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  • Fortress Technologies (FORT) has appointed Antonin “AJ” Scalia as CEO and Thomas “Drew” Armstrong as president and COO
  • Mr. Scalia and Mr. Armstrong will also replace Joshua Crumb and Michael Costa on the company’s board of directors
  • In addition to their appointments, Fortress has entered into an asset purchase agreement with Mr. Scalia and Mr. Armstrong
  • Fortress Technologies is a bitcoin company that develops and operates world-class bitcoin mining infrastructure
  • Fortress Technologies Inc. (FORT) is currently down 5.36 per cent, trading at $0.53 per share

Fortress Technologies (FORT) has appointed Antonin “AJ” Scalia as CEO and Thomas “Drew” Armstrong as president and COO.

Mr. Scalia will replace Aydin Kilic, who has served as president and CEO of Fortress since 2018. Mr. Kilic has resigned as CEO effective September 20, 2021, and has resigned from the board effective September 24.

Mr. Scalia and Mr. Armstrong will also replace Joshua Crumb and Michael Costa on the company’s board of directors.

Both new appointments come from Galaxy Digital, a diversified financial services firm dedicated to the digital assets sector. Most recently, Mr. Scalia and Mr. Armstrong were the founding members of Galaxy’s bitcoin mining business.

“Drew and I are tremendously excited to be joining Fortress and are motivated by the opportunity ahead of us,” remarked Mr. Scalia. “Bitcoin promises to advance human freedom around the world; as stewards of the company, we will strive to contribute to that worthy cause while delivering results for our shareholders.”

Mr. Armstrong added, “Our mission is simple: to champion the beauty of bitcoin mining and build infrastructure that enables human flourishing.”

The board is confident that the appointment of Mr. Scalia and Mr. Armstrong will allow the company to pursue its long-term strategic objectives with new guidance and vision.

“I feel confident that AJ and Drew will help the company unlock significant shareholder value while helping us to craft the right long-term strategy for our business,” said board chair Roy Sebag.

In addition to their appointments, Fortress has entered into an agreement with Mr. Scalia and Mr. Armstrong. According to the agreement, Mr. Scalia and Mr. Armstrong will purchase $254,000 worth of bitcoin mining machines and $306,000 worth of bitcoin in return for 1 million common shares of the company.

Fortress Technologies is a bitcoin company that develops and operates world-class bitcoin mining infrastructure.

Fortress Technologies Inc. (FORT) is currently down 5.36 per cent, trading at $0.53 per share as of 9:30 am ET.

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