DGAP-News: Advanced Blockchain AG
/ Key word(s): Cryptocurrency / Blockchain/Miscellaneous
Due to the recent setbacks in the crypto market, the company has issued a profit warning, as at the current level realizations of profits from investments neither seem reasonable nor can be considered secured to a significant extent. The operating business will be strategically adjusted to the current market situation. It is planned that current CEO Michael Geike will take on a new leadership role in a recently founded company. In order to fulfill this role, it has been agreed that his previous responsibilities at Advanced Blockchain AG will be continued by Mr. Telian.
As the new CEO, Mr. Telian intends to put a special focus on the management of the investments as well as internal cost optimizations and adjustments of the strategy.
"We have no doubt about the future of decentralized technologies. Moving forward, we want to become more independent from market movements and focus on expanding predictable development services and reduce our cost base to prepare for the next growth period. Existing incubations will be continued with a long-term view. The room for maneuver enabled by a smaller burn rate will help us to sufficiently continue operations", said Telian
Mr. Geike will remain closely associated with the company as an advisor. More information will be published soon.
23.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Advanced Blockchain AG|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1382421|
|End of News||DGAP News Service|