TORONTO, May 15, 2018 (GLOBE NEWSWIRE) -- Blockchain Power Trust (“Blockchain Power” or the “Trust”) (TSXV:BPWR.UN) today released its audited financial results for the year ended December 31, 2017. All amounts in this release are expressed in Canadian dollars unless otherwise indicated.

Highlights

• Produced 75,865 MW hours (“MWh”) of energy for the year ended December 31, 2017, generating revenue of $12.3 million with $3.2 million from the sale of electricity and $9.1 million from the sale of green certificates. 
• In December 2017, the Trust closed the acquisition of OMV Petrom Wind Power SRL (“OMV”), a wind park located in Dobrogea County, Romania, for net consideration of $30.7 million.
• Total energy production of 173,699 MWh from the Trust’s energy projects for the year including pre-acquisition production from OMV.
• In 2017, the Trust earned an operating margin (revenues less operating expenses) of $8.5 million, an increase of 44% over 2016 where operating margin was $5.9 million (see reconciliation of operating margin under “Non-GAAP Measures” described at the end of this press release).
• In December 2017, the board approved changing the name of the Trust to “Blockchain Power Trust”, which was effected in January 2018.
• In January 2018, the Trust closed a $43.2 million private placement, redeemed all of its outstanding $31.4 million principal amount of 7.5% unsecured convertible debentures, and repaid principal, accumulated interest and fees on certain promissory notes, bridge loans, and other liabilities in the aggregate amount of $10.7 million with units of the Trust.

J. Colter Eadie, Chief Executive Officer of Blockchain Power commented, “We are very pleased with what we accomplished in 2017 and year-to-date with the Trust. With the addition of the OMV wind project at the end of 2017 and completion of our financing in January, we have approximately doubled our power generation capacity and at the same time materially reduced our indebtedness. We now have a platform to integrate cryptocurrency mining as part of our strategy in an effort to maximize the value received for the power we generate. We have also commenced the installation of the recently acquired cryptocurrency mining assets with an aggregate hashpower of 27.8 PH/s which is expected to be fully commissioned shortly.”

For further information please contact:

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 www.sedar.com.

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 www.sedar.com. 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.

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

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.