TORONTO: HyperBlock Inc. confirmed that the company has filed an “Assignment in Bankruptcy” under the Bankruptcy and Insolvency Act (Canada).
The Company is no longer able to meet its financial obligations and has appointed Crowe Soberman Inc. as its Licensed Insolvency Trustee to seek settlement with its creditors.
The Company confirms the Trustee may be permitted to act pursuant to Directives 12R and realize on estate assets; and that the Trustee may receive fees and disbursements that will be considered a super priority claim.
The Trustee may act as Receiver, Agent or consultant, or in any capacity to any of the Company’s secured creditors or to any creditor whose appointment of the Trustee to assist them that the Trustee would be considered as a “Receiver” as defined under Part XI of the Bankruptcy and Insolvency Act.
At the advice of the Trustee, independent Directors Ronald R. Spoehel and Bryan Reyhani have resigned from the Company’s Board effective immediately.
HyperBlock is a crypto-asset enterprise operating a North American cryptocurrency datacenter and providing complementary product offerings, which include cryptocurrency mining, Mining-asa-Service (MAAS), server hosting, and server hardware sales, depending on market conditions.