Benzinga | Nov 23, 2020 07:22AM EST

HIVE Blockchain Has Entered into an Agreement to Buy GPU.Ones New 50 MW Campus of Data Centres in New Brunswick

HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)(OTCQX:HVBTF)(FSE:HBF) (the "Company" or "HIVE") is excited to announce that it has entered into a non-binding, exclusive memorandum of understanding ("MOU") with GPU.One Holding Inc. ("GPU.One") to expand HIVE's Canadian footprint through the potential purchase of GPU Atlantic Inc. ("GPU Atlantic").

Pursuant to the MOU, HIVE would purchase 100% of the GPU Atlantic shares (the "Proposed Transaction"). The eventual purchase price is dependent on the negotiation of a definitive agreement, including a formal purchase agreement, and the completion of a satisfactory due diligence process.

"We are excited about this opportunity for HIVE to expand our Canadian footprint through the acquisition of this data centre campus which has access to 50 megawatts ("MW") of low-cost green power in Grand Falls, New Brunswick," said Frank Holmes, Interim Executive Chairman of HIVE. Mr. Holmes added, "Further, and important to building our vision, is the GPU.One team of young, skilled and proven data centre professionals with deep high density data centre build out and maintenance experience who will take on executive positions within HIVE's organization."

In connection with this Proposed Transaction, the Company has retained Canaccord Genuity Corp. to act as advisor and assist with due diligence.

About GPU.ONE

GPU.One is one of the industry's premier data centre operators and managers. Winner of Bitmain's "Top 10 Mining Farms in the World", GPU.One is a privately held venture-backed and institution-backed data centre owner and operator. GPU.One has a current capacity of 70 MW, 50 MW of which are presently in full operation utilising renewable hydro-energy in Qu?bec and Atlantic Canada. GPU.One's in-house software is ahead of the competition and provides seamless and remote control of its facilities, HVAC, as well as over each individual server under management.

About GPU Atlantic Inc.

GPU Atlantic Inc. has recently constructed a new and state of the art 50 MW data centre campus located in New Brunswick, Canada. The campus contains GPU.One's own private 50 MW substation along with two data centre facilities. The campus also provides for space, electrical capacity, and materials to continue its pursuit of growth within the existing infrastructure.