VANCOUVER, British Columbia – November 16, 2022 – Neptune Digital Assets Corp. (TSX-V: NDA) (OTCQB: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“) would like to provide an update with respect to its account held at Genesis Global Trading Inc. (“Genesis”), a crypto broker.
The Company has utilized Genesis for a variety of services since 2017, including the onboarding and offboarding of fiat currency and other digital assets that it uses in its general operations. Neptune mostly uses Genesis to generate returns on cash deposits when that cash is not in use. Neptune was informed this morning that Genesis has temporarily suspended redemptions and new loan originations in its lending business. As of market close on November 16, 2022, the Company confirms that it presently holds USD$3,999,980 and 40 BTC on Genesis’ platform which are locked in interest-generating term deposits. The Company is monitoring the situation as it develops and will continue to provide periodic updates.
“Although we were not directly exposed to FTX or any of its affiliates, the contagion through the crypto space has been unprecedented. We are very disappointed to hear the news from Genesis this morning and hope that next week we will have some clarity surrounding our long-term deposits with them. Neptune has moved all other cash and crypto assets to defensive positions within major Canadian banks and cold storage. Neptune’s proof-of-work and proof-of-stake operations continue unabated. Neptune remains in a very strong financial position with over $30 million in assets including $13 million in cash excluding Genesis deposits referenced above. The Company continues to generate revenues on a daily basis and we look forward to brighter days ahead,” stated Cale Moodie, Neptune’s President and CEO.
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 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: Genesis temporarily suspending redemptions and new loan originations in its lending business; the Company’s involvement with Genesis; the Company’s assets Genesis has custody over; 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.