April 22, 2021, Calgary, Alberta – Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) is
pleased to announce that Olympia Trust Company (“Olympia Trust”) has entered into a letter of
intent (“LOI”) dated April 21, 2021 with Knox Capital Inc. and Knox Industries Inc. (collectively,
“Knox”) pursuant to which, subject to the satisfaction of certain conditions, Olympia Trust will
be granted the exclusive Canadian license to use a proprietary Bitcoin custody system (the
“Custody System”) developed by Knox. In addition, Olympia Trust will acquire certain facilities
and insurance policies used by Knox in the operation of the Custody System and the right to
provide custody service to Knox’s existing Canadian customers (the “Transaction”).
Upon completion of the Transaction, it is anticipated that Olympia Trust will be one of the few
Canadian financial institutions able to hold Bitcoin as a “qualified custodian”, under National
Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations
and as a “custodian” under National Instrument 81-102 Investment Funds. It is also anticipated
that Olympia Trust will be able to provide custodial services to Investment Industry Regulatory
Organization of Canada (IIROC) regulated investment dealers who offer Bitcoin to their clients.
Mr. Craig Skauge, President & CEO of Olympia Trust, said: “Being able to offer Bitcoin custody
is a natural evolution of our traditional corporate trust services. The appetite for institutional
investors to hold Bitcoin continues to grow. By deploying this best-in-class custody solution in
partnership with Knox, Olympia will be well positioned to serve the Canadian market.”
Mr. Alex Daskalov, CEO of Knox, said: “The Canadian market has struggled with a lack of quality
institutional Bitcoin custody options. In Olympia Trust, we saw a storied Canadian institution with
decades of experience, who shares our optimism on this opportunity. We are proud to announce
our partnership, pairing Olympia’s track record and experience with Knox insurable Bitcoin
custody infrastructure, producing the safest compliant option for the Canadian market.”
The final structure of the Transaction will be determined by the parties following the completion
of due diligence. Completion of the Transaction will be subject to the satisfaction of certain
conditions precedent, including Olympia completing a satisfactory due diligence investigation, the
parties mutually agreeing to the terms of and executing final definitive agreements (the “Definitive
Agreements”) and certain other customary conditions. As consideration for the grant of license
and the transfer of assets and customers, it is anticipated that Knox will receive a one-time fee of
$500,000 and a share of future profits generated by the license and assets acquired by Olympia
from Knox. Pursuant to the terms of the LOI, the parties intend to sign the Definitive Agreements
in the third quarter of 2021 with an expected closing by the end of that quarter.
About Knox Capital Inc.
Based in Canada and operating across the United States, Canada, European Union, and United
Kingdom, Knox is an insured Bitcoin custody provider focused on cryptocurrency key
management, allowing cryptocurrency service providers, investors, and fiduciaries to mitigate the
risk of theft and loss. Institutional investors in Knox include Initialized Capital, iNovia Capital,
Ferst Capital Partners and FJ Labs.
On December 17, 2020, Knox announced the successful completion of a SOC 2 Type II audit,
becoming the only Bitcoin custody provider in Canada with a SOC 2 Type II certification.
For further information visit www.knoxcustody.com
About Olympia Financial Group Inc.
Olympia conducts most of its operations through its subsidiary Olympia Trust Company, a nondeposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in
Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador,
Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers
self-directed registered accounts, provides foreign currency exchange services and Corporate and
Shareholder services. Olympia also offers private health services plans through its subsidiary
Olympia Benefits Inc. and provides information technology services to exempt market dealers,
registrants and issuers through its Exempt Edge division.
Olympia’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
For further information, please contact:
Olympia Financial Group Inc.
Craig Skauge, Executive Vice President
Phone: (403) 261-8459
Statements Regarding Forward Looking Information
Certain portions of this press release as well as other public statements by Olympia contain “forwardlooking information” within the meaning of applicable Canadian securities legislation, which is also
referred to as “forward–looking statements”, which may not be based on historical fact. Wherever possible,
words such as “will”, “plans,” “expects,” “targets,” “continue”, “estimates,” “scheduled,”
“anticipates,” “believes,” “intends,” “may,” and similar expressions or statements that certain actions,
events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been
used to identify forward-looking information. Forward-looking statements contained in Olympia’s public
disclosure include, without limitation, Olympia’s earnings expectations, fee income, expense levels, general
economic, political and market factors in North America and internationally, interest and foreign exchange
rates, global equity and capital markets, business competition, technological change, changes in
government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and
Olympia’s ability to complete strategic transactions and other factors. In addition, this news release
contains forward-looking statements relating to: (a) the terms and conditions of the Transaction.; (b)
whether the Transaction will be completed; (c) if the Transaction is completed and, if completed, the date
on which the Transaction is completed; and (d) the cryptocurrency custodian business that Olympia
anticipates that it will be able to operate following the completion of the Transaction.
All material assumptions used in making forward-looking statements are based on management’s
knowledge of current business conditions and expectations of future business conditions and trends,
including their knowledge of the current interest rate and liquidity conditions affecting Olympia and the
Canadian economy. Certain material factors or assumptions are applied by Olympia in making forwardlooking statements, including without limitation, factors and assumptions regarding interest and foreign
exchange rates, availability of key personnel, the effect of competition, government regulation of its
business, computer failure or security breaches, future capital requirements, acceptance of its products in
the marketplace, its operating cost structure, the current tax regime and the ability of Olympia to obtain
necessary third-party and governmental approvals, as applicable.
Source: OLYMPIA FINANCIAL GROUP INC.