Layer1 Co-Founder Rejoins Company as CEO and Chairman of the Board

SAN FRANCISCO, Dec. 15, 2020 /PRNewswire/ -- Layer1 Technologies Inc., the first U.S. based vertically-integrated and renewable energy Bitcoin mining and factory development company, announced today that it has reached a settlement agreement to resolve prior disagreements between its founders, including the discontinuance of all legal proceedings and demands.

As part of the settlement agreement, Alex Liegl, the prior Chief Executive Officer and an original founder of Layer1, has agreed to resign from the Board and as CEO. Mr. Liegl pioneered the integration of Bitcoin mining and renewable energy markets in the U.S.

Jakov Dolic has rejoined the company as Chief Executive Officer and Chairman of the Board of Directors. Mr. Dolic is one of the original founders of Layer1 Technologies Inc. and previously founded Genesis Mining Ltd., one of the world's largest cryptocurrency mining companies. Ivan Kirillov has also rejoined the company as Chief Technology Officer. Mr. Kirillov is another of the original founders of Layer1 Technologies Inc. and the mastermind behind many containerized and unique BTC mining solutions since 2016.

"I wish to thank Alex for his important role in helping to found Layer1. Mr. Liegl has agreed to be available to assist Layer1 for a transition period, and I look forward to working with him cooperatively to ensure a smooth transition of leadership. Mr. Kirillov and I are excited to assume leadership of Layer1 and are committed to the execution of our plan to scale Layer1's mining operation," said Mr. Dolic.

Mr. Dolic and Mr. Liegl together agree that "Layer1 has a strong foundation for future growth, including mining operations with a capacity of 100MW, which the company will be expanding, and proprietary containerized solutions that will continue to drive Layer1's operations."

About Layer1:
Layer1 is the only U.S. based renewable energy, vertically-integrated Bitcoin mining, technology and factory development company. Layer1's team consists of highly experienced Bitcoin miners, energy entrepreneurs, and hardware technology experts who are on a mission to reinvent the business of mining and control every aspect of performance and cost, in order to strengthen Bitcoin's decentralization and improve the usage of renewable energy.

Layer1 is backed by VCs including Digital Currency Group, Shasta Ventures, and Paypal co- founder Peter Thiel. Layer1 has its headquarters in San Francisco, with additional offices and an engineering presence in China, Nevada, Switzerland, Russia, and Texas. To learn more about the company, please visit www.layer1.com.

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SOURCE Layer1