Conifex Signs Hosting Services Agreement with Greenidge Generation

VANCOUVER, British Columbia, March 15, 2023 (GLOBE NEWSWIRE) — Conifex Timber Inc. (“Conifex”, “we” or “us”) (TSX: CFF) announced today that it has entered into a hosting services agreement (the “Agreement“) with Greenidge Generation Holdings Inc. (“Greenidge“), a cryptocurrency datacenter and power generation company. Tsay Keh Dene Nation (“Tsay Keh Dene“) is collaborating with us in supplying hosting services to Greenidge.

Under the Agreement, we expect to host 750 miners with a capacity of approximately 80 PH/s at our 3-megawatt high performance computing (“HPC“) site, powered by renewable energy.

“Greenidge is a proven operator in the Bitcoin mining space and is an ideal partner for us as we expand our hosting services business in northern British Columbia,” said Ken Shields, our Chairman and Chief Executive Officer. “We appreciate their confidence in us and look forward to a successful partnership.”

“Tsay Keh Dene has been a valued partner to Conifex in advancing the high performance computing project,” Ken Shields also noted. “We remain committed to building our relationship with Tsay Keh Dene and advancing additional high performance computing projects together.”

About Greenidge Generation Holdings Inc.

Greenidge (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company.

About Tsay Keh Dene Nation

Tsay Keh Dene is a First Nation with a traditional territory in north-central British Columbia.

About Conifex Timber Inc.

Conifex and its subsidiaries’ primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. Conifex’s lumber products are sold in the United States, Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility at Mackenzie, BC.

Forward-Looking Statements

Certain statements in this news release may constitute “forward-looking statements”. Forward-looking statements are statements that address or discuss activities, events or developments that Conifex expects or anticipates may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “projects”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of Conifex’s management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of Conifex or the industry may be materially different from those implied by such forward-looking statements. Examples of such forward-looking information that may be contained in this news release include statements regarding: the realization of expected benefits of completed, current and any contemplated capital projects and the expected timing and budgets for such projects, including the build-out of any high-performance computing or data center operations; the growth and future prospects of our business; our expectations regarding our results of operations and performance; our planned operating format and expected operating rates; our perception of the industries or markets in which we operate and anticipated trends in such markets and in the countries in which we do business; our ability to supply our manufacturing operations with wood fibre and our expected cost for wood fibre; continued positive relations with Indigenous groups; the development of a longer-term capital plan and the expected benefits therefrom; demand and prices for our products; our ability to develop new revenue streams; and future capital expenditures. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our future debt levels; that we will complete our projects in the expected timeframes and as budgeted; that we will effectively market our products; that capital expenditure levels will be consistent with those estimated by our management; that there will be no additional unforeseen disruptions affecting the operation of our power generation plant and that we will be able to continue to deliver power therefrom; that interest and foreign exchange rates will not vary materially from current levels; the general health of the capital markets and the lumber industry; and the general stability of the economic environments within the countries in which we operate or do business. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, without limitation: those relating to potential disruptions to production and delivery, including as a result of equipment failures, labour issues, the complex integration of processes and equipment and other similar factors; labour relations; our ability to obtain and maintain required governmental and community approvals; the impact of changing government regulations and shifting political climates; failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; fluctuations in the price and supply of required materials, including log costs; fluctuations in the market price for products sold; foreign exchange fluctuations; trade restrictions or import duties imposed by foreign governments; availability of financing (as necessary); and other risk factors detailed in our filings with the Canadian Securities Regulatory Authorities available on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and Conifex undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

For further information, please contact:                 

Winny Tang                                                       
Chief Financial Officer                               
(604) 216-2949