is a joint venture company established by Squire and Future Farm Developments Ltd. (“Future Farm”), a Hong Kong based technology company, to manage the development, manufacture and assembly of the Company’s next generation mining rigs. Squire owns a 75% interest in AraSystems and Future Farm owns the remaining 25% interest.

About AraCore Technology Corp.

Aracore is a joint venture company established by Squire and Peter Kim to design and develop next generation ASIC chips for mining Bitcoin Cash, Bitcoin and other associated cryptocurrencies. Squire owns a 75% interest in Aracore and Peter Kim owns the remaining 25% interest.

About Squire Mining Ltd.

Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing data mining infrastructure and system technology to support global blockchain applications in the mining space including applicable specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin Cash, Bitcoin and other associated cryptocurrencies.

For further information contact:

Simon Moore

Executive Chairman and Chief Executive Officer

Telephone: (604) 929 - 0900

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” under applicable Canadian securities legislation. Forward-looking information and statements include, but are not limited to, statements regarding the projected terahash to energy consumption ratio of the Company’s initial ASIC chip and mining system for Bitcoin Cash, Bitcoin and other associated cryptocurrencies, the timing for development and completion thereof, the impact of such chip and system on the profitability of end user mining operations and the potential sales volume and revenue generating potential thereof. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, risks related to chip and rig design, development and manufacturing (including design flaws, software/programming errors, hardware/software integration issues, manufacturing delays, inability to source components on a timely basis or at all, etc), technological change, obsolescence and the marketability of any chips or rigs developed by the Company. See also the Company’s Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) filed with the CSE and SEDAR for a more detailed discussion of risk factors facing the Company and its development and manufacture of ASIC chips and mining rigs. There are no assurances that the Company will successfully design and develop a commercially viable ASIC chip or mining rig or that such chip and rig will provide the estimated terahash to energy consumption ratio or improvement over currently available systems as contemplated. Furthermore, there is no guarantee that the Company will successfully negotiate and enter into a formal design and assembly agreement for its mining rigs with Ennoconn on terms presently contemplated or at all. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including the Listing Statement. The Company disclaims any intention or obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

VANCOUVER, B.C., Squire Mining Ltd. (“Squire” or the “Company”) (CSE: SQR, FRA:9SQ, OTC:SQRMF): October 3, 2018 – The Company is pleased to report on its prototype ASIC chip testing event held in Seoul, South Korea. With executives and board members from Squire, Future Farm, CoinGeek, Gaonchips and Samsung Electronics in attendance, Peter Kim, President of Squire’s subsidiary AraCore Technology Corp. (“Aracore”), and his team of front-end microchip engineers and programmers, unveiled and tested a working prototype mining system comprised of a newly engineered FPGA (field programmable gate array) ASIC microchip that will be converted into AraCore’s first ASIC chip utilizing 10 nanometer technology for mining Bitcoin Cash, Bitcoin and other associated cryptocurrencies. The test results confirm Aracore’s original design specifications indicating that the ASIC chip, once mass manufactured by Samsung Electronics, will be capable of delivering a projected hash rate of 18 to 22 terahash per second (TH/s) with an energy consumption of between 700 and 800 watts.

 

Taras Kulyk, Chief Executive Officer of CoinGeek Mining and Hardware, said

“The CoinGeek team is very pleased with the progress of our strategic partners; Squire Mining and Aracore. With this next generation technology, CoinGeek will continue to pull the blockchain industry out of the proverbial basement and into the boardroom.”

 

Stefan Matthews, Chairman of nChain, one of the industry leaders in blockchain research and development, and a director of Squire Mining added,

“The early results indicate that this ASIC microchip has the potential to be the next generation leader in providing hash power for enterprise mining of Bitcoin Cash and other associated crypto currencies. It has also demonstrated the potential to rapidly process consensus protocols across the blockchain faster whilst utilizing less energy than anything currently in this sector.”

 

Hash rate speed and microchip efficiency are the two most important measuring criteria in the crypto-mining industry to enable end-users to maximize profitability and ROI in their day to day mining operations.  

 

Simon Moore, Executive Chairman and CEO of Squire Mining, stated,

“Aracore’s time and investment to date have been validated by the impressive results of this new microchip. Once completed, we believe the speed and efficiency of our ASIC microchip combined with our respective mining systems powered by this Samsung manufactured microchip together have the potential to substantially increase the profitability of enterprise mining facilities around the globe.  We look forward to releasing our mining system to the market in the first half of next year through our exclusive distribution partners CoinGeek, and competing for a significant piece of this multi-billion-dollar enterprise mining market.”

 

About AraCore Technology Corp.

Aracore is a joint venture company established by Squire and Peter Kim to design and develop next generation ASIC chips for mining Bitcoin Cash, Bitcoin and other associated cryptocurrencies. Squire owns a 75% interest in Aracore and Peter Kim owns the remaining 25% interest.

 

About Squire Mining Ltd.

Squire is a Canadian based company engaged, through its subsidiaries, in the business of developing data mining infrastructure and system technology to support global blockchain applications in the mining space including applicable specific integrated circuit (ASIC) chips and next generation mining rigs to mine Bitcoin Cash, Bitcoin and other associated cryptocurrencies.

 

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this news release.

 

For further information contact:

Simon Moore, Executive Chairman and Chief Executive Officer

Telephone: (604) 929 - 0900

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” and “forward-looking statements” under applicable securities legislation.  Forward-looking information and statements include, but are not limited to, statements regarding the projected hash rate and energy consumption of the Company’s initial next generation ASIC chip and mining system for Bitcoin Cash, Bitcoin and other associated cryptocurrencies, the timing for development and completion thereof and the potential impact of such chip and system on the profitability of end user mining operations. Forward-looking information and statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, risks related to chip and rig design, development and manufacturing (including design flaws, software and programming mistakes and errors, manufacturing delays, inability to source components on a timely basis or at all, etc), technological change, obsolescence and the marketability of any chips or rigs developed by the Company. See also the Company’s Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) filed with the CSE and SEDAR for a more detailed discussion of risk factors facing the Company and its development and manufacture of ASIC chips and mining rigs. There are no assurances that the Company will successfully design and develop a commercially viable ASIC chip or mining rig as contemplated or at all.  Actual results and future events could differ materially from those anticipated in such forward looking information and statements. Accordingly, readers should not place undue reliance on forward-looking information and statements. All forward looking information and statements in this news release are made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including the Listing Statement. The Company disclaims any intention or obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by law.