VANCOUVER, British Columbia, Jan. 29, 2019 (GLOBE NEWSWIRE) — Neptune Dash Technologies Corp. (“Neptune Dash” or the “Company”) (TSX.V:DASH) (OTC:NPPTF) (FWB:1NW) is pleased to announce that the Company has released results of its first quarter ended November 30, 2018. The Company has also implemented an aggressive cost cutting regime in order to avoid raising funds for a number of years, therefore reducing potential dilution to existing shareholders and avoiding a rollback of the stock.
“2018 was a very difficult year in the cryptocurrency space with unforeseen price drops on virtually all tokens. Given our share price reflects those crypto assets held by the Company, shareholders also saw a major drop in the Company’s share price. Neptune Dash remains committed to our shareholders and Dash cryptocurrency and as such will implement as much cost cutting as necessary to make sure the Company can see through another 24-36 months without contemplating any capital raises,” stated Cale Moodie, Neptune Dash CEO.
Neptune Dash has implemented a number of cost cutting strategies in order to preserve capital which includes, partial accrual of management salaries, substantial reduction in paid marketing efforts and reduction in office costs by moving to office sharing. With these cost cutting measures in place the Company expects it can run operations for another two to three years without any capital raising or selling any of its digital currency assets.
Quarterly Highlights and Financial Information
- As at November 30, 2018 the Company had $900,000 in cash and $2.45M in digital currency.
- The Company’s net losses from continuing operations during the three months ended November 30, 2018 were $(3,475,493), however it is important to note that the majority of this loss was non-cash $(3,313,547) and mostly related to the revaluation of digital currencies on the balance sheet.
- The Company spent roughly $162,000 in cash during the three months ended November 30, 2018. The Company’s goal is to reduce this further to provide a multi year runway to weather a potentially longer term crypto bear market.
- The Company earned 319 Dash tokens during the three months ended November 30, 2018 and held 19,144 Dash tokens as at November 30, 2018.
- A comprehensive discussion of Neptune’s financials and operations are provided in the Company’s “Management Discussion & Analysis and Financial Statements” filed with SEDAR and can be found on www.sedar.com or www.neptunedash.com.
Neptune Dash is pleased to announce the appointment of Dustin Zinger, as Investor Relations Manager, effective January 2018.
About Neptune Dash Technologies Corp.
Neptune Dash builds and operates Dash Masternodes and invests in Dash blockchain related technologies. Dash is a digital currency created to address Bitcoin’s scaling challenges. Dash Masternodes facilitate the following functions on the Dash blockchain:
- facilitating private, peer-to-peer transactions directly between parties;
- serving as a governance function and voting on treasury disbursements of the Dash block-reward allocated to the Dash DAO (Decentralized Autonomous Organization); and
- facilitating transactions that are processed near instantly on the Dash blockchain (versus the target three minute block time for average Dash transactions).
For further information please contact:
Neptune Dash Technologies Corp.
Cale Moodie, President and CEO
620 – 1155 West Pender Street,
Vancouver, BC V6E 2P4
Phone: (604) 319-6955
Email: info@neptunedash.com
Neither 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.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information include, but are not limited to, the continued success of the Company’s pooling service and anticipated revenues from such services; the value of the Company’s digital currency inventory; the business goals and objectives of the Company, and information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.