TORONTO, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Blockchain Power Trust (“Blockchain Power” or the “Trust”) (TSXV:BPWR.UN) is pleased to announce that it is changing its name from “Blockchain Power Trust” to “Jade Power Trust” (“Jade Power” or the “Trust”). The Trust’s Units and Unit Purchase Warrants expiring January 8, 2020 will trade under the new ticker symbols of JPWR.UN and JPWR.WT, respectively, effective October 4, 2019. Management believes that the new name is better aligned with the Trust’s continued focus on renewable energy production.
The Trust ceased cryptocurrency mining operations effective October 1, 2018 and has no plans to resume activity in this segment. Re-starting operations would require substantial ongoing capital investment to remain competitive and would not have a predictable operating margin associated to it. Conversely, management believes that the fundamentals of the renewable energy sector in Romania and the EU generally continue to trend very favorably to the benefit of the Trust and its unitholders.
Colter Eadie, Chief Executive Officer of newly announced Jade Power Trust, commented “We believe that the name Jade Power is better aligned with our core business and strategy. We continue to focus on our renewable asset portfolio and are very pleased by the continued, consistent and on-target performance of our assets to date.”
Website: www.jadepower.com
For further information please contact:
| Ravi Sood Chairman +1 647-987-7663 rsood@jadepower.com | J. Colter Eadie Chief Executive Officer +40 736-372-724 jceadie@jadepower.com | Betty Soares Chief Financial Officer +1 416-803-6760 bsoares@jadepower.com |
About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy 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 distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. 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 its 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 the Trust and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2018, a copy of which is available on the Trust’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, the Trust 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.