Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF) is pleased to announce changes in strategic leadership and Board members intended to further enhance the implementation of the Company’s strategies for growth and the resignation of John Rim, COO & CFO.
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Mr. Geoffrey Morphy has been appointed Executive Vice-President – Finance, Administration & Corporate Development, effective immediately. Geoffrey joined the board of Bitfarms on May 19, 2020 and has quickly established himself as a trusted advisor. As his contributions became apparent, an executive leadership role for Geoffrey was determined to be most beneficial to the Company. In his role, Geoffrey will lead corporate development strategy, internal budgeting and capital allocation analysis, and oversee corporate and investor relations initiatives.
Mr. Nicolas Bonta, Chairman of Bitfarms, commented, “Geoffrey has established himself as a true partner in our business. He has shared many insights and has immersed himself in our ongoing work. His experience and network will provide strategic support and enhance the value of the Company. We look forward to his contributions as a full-time executive in a senior leadership role”.
Mr. Morphy has more than 30 years in cross-border and international commercial and corporate structuring and finance experience. He has held senior positions of banks and corporate advisory firms, such as the Farber Financial Group, ABN Amro Bank N.V. and its subsidiary LaSalle Bank, as well as Comerica Bank. During the past three years Mr. Morphy was the Co-CEO of a Toronto/Montreal based turn-around fund and, until recently, was the Vice-President, Corporate Development of a TSX listed company. In this capacity, he was part of its senior management team and was responsible for strategy, new investments and active portfolio management. He serves or has served on the boards of several private and publicly traded companies located in Canada, the United States, and Europe. Mr. Morphy holds a B.Comm. from Dalhousie University and earned the ICD.D designation in 2019.
Mr. Morphy has resigned his position as Director of the Company to facilitate his role as a senior officer.
With great respect and appreciation, Bitfarms announces the resignation of John Rim as Chief Operating Officer and Chief Financial Officer of the Company, to pursue another position in an unrelated industry. Mr. Rim will continue in his role until September 30, 2020, to ensure an orderly transition.
The Company thanks Mr. Rim for his invaluable service and wishes him well in his future endeavors. John has been instrumental in the establishment of the business of Bitfarms and the listing and successful completion of financings and other corporate initiatives. Mr. Nicolas Bonta, Chairman of Bitfarms, commented, “For the last two years John has worked very hard and assisted the founders of Bitfarms to establish the Company and complete milestones. In addition to his professional skill, we want to highlight his collegial nature and sincerely wish him the greatest of success in his new position. John Rim will always be part of the history of Bitfarms”.
Mr. Rim commented: “It is with a heavy heart that I leave the amazing team at Bitfarms to pursue another opportunity. I have thoroughly enjoyed working with the current team to build a culture of teamwork, performance and success. I believe the Company is in great hands and it is well positioned financially and operationally at an extremely exciting time in its development. I am very confident that Bitfarms will continue to deliver value for shareholders”.
A search is actively underway for a full-time Chief Financial Officer. Further announcements will be made.
The Company is also pleased to announce the appointment of Andres Finkielsztain as a Director of the Company, effective immediately. Mr. Nicolas Bonta, Chairman of Bitfarms, commented, “We are very excited to expand our board with Mr. Finkielsztain. The stewardship of our business will be enhanced and our ability to make the necessary decisions to implement our strategies will have additional experience and resources”.
Mr. Finkielsztain is the Founding Managing Partner of FinkWald LLC, a private investment office specializing in private equity, real estate, media, and technology. He is also the co-head of the Special Situations division at Banco Industrial in Argentina, where he analyzes and provides financing solutions to Argentinean-based companies and institutions. Mr. Finkielsztain previously served as a financial advisor for Soros Brothers Investments (SBI), a private investment office founded in 2011 by Alexander and Gregory Soros, and as an analyst for Emerging Markets at Soros Fund Management LLC. Mr. Finkielsztain also worked at J.P. Morgan for over 10 years in various capacities within Asset Management, including the role of Global Investment Opportunity and Emerging Markets Specialist. Mr. Finkielsztain graduated with a BA in Economics from Bard College where he served as the President of a Latin American organization.
In addition, pursuant to the Company’s shareholder approved Stock Option Plan, stock options have been granted to certain officers and directors of the Company to purchase 1,200,000 Common shares of the Company at an exercise price of $0.43 per share for a term of five years with service based vesting provisions to support retention. Following the grant of stock options, the Company has a total of 10,752,500 options outstanding representing approximately 12.7% of the outstanding common shares of the Company.
