TORONTO, CANADA, October 25, 2022 - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (FTX: WNDR) (the "Company" or "WonderFi") announces that Ben Samaroo has resigned as the Chief Executive Officer of the Company effective as of October 24, 2022 and that Dean Skurka, the President of Bitbuy Technologies Inc. ("Bitbuy"), a wholly-owned subsidiary of the Company, has been appointed President and Interim Chief Executive Officer. The Board of Directors of the Company (the "Board of Directors") thanks Ben for his contributions, and will support Mr. Skurka's transition into his role as President and Interim Chief Executive Officer.
Mr. Skurka was instrumental in Bitbuy increasing its registered users from 2,600 in 2018 to over 400,000 in 2021. For its 2021 fiscal year, Bitbuy's annual revenues were $32+ million while facilitating over $4+ billion in trading volume.
In response to market trends and user demands, the Company is pleased to announce its focus around three business groups designed to maximize the revenue potential from its approximately 600,000 Canadian customers - digital assets, traditional equities, and staking and yield products, subject to regulatory approval as required.
Dean Skurka elaborates on WonderFi's diversified business goals under his leadership as President and Interim Chief Executive Officer, "The company will be entering two new verticals, while furthering its cryptocurrency product offering. Revenue growth and profitability are WonderFi's top priority and by including these additional strategic verticals to our business we expect to bolster our average revenue per user, while simultaneously developing a comprehensive ecosystem for our users to generate wealth in the most modern of ways."
"The key to wealth generation is diversification," explains WonderFi strategic investor Kevin O'Leary. "There is a direct correlation between those who buy and sell crypto, stocks, and seek out other wealth generating products. It makes perfect sense to deliver that to WonderFi's approximately 600,000 customers within one Canadian-operated ecosystem. I invest in management teams who are agile, listen to their customers, and build for what's next."
To further demonstrate to all stakeholders their commitment to the ongoing success of WonderFi, both Ben Samaroo and Dean Skurka have entered into additional voluntary lockup agreements restricting any sale or transfer of any of their shares of WonderFi.
General Counsel and Chief Legal Officer:
Binu Koshy, Communications Director
Investor Relations Contact:
WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through centralized and decentralized platforms. WonderFi's executive team and Board of Directors have an established track record in finance and crypto. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to meet its expected go-live timing and effect stock trading and offering staking and yield products, any regulatory or other approvals required in connection therewith, the ability of the Company to work effectively with its partners and changes in general economic, business and political conditions. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. A more fulsome description of risk factors that may impact our business, financial condition and results of operation is set out in our management's discussion and analysis and financial statements for the for the period ended June 30, 2022, as well as our annual information form, available on SEDAR.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.