Vancouver, British Columbia - Newsfile Corp. - December 23, 2021 - SkyChain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") is pleased to announce the appointment of Dr. Weichong (Richard) Du to Director and Chairman of the Board of the Company and appointment as CEO. Mr. Bill Zhang has stepped down as CEO of the Company and remains a Director of the Company and CEO of the operating subsidiaries: MiningSky Technology Ltd., MiningSky Technologies (Manitoba) Inc., and Skyrendering Technologies Inc.
Concurrent with the appointment a company controlled by Dr. Richard Du has entered into a private placement of 4,761,905 shares at a price of $.42 per share for total proceeds of $2,000,000. Funds from the placement will be used for general corporate purposes and contribute to development of the company's existing projects and new business opportunities.
Dr. Richard Du received his PhD degree in electronics engineering from Zhejiang University in 1991, and is a proven entrepreneur and financier as founder of several successful hi-tech companies spanning Silicon Valley, USA, Vancouver, Canada and Guangdong, China. The Company anticipates it will benefit greatly from Dr. Du's business acumen and technology expertise, as he holds several core patents (and proprietary research) in the fields of fiber laser, digital lithography, and molecular layer assembly.
Final closing of the Private Placement is subject to TSXV acceptance, at which time the closing will be announced.
About SkyChain Technologies INC
SkyChain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting by growing to 100MW of crypto hosting capacity. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.
24 January 2022