VANCOUVER, British Columbia – August 28, 2023 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTCQB:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), one of the first publicly traded blockchain companies in Canada, announces that it has sold its claim of $4,846,823 relating to the Genesis Global Capital bankruptcy to a third party buyer.
On January 20th, 2023, the crypto lender Genesis Global Capital filed for US Bankruptcy protection after freezing customer redemptions on November 16, 2022. Neptune had $3,999,990 USD and 40 BTC at the time filing on January 20, 2023, with a claim value of $4,846,823 USD. The Company has sold the claim for 47% of its total value and has received cash proceeds of $2,278,007 USD ($3.1mm CAD) on Monday, August 28, 2023.
“We are happy to have some closure around this claim. While we’re writing off just over half of the debt, we’ll be able to redirect the capital to fuel Neptune’s growth. By reinvesting, we’re poised to generate increased revenue and strategic investments, aiming to restore lost value, especially as we navigate a promising path in the evolving landscape of crypto markets. This proactive approach is more favorable than waiting for a settlement with uncertain timing and returns.” – Cale Moodie, CEO & President
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
Neither 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.
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.
The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.