tZERO Announces Leadership Transition

tZERO, a leader in blockchain innovation and liquidity for digital assets, announced today the resignation of its Chief Executive Officer and Board of Directors Member, Saum Noursalehi, effective August 13, 2021. Having engineered tZERO’s platform and organization, and positioned it as a dynamic force for digital innovation, Noursalehi is leaving the company to continue his passion for technological innovation and explore other opportunities. The tZERO Board of Directors has appointed Alan Konevsky, its long-standing Chief Legal Officer, to the role of interim Chief Executive Officer during the process of identifying a permanent Chief Executive Officer.

Noursalehi shared, “When I joined tZERO, the company was still defining its strategic vision, digital product platform and roadmap, and in forming the right organization to execute its mission. Having accomplished these targets with our new organization, I am ready to pursue the next challenge in my career. While this was a very difficult decision for me, I know I am leaving the company in a good place and in good hands. I am very confident that the company is on the verge of even greater success and it has been a privilege to work with the entire tZERO team.”

“We thank Saum for his leadership over the past years,” said Matt Mosman, a member of tZERO’s Board of Directors and General Partner at Pelion Venture Partners, which manages the Medici Ventures Fund, the largest shareholder of tZERO. “Saum is the architect of tZERO’s strategy and led the company through the process of building its industry-leading platform, assembling an incredibly capable team and organization. The company is well-positioned to continue its mission in democratizing access to private assets, bringing digital technology to capital markets, and providing investors with a seamless and holistic way to access all assets, such as cryptocurrencies, digital and conventional securities, and other assets, including NFTs. We are grateful to Saum for his vision and execution.”

“As we work through this transition, we welcome Alan Konevsky as the interim CEO,” continued Mosman. “Alan’s breadth of industry knowledge and experience at tZERO have positioned him to successfully oversee the company.”

Konevsky stated, “I am grateful to the board for the opportunity to help them steer tZERO during this transition, and I thank Saum for his role. I approach this interim role with drive and purpose and am committed to working closely with the board and our resilient management team to execute tZERO’s strategy aggressively as we onboard more digital securities and cryptocurrencies, deploy a seamless way to trade across a range of digital and conventional assets, and serve as a powerful advocate for responsible innovation and regulation in the digital ecosystem.”

Konevsky joined tZERO in December of 2018 as its Chief Legal Officer, where he has managed a broad cross-functional set of executive responsibilities. Konevsky has combined business and legal experience in financial services and other highly regulated industries, capital markets, technology and strategy. He is also a member of Board of Directors of the Boston Security Token Exchange, a joint venture of BOX Digital Markets LLC and tZERO working to become the first national securities exchange offering a path to faster settlement, a proprietary market data transmitted through blockchain, and other innovative digital solutions. Konevsky brought to tZERO almost 20 years of international experience across a range of senior roles at Mastercard, Goldman Sachs, and Sullivan & Cromwell. Konevsky graduated magna cum laude from Harvard Law School and summa cum laude from Columbia College.

tZERO’s previously announced company update and Q&A session will now occur on Wednesday, September 1, 2021, at 4pm ET. The event will be introduced by Mosman and hosted by Konevsky and tZERO’s management team. Interested parties can register for the live webcast here and are encouraged to submit questions to irevents@tzero.com ahead of the event. A recording of the event will be available on www.tzero.com shortly after the event has concluded.

Important Risk Information

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, tZERO, its subsidiaries, or its representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of tZERO and its subsidiaries to change the direction; tZERO’s ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. tZERO, its subsidiaries, and its representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or its representatives might not occur.

About tZERO

tZERO Group, Inc. (tZERO) and its broker-dealer subsidiaries provide an innovative liquidity platform for private companies and assets. We offer institutional-grade solutions for issuers looking to digitize their capital table through blockchain technology, and trade on a regulated alternative trading system. tZERO, through its broker-dealer subsidiaries, democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. For more information on tZERO, please visit https://www.tzero.com/.

tZERO is not a registered broker-dealer, funding portal, underwriter, investment bank, investment adviser or investment manager, and is not providing brokerage, investment banking or underwriting services, recommendations or investment advice to any person, and does not provide any brokerage services. tZERO takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and at no time has possession of investor funds or securities in connection with such transactions.

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