Manufacturing News

Multi Project Wafer (“MPW”) design sent to US manufacturing partner

With reference to the stock exchange notice dated 14th of July 2022

Lokotech AS, a wholly owned subsidiary of Harmonychain AS, has today been
informed by the company's design partners that the design for the Multi Project
Wafer - Application Specific Integrated Circuit ("MPW-ASIC") has been sent to
the production partner well in advance of the deadline for participation at MPW
with a planned start on 9 November.

Dry runs have been carried out repeatedly; internally and with the production
partner, and the design is considered "DRC-clean". This means that no critical
errors have been uncovered, and any errors have been rectified and other risks
reduced. However, the design has been improved during the process. These could
lead to performance improvements, reduction of power consumption, and/or a
reduction in the size of a commercial ASIC, which would directly improve
production costs. If performance or power consumption should change
significantly from the simulations communicated in the stock exchange
announcement on the 8th of June 2022, we will update the market.

When final acceptance is confirmed from the production partner, we will update
the market. This is expected in the near future

It is expected to have the MPW ASICs back for subsequent testing and stress
testing in the first half of 2023.

Lokotech AS would like to state that functionality, efficiency and estimates of
production costs will not be available with accuracy until the MPW is physically
proven and the commercial ASIC is designed. Production costs also depend to a
large extent on volume.

"We have been looking forward to being able to inform you about our MPW
participation, and that prototypes will be available within a reasonable time.
Lokotech will now focus on scaling the company's sales in the time leading up to
mass production. If the product is realized as we expect, it will have a drastic
impact profitability for miners who secure Scrypt networks, and the security of
those networks. In addition, there could be further possible commercial
opportunities when developing the AI functionality for the company based on the
same chip," comments CEO Ola Stene-Johansen.

This information is subject of the disclosure requirements acc. To section 5-12
of the Securities Trading Act.

This information constitutes inside information and is subject of the obligation
to provide information in according to the Market Abuse Regulation (MAR). The
message is published on behalf of Harmonychain AS by Ola Stene-Johansen, CEO, at
11.15, 9th of November 2022.

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© Oslo Bors ASA, source Oslo Stock Exchange

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