Vancouver, British Columbia–(Newsfile Corp. – November 15, 2023) – iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining”), a forward-thinking technology company, unveils a comprehensive corporate update, spotlighting strategic shifts aimed at optimizing market position and announces a transformative focus on Artificial Intelligence (AI) for its future endeavors.
As part of a proactive response to the evolving market landscape, iMining has diligently undertaken strategic measures over the past year to fortify its market stance. These deliberate initiatives encompassed a careful restructuring, including a prudent reduction in the workforce and the cessation of outsourced services, resulting in a significant decrease in operational expenditures.
Guided by insights from the Board of Directors and strategic advisors, iMining embarked on a comprehensive strategic review with a core objective of augmenting long-term value for shareholders and stakeholders alike.
Embracing a New Epoch: Unveiling the AI Focus
Chairman and CEO, Khurram Shroff, underscores iMining’s unwavering dedication to innovation amid dynamic market shifts. “We are thrilled to announce our strategic pivot towards pioneering technologies, notably Artificial Intelligence. This transformation aligns with our vision for iMining as a pioneering, AI-centric entity,” shared Shroff.
Operational Update: Strategic Reassessment and Future Focus
The extensive operational review involved a thorough re-examination of prior strategies, including contemplation of transitioning into an energy-centric company, potential divestiture of wholly owned subsidiaries, and the exploration of partial sales or divestitures of intellectual property housed within these subsidiaries.
Acknowledging the challenges encountered over the previous year, iMining’s management recognized the inherent complexities of operating within the blockchain and cryptocurrency domain. The industry has weathered substantial turbulence, marked by the unfortunate insolvencies of prominent companies such as Voyager and FTX. Challenges faced by specific blockchains, notably TerraLuna, have significantly contributed to an industry-wide downturn, with cryptocurrencies and NFTs experiencing a substantial depreciation exceeding 80%. This sector-wide phenomenon has substantially impacted iMining’s business operations, strategic trajectories, and asset valuations.
In response, the Board has strategically resolved to discontinue operations across existing subsidiaries involved in Blockchain and Cryptocurrency. This decision encompasses the divestiture of all digital assets under iMining’s ownership. Specific subsidiary outcomes include:
CanETH Staking Services Inc. – A wholly owned subsidiary specializing in staking solutions, predominantly on the Ethereum blockchain, faced hurdles following the staking lock-up period’s conclusion. Shifting preferences towards Centralized Exchanges impeded CanETH’s momentum, necessitating an impairment adjustment to its recorded value on iMining’s balance sheet.
BitBit Financial – This subsidiary, in the process of applying to become a restricted dealer, encountered challenges due to market downturns, leading to increased legislative requirements. Market fluctuations and regulatory changes significantly impeded BitBit’s ability to launch the BitBit exchange despite substantial developmental investments.
Metaverse Advisory Group (MAG) – A leading Web3 company, facilitating corporate entry into the metaverse, encountered significant challenges amidst market dynamics. NFT land assets within Decentraland, a strategic acquisition by MAG, experienced substantial devaluation exceeding 80%. Declining foot traffic in various metaverses created a challenging environment for Web3 businesses, compounded by prospective customers awaiting further maturation of metaverse technology, resulting in tangible depreciation of company assets.
iMining reaffirms its commitment to providing timely updates, ensuring stakeholders are well-informed of relevant developments, and pledges to continue informing its shareholders as the Company progresses towards the AI-focused solutions previously outlined.
About iMining Technologies Inc.
iMining Technologies Inc. is a publicly listed technology company which together with its subsidiaries acquires, builds, and manages future technology companies in Canada. The Company’s industry specific technology businesses provide specialized and innovative solutions in future technologies and serves private sector markets. iMining Technologies Inc. is headquartered in Vancouver, Canada.
ON BEHALF OF THE BOARD
Signed “Khurram Shroff“
Khurram Shroff, President & CEO
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, CFO and Director
Toll Free: 1-866-602-4935
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187561