HERNDON, Va., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Sysorex (OTCQB: SYSX) (“Sysorex” or the “Company”), the preeminent, U.S.-based, publicly traded Ethereum mining and technologies company, today announced that it has elected William B. Stilley, III to the Company’s Board of Directors and as Chair of the Board’s Audit Committee. The Company also expanded the size of its Board to five directors and established its Audit Committee.
Mr. Stilley is the Chief Executive Officer of Adial Pharmaceuticals, Inc. (Nasdaq: ADIL), a biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders. Prior to joining Adial, he was the Vice President, Business Development & Strategic Projects at Clinical Data, Inc., where Mr. Stilley was instrumental in the closing of mergers and acquisitions and licensing transactions, and was involved in management of the company’s Phase 3 clinical trials, overseeing manufacturing, and sourcing drug product. Mr. Stilley also served as the Chief Operating Officer and Chief Financial Officer of Adenosine Therapeutics LLC, where he ran the internal operations of the company including research and development, and all financing activity, until its sale to Clinical Data.
Prior to his corporate career, Mr. Stilley was Captain in the U.S. Marine Corps. Mr. Stilley earned an MBA with honors from the Darden School of Business and a B.S. in Commerce/Marketing from the McIntire School of Commerce, University of Virginia. He has guest lectured at the Darden School of Business and serves on the board of Avalon Globocare Corp. (Nasdaq: AVCO) and the Virginia BIO board of advisors.
Wayne Wasserberg, Chief Executive Officer of Sysorex, commented, “We are very excited to welcome Bill to our Board. He brings extensive financial experience and is well-suited to his new roles as Director and Chair of Sysorex’s Audit Committee. As we prepare to list our securities on a more senior market, Bill’s experience as the CEO of a Nasdaq-listed company will be valuable. Bill is also exploring innovative use cases for blockchain technology at Adial and we hope to be in a position to assist with these endeavors. We believe the expansion of our Board and this appointment reinforce our commitment to the highest levels of corporate governance.”
Mr. Stilley stated, “I look forward to providing my experience to help Sysorex execute on its ambitious growth strategy. Sysorex has already established itself as a leader in Ethereum mining and technology for government services markets, and the Company is well positioned to leverage these capabilities and capitalize on emerging opportunities driven by the transition to Ethereum 2.0, as governments and corporations migrate to Ethereum and other blockchains. I also look forward to supporting a number of exciting initiatives underway that will help leverage Sysorex’s robust technology into new markets such as healthcare, as we work together to build shareholder value.”
ABOUT SYSOREX, INC.
Sysorex, Inc. (“Company”) is a data center owner and operator and is the preeminent U.S.-based, publicly traded Ethereum mining and Ethereum Blockchain technologies company. Following the Company’s merger with TTM Digital Assets & Technologies, Inc. (“TTM”), the Company shifted its primary business focus to the mining of Ether (ETH) and opportunities related to the Ethereum Blockchain. The Company currently owns and operates approximately 10,000 NVIDIA GPUs generating approximately 500 Gigahash of computing power, which GPUs include thousands of Cryptocurrency Mining Processors (“CMPs”). These GPUs are currently online and securing the Ethereum Blockchain and generating ETH around the clock with industry leading efficiency, and this ETH is currently being retained by Sysorex as it grows its balance sheet. In addition to the mining of ETH, the Company continues to operate its wholly owned subsidiary, Sysorex Government Services, Inc. (“SGS”), a business that provides information technology products, solutions and services to federal, state, and local government, including system integrators. The Company is also advancing strategies to leverage decentralized finance (“De-Fi”) and Non-Fungible Token (“NFT”) opportunities powered by the Ethereum Blockchain.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex, Inc. and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Sysorex's results of operations, Sysorex’s ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Sysorex’s technology. Other factors that are detailed in Sysorex's periodic and current reports available for review at sec.gov. Furthermore, Sysorex operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Sysorex disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
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