{"id":389388,"date":"2020-11-30T07:33:33","date_gmt":"2020-11-30T12:33:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389388"},"modified":"2020-11-30T07:33:33","modified_gmt":"2020-11-30T12:33:33","slug":"taal-reports-third-quarter-and-nine-month-2020-financial-results-announces-chris-naprawa-as-interim-cfo","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/taal-reports-third-quarter-and-nine-month-2020-financial-results-announces-chris-naprawa-as-interim-cfo\/","title":{"rendered":"TAAL Reports Third Quarter and Nine-Month 2020 Financial Results &amp; Announces Chris Naprawa as Interim CFO"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">VANCOUVER, BC<\/span>, <span class=\"xn-chron\">Nov. 30, 2020<\/span> \/PRNewswire\/ &#8211;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994877-1&amp;h=2204926518&amp;u=http%3A%2F%2Fwww.taal.com%2F&amp;a=TAAL+Distributed+Information+Technologies+Inc.\" rel=\"nofollow noopener noreferrer\">TAAL Distributed Information Technologies Inc.<\/a> (CSE: TAAL)\u00a0(FWB: 9SQ1)\u00a0(OTC: TAALF) (&#8220;TAAL&#8221; or the &#8220;Company&#8221;) a blockchain infrastructure and service provider, today announced its financial results for the three and nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> (&#8220;Q3-2020&#8221;). The Q3-2020 unaudited interim financial statements and related management discussion and analysis (&#8220;MD&amp;A&#8221;) \u00a0are available for review on the Company&#8217;s SEDAR profile at\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994877-1&amp;h=1225822187&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D2561005-1%26h%3D2082253984%26u%3Dhttp%253A%252F%252Fwww.sedar.com%252F%26a%3Dwww.sedar.com&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>. TAAL reports all amounts in Canadian dollars, unless otherwise stated.<\/p>\n<p>\n        <b>Q3-2020 Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Company had <span class=\"xn-money\">$12,993,341 million<\/span> in working capital at the end of September, 2020. <\/li>\n<li>Completed the acquisition of WhatsOnChain Limited (&#8220;WhatsOnChain&#8221;), accelerating TAAL&#8217;s strategy of becoming a leading provider of enterprise blockchain infrastructure services. <\/li>\n<li>The establishment of a European office in Zug, <span class=\"xn-location\">Switzerland<\/span>, a leading technology hub in <span class=\"xn-location\">Europe<\/span>. <\/li>\n<li>Filed second patent for L0 token technology to enable smart contracts to be built on Bitcoin SV which will facilitate an expansion of the fee market available to TAAL. <\/li>\n<li>Increased liquidity to U.S. investors with upgrade to OTCQX. <\/li>\n<li>Entered agreement to establish 175 PH of custom computing capacity in a trusted North American environment to power Bitcoin Satoshi Vision (&#8220;BSV&#8221;) transaction solutions for global enterprise clients, subsequent to the quarter end. <\/li>\n<li>Completed management and senior executive appointments; <span class=\"xn-person\">Stefan Matthews<\/span> as Executive Chairman and CEO, <span class=\"xn-person\">Chris Naprawa<\/span> as President and Interim CFO following the departure of Satoshi Kitahama, and <span class=\"xn-person\">Jerry Chan<\/span> as CPO, subsequent to the quarter end. <\/li>\n<li>\n          <span class=\"xn-person\">David Allen<\/span>, a seasoned finance executive with Fortune 250 Canadian companies and former VP, Corporate Controller at Canada Goose Inc. retained as financial consultant to the Company, subsequent to the quarter end, who will work alongside Interim CFO <span class=\"xn-person\">Chris Naprawa<\/span>. <\/li>\n<\/ul>\n<p>\n        <b>Summary of Key Quarterly Financial Results<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended September 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Nine months ended September 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0<\/b><br \/>\n                  <i>(In CAD Dollars)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$245,629<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$7,380,758<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$7,854,585<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$11,686,385<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($3,547,408)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,743,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($4,724,058)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,607,878<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Loss <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($5,928,027)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($756,603)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($9,120,930)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($1,928,212)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic and diluted <br \/>loss per share <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.25)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.06)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.48)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.15)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>September 30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31, 2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$34,006,781<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$44,188,111<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$45,806,798<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$46,776,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$21,013,440<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$22,140,102<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Shareholder&#8217;s <br \/>equity <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$24,793,358<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$24,636,326<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total liabilities &amp; <br \/>shareholder&#8217;s <br \/>equity <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$45,806,798<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$46,776,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Financial Highlights for the Three and Nine Months Ending <span class=\"xn-chron\">September 30, 2020<\/span><\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Gross revenue from operations generated <span class=\"xn-money\">$245,629<\/span> for the three-months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared to <span class=\"xn-money\">$7,380,758<\/span> for the same period in 2019, which decrease reflects the suspension of digital asset hashing operations in <span class=\"xn-chron\">May 2020<\/span> in advance of the halving. This resulted in gross revenue of <span class=\"xn-money\">$7,854,585<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared to <span class=\"xn-money\">$11,685,385<\/span> for the same period in 2019, which decrease reflects the suspension of hashing operations in 2020 partially offset by fleet management revenue. <\/li>\n<li>Operating expenses totaled <span class=\"xn-money\">$4,965,786<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared to <span class=\"xn-money\">$1,446,645<\/span> for the same period in 2019. The increase in expenses is largely attributable to one-time impairment charge related to blockchain computing equipment of <span class=\"xn-money\">$2,444,857<\/span> recognized in the quarter, as well as management fees, salaries and wages of <span class=\"xn-money\">$1,455,820<\/span>, office and administration of <span class=\"xn-money\">$331,631<\/span>, and share-based payments of <span class=\"xn-money\">$255,955<\/span> compared to <span class=\"xn-money\">$322,388<\/span>, <span class=\"xn-money\">$143,643<\/span>, and <span class=\"xn-money\">$230,605<\/span>, respectively, for the same period 2019. The increased expenses reflect the continuing investment in the team to deliver the new business line, including the transition to transaction processing, and the delivery of other value-added services for enterprise clients. For further information regarding the impairment charge, see the Company&#8217;s interim financial statements for the period ended <span class=\"xn-chron\">September 30, 2020<\/span>. <\/li>\n<li>Net loss of <span class=\"xn-money\">$5,928,027<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared to a net loss of <span class=\"xn-money\">$756,603<\/span> for the same period in 2019. Net loss of <span class=\"xn-money\">$9,120,930<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared to a net loss of <span class=\"xn-money\">$1,928,212<\/span> for the same period in 2019. <\/li>\n<li>Working capital of <span class=\"xn-money\">$12,993,341<\/span> as of <span class=\"xn-chron\">September 30, 2020<\/span>, providing liquidity for at least the next 12 months.<\/li>\n<\/ul>\n<p>\n        <b>Management Commentary<\/b>\n      <\/p>\n<p>&#8220;In Q3-2020 the Company maintained a strong working capital position, allowing us to service clients and develop our infrastructure in <span class=\"xn-location\">North America<\/span> and <span class=\"xn-location\">Europe<\/span>, including closing the acquisition of WhatsOnChain in the UK, opening a TAAL EU office in Zug, <span class=\"xn-location\">Switzerland<\/span> and subsequent to the quarter, strengthening our leadership team in <span class=\"xn-location\">Canada<\/span> with the appointment of <span class=\"xn-person\">Chris Naprawa<\/span> as President. Chris also takes on the role of Interim CFO with the departure of Satoshi Kitahama. These are important achievements which further our capacity\u00a0as a first-mover in providing trusted blockchain infrastructure services\u00a0to a growing global enterprise market,&#8221; comments <span class=\"xn-person\">Stefan Matthews<\/span>, TAAL CEO and Executive Chairman. <\/p>\n<p>\n        <b>Management Appointments Subsequent to the Quarter<\/b>\n      <\/p>\n<p>The Company made various appointments and\/or changes to its senior management and executive team subsequent to the quarter, which the Company believes have strengthened its financial, capital markets, product development and global commercial capabilities:<\/p>\n<p id=\"indentid\" class=\"prnml40\">&#8211;\u00a0 <span class=\"xn-person\">Stefan Matthews<\/span> to Executive Chairman and Chief Executive Officer<br \/>&#8211;\u00a0 <span class=\"xn-person\">Chris Naprawa<\/span> to President, and Interim Chief Financial Officer<br \/>&#8211;\u00a0 <span class=\"xn-person\">David Allen<\/span> to Senior Financial Consultant<\/p>\n<p>Mr. Naprawa, with the assistance of Mr. Allen, has also assumed the function of Interim CFO following the departure of former CFO Mr. Kitahama, who left the Company as of <span class=\"xn-chron\">November 24, 2020<\/span>.<\/p>\n<p>\n        <b>About TAAL Distributed Information Technologies Inc.<\/b>\n      <\/p>\n<p>TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. The Company is led by an experienced management team, Board and Advisory Board members that include entrepreneur and BSV advocate <span class=\"xn-person\">Calvin Ayre<\/span>, and renowned computer scientist and visionary <span class=\"xn-person\">Craig Wright<\/span>.<\/p>\n<p>Visit TAAL online at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994877-1&amp;h=1713262107&amp;u=http%3A%2F%2Fwww.taal.com%2F&amp;a=www.taal.com\" rel=\"nofollow noopener noreferrer\">www.taal.com<\/a><\/p>\n<p>This press release has been reviewed and financial content approved by the Company&#8217;s Audit Committee of the Board of Directors.<\/p>\n<p>\n        <i>The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.<\/i>\n      <\/p>\n<p>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION<\/p>\n<p>Certain statements included in this news release constitute &#8220;forward-looking information&#8221; as defined under applicable Canadian securities legislation. The words &#8220;will&#8221;, &#8220;intends&#8221;, &#8220;expects&#8221; and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes, but is not limited to statements regarding: TAAL&#8217;s strategy and vision; the expansion of the free market available to TAAL; TAAL&#8217;s future business success; and TAAL&#8217;s ability to provide trusted blockchain infrastructure services globally. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include, but are not limited to: global pandemics, including the affects of COVID-19; the future acceptance of BSV and other digital assets and risks related to information processing using those platforms; TAAL&#8217;s ability to leverage its intellectual property into viable income streams; and other risks set out in Item 20 &#8211; <i>Risk Factors<\/i> of TAAL&#8217;s Form 2A \u2013 Listing Statement dated <span class=\"xn-chron\">July 31, 2018<\/span> and elsewhere in TAAL&#8217;s continuous disclosure filings available on SEDAR at <a href=\"http:\/\/www.sedar.com\" rel=\"nofollow\">www.sedar.com<\/a>. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.<\/p>\n<p>NON-IFRS FINANCIAL MEASURES<\/p>\n<p>The terms &#8220;EBITDA&#8221; (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) and &#8220;Adjusted EBITDA&#8221; (which is calculated by the Company by adjusting EBITDA to exclude share-based payments, fair value loss or gain on re-measurement of Digital Assets, gain (loss) on foreign exchange, and costs associated with one-time transactions) are not recognized measures nor do they have standardized meanings under International Financial Reporting Standards (&#8220;IFRS&#8221;). There is no standardized measure of &#8220;EBITDA&#8221; or &#8220;Adjusted EBITDA&#8221; under IFRS and consequently, TAAL&#8217;s method of calculating this measure may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A reconciliation of &#8220;Adjusted EBITDA&#8221; to Net Loss can be found in the MD&amp;A. <\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=VA05289&amp;sd=2020-11-30\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/taal-reports-third-quarter-and-nine-month-2020-financial-results--announces-chris-naprawa-as-interim-cfo-301181281.html\">http:\/\/www.prnewswire.com\/news-releases\/taal-reports-third-quarter-and-nine-month-2020-financial-results&#8211;announces-chris-naprawa-as-interim-cfo-301181281.html<\/a><\/p>\n<p>SOURCE  Taal Distributed Information Technologies Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=VA05289&amp;Transmission_Id=202011300730PR_NEWS_USPR_____VA05289&amp;DateId=20201130\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire VANCOUVER, BC, Nov. 30, 2020 \/PRNewswire\/ &#8211;\u00a0TAAL Distributed Information Technologies Inc. (CSE: TAAL)\u00a0(FWB: 9SQ1)\u00a0(OTC: TAALF) (&#8220;TAAL&#8221; or the &#8220;Company&#8221;) a blockchain infrastructure and service provider, today announced its financial results for the three and nine months ended September 30, 2020 (&#8220;Q3-2020&#8221;). The Q3-2020 unaudited interim financial statements and related management discussion and analysis (&#8220;MD&amp;A&#8221;) \u00a0are available for review on the Company&#8217;s SEDAR profile at\u00a0www.sedar.com. TAAL reports all amounts in Canadian dollars, unless otherwise stated. Q3-2020 Highlights Company had $12,993,341 million in working capital at the end of September, 2020. Completed the acquisition of WhatsOnChain Limited (&#8220;WhatsOnChain&#8221;), accelerating TAAL&#8217;s strategy of becoming a leading provider of enterprise blockchain infrastructure services. The establishment of a European office in Zug, Switzerland, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/taal-reports-third-quarter-and-nine-month-2020-financial-results-announces-chris-naprawa-as-interim-cfo\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;TAAL Reports Third Quarter and Nine-Month 2020 Financial Results &amp; Announces Chris Naprawa as Interim CFO&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-389388","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TAAL Reports Third Quarter and Nine-Month 2020 Financial Results &amp; Announces Chris Naprawa as Interim CFO - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/taal-reports-third-quarter-and-nine-month-2020-financial-results-announces-chris-naprawa-as-interim-cfo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TAAL Reports Third Quarter and Nine-Month 2020 Financial Results &amp; Announces Chris Naprawa as Interim CFO - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire VANCOUVER, BC, Nov. 30, 2020 \/PRNewswire\/ &#8211;\u00a0TAAL Distributed Information Technologies Inc. (CSE: TAAL)\u00a0(FWB: 9SQ1)\u00a0(OTC: TAALF) (&#8220;TAAL&#8221; or the &#8220;Company&#8221;) a blockchain infrastructure and service provider, today announced its financial results for the three and nine months ended September 30, 2020 (&#8220;Q3-2020&#8221;). The Q3-2020 unaudited interim financial statements and related management discussion and analysis (&#8220;MD&amp;A&#8221;) \u00a0are available for review on the Company&#8217;s SEDAR profile at\u00a0www.sedar.com. TAAL reports all amounts in Canadian dollars, unless otherwise stated. Q3-2020 Highlights Company had $12,993,341 million in working capital at the end of September, 2020. Completed the acquisition of WhatsOnChain Limited (&#8220;WhatsOnChain&#8221;), accelerating TAAL&#8217;s strategy of becoming a leading provider of enterprise blockchain infrastructure services. 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(CSE: TAAL)\u00a0(FWB: 9SQ1)\u00a0(OTC: TAALF) (&#8220;TAAL&#8221; or the &#8220;Company&#8221;) a blockchain infrastructure and service provider, today announced its financial results for the three and nine months ended September 30, 2020 (&#8220;Q3-2020&#8221;). The Q3-2020 unaudited interim financial statements and related management discussion and analysis (&#8220;MD&amp;A&#8221;) \u00a0are available for review on the Company&#8217;s SEDAR profile at\u00a0www.sedar.com. TAAL reports all amounts in Canadian dollars, unless otherwise stated. Q3-2020 Highlights Company had $12,993,341 million in working capital at the end of September, 2020. Completed the acquisition of WhatsOnChain Limited (&#8220;WhatsOnChain&#8221;), accelerating TAAL&#8217;s strategy of becoming a leading provider of enterprise blockchain infrastructure services. 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