For the past few months, we have closely worked with the Dragon Group to finalise the acquisition of Dragon Mining. Swift and effective corporate reorganization from the bottom-up was a big undertaking, we have had to evaluate existing company policies, streamline operations, and downsize workforce in a span of 3 months. We have put in place new goals, strategies and mission-vision to re-brand and re-establish Dragon Mining, to have a sound corporate culture for all its stakeholders.
Today, we are announcing a realignment of Dragon Mining. Where the Dragon Group has failed its employees, customers and shareholders to provide a sustainable and healthy corporate culture, we will ensure our new future to be steady and unfailing. We will continue to innovate with greater speed, efficiency and capability in a fast changing industry. This re-alignment will secure Dragon Mining’s role in shaping the crypto world and reshape how we interact with our customers, engineers and innovation partners, delivering a more coherent message and top of the line products to our customers.
First and foremost, we have to address the existing problems the old management has left for us to discuss with its existing clients. The accredited Dragon Programs. Initially, we thought reorganization was mainly focused on internal problems Dragon Mining is facing. We tried to reach out to these companies but unsuccessfully negotiating a deal which would make them liable to each of their investors. We will not shy away from the concerns of the company’s existing clients which have now been associated with Dragon Mining, we are opening channels to revive customer relationship and putting forth clear ways on how each client can claim its lost profits from the defaulted Dragon Programs.
Terms and Conditions. Prior to signing the Corporate Agreement of the mentioned Dragon Programs, a General Insurance provision was provided in the Terms and Conditions: therein:
SCOPE OF THE INSURANCE PAYMENT 3.1 The insurer will provide the insurance payment in the following scope: a) monetary compensation of the material damage or of the unrealised gain of its customers; b) compensation of the financial loss which arose directly from the material loss or corporate misconduct and non-compliance to the terms set in the Agreement. c) compensation of the cost of legal representation occurred by the aggrieved party in connection with legal proceedings according to the above paragraphs and costs which the insured is obliged to pay to the aggrieved party; d) other costs which arose in connection with the insured event; nevertheless insurance payment for these costs will not be made unless the insurer approved their spending in advance and in writing.
It took sometime for the claims to be finalised with the Insurer but new management had this approved in court and in claims with the Insurer despite these companies deliberately not responding to Dragon Mining nor physically appearing in these proceedings. Therefore, Dragon Mining claimed the Insurance in the form of monetary compensation for these respective companies misconduct and non-compliance in the Corporate Agreement.
Why are we taking sole responsibility for this? We believe Dragon Mining is able to help these individuals recoup its losses through Insurance. We are still finalising the integrated strategy on how we are to allocate the Insurance claims for all the clients. We are committed to earn back the trust and continue to communicate with our clients for clarity, integrity and due process. We will not require investors to pay Dragon Mining any form of compensation including fiat currency, Bitcoin or other crypto currency coins. Bitcoiin Second Generation (B2G) will remain to be the signature mineable coin for Dragon Mining. Our plan is to utilise this as the main settlement coin for the insurance claims.
At this point, our goal is clear and our plan is simple: to be able to help as many clients of the Dragon Programs as much as possible and to create an appreciation in the value of B2G. We are currently collecting all material information of the respective clients for each platform then we will release specific instructions on how we can all benefit in the process. Claiming of insurance is still in process and we urge everyone to sign-up on DragonInsurance.
The Insurance Team is spearheaded by Claire Fisher who will drive this initiative including the integrated strategy and its execution. Our marketing, advertising and all our customer interaction will be designed to help all clients and transfer the claims solely to Dragon Mining.
Second, for our main Dragon Mining clients, all machine purchases will be honored. The transition to new management has halted the company’s operations but the equipment are now being assessed for quality assurance and to be dispatched in the coming weeks. As we make technological progress we need to ensure that we are doing so responsibly.
Lastly, we are pleased to introduce a newly launched state-of-the-art product of Dragon Mining, the Dragon Miner, with a maximum hash rate of 300 MegaHash. The fastest and most profitable ASIC-based EtHash mining equipment that will enable you to mine and earn like a professional crypto miner. All serious miners can contact us for more information on our new product.
As we initially mentioned, the corporate organisation continues to be a big undertaking for all stakeholders. We are now opening our doors so we can all work towards of helping each other in a time of change and development. To truly get the best impact from our efforts, let us communication, synergize and support Dragon Mining, its new management and its future.