Blockchain Power Trust Reports Second Quarter 2018 Results

TORONTO, Aug. 28, 2018 (GLOBE NEWSWIRE) — Blockchain Power Trust (“Blockchain Power” or the “Trust”) (TSXV: BPWR.UN) today released its financial results for the three and six months ended June 30, 2018. All amounts in this release are expressed in Canadian Dollars unless otherwise indicated.

 

Highlights

J. Colter Eadie, Chief Executive Officer of Blockchain Power commented “We are very pleased by the continued performance according to plan across our renewable energy portfolio.  We are also excited to have commenced cryptocurrency mining in Romania and achieved a state of stable operation.  Our growing portfolio of operations continues to perform in a consistent and predictable manner, the value of which we believe is currently being underestimated and we hope to communicate more effectively to capital markets.”

 For further information please :   Ravi Sood
Chairman
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J. Colter Eadie
Chief Executive Officer
+351 938 810 979
Betty Soares
Chief Financial Officer
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About Blockchain Power Trust

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, acquires interests in renewable energy, blockchain and cryptocurrency related assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable value creation, while preserving the capital value of its investment portfolio through investment in a range of operational green energy, blockchain and cryptocurrency related assets. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under the Trust’s issuer profile at .

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Business Risks and Uncertainties” in Blockchain Power’s annual management’s discussion & analysis dated May 15, 2018, a copy of which is available on Blockchain Power’s SEDAR profile at . Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

NON-GAAP MEASURES

The Trust has included certain non-GAAP measures to supplement its consolidated financial statements, which are presented in accordance with IFRS, including operating margin, adjusted earnings before interest, taxes and depreciation (“EBITDA”) and adjusted earnings before interest, taxes and depreciation per Unit.

Operating margin is calculated as cost of sales from revenues as follows: 

  For the three months ended For the six months ended (in Canadian Dollars unless otherwise noted) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017Total revenue$4,810,982$3,368,019$9,870,481$6,147,989Less:        Cost of sales excluding depreciation 1,963,302 1,038,129 4,100,475 1,816,694Operating margin$2,847,680$2,329,890$5,770,006$4,331,295

The Trust believes that operating margin, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Trust.  Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other entities.  The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.  Management‘s determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable.