ETHER CAPITAL CORPORATION REPORTS 2019 FINANCIAL RESULTS
Toronto, Ontario, March 26, 2020 – Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) announces the reporting of its financial results as at and for the three months and year ended December 31, 2019.
As at December 31, 2019:
· The total value of the Ether held by the Company was $5.7 million
· The total assets of the Company were $9.3 million
· The Company had an accumulated deficit of $36.7 million, the majority of which includes a non-cash unrealized loss on the value of Ether
· The Company recorded a net loss of $0.06 per share for year ended December 31, 2019
As at March 25, 2020, the total value of the Ether held by the Company was $6.5 million.
Brian Mosoff, Ether Capital’s CEO, said: “Despite volatile markets in the blockchain space during the year, we saw impressive growth in the Ethereum ecosystem in 2019. We continue to see progress on protocol upgrades that should bring scalability and teams building products that set the stage for mainstream adoption. While we are cognizant of the severe market disruptions that have occurred so far in 2020, we continue to believe that staking and decentralized finance opportunities will gain traction as important milestones for our thesis this year.”
Added Stefan Coolican, Ether Capital’s President and CFO: “Amid the significant volatility in cryptocurrency markets in 2019, we were able to achieve meaningful cost containment while maintaining substantial financial exposure to the success of the Ethereum ecosystem. In 2020, we will continue to consider opportunities to access capital, improve our balance sheet and execute on our strategic goals.”
In December 2019, the 2019 novel coronavirus (COVID-19) surfaced in Wuhan, China. The World Health Organization declared a global emergency on January 30, 2020 with respect to the outbreak, then characterized it as a pandemic on March 11, 2020. The outbreak has spread throughout Europe, the Middle East, Canada and the United States, causing companies and various governments to impose restrictions, such as quarantines, closures, cancellations and travel restrictions. The effects of COVID-19 and the measures taken by companies and governments to combat the coronavirus have negatively affected asset values and increased volatility in the financial markets, including the market price and volatility of Ether and other crypto-assets. There are meaningful direct and indirect effects developing and the Company will continue to monitor the impact of the outbreak on its business. Realizable values of assets may be materially affected as a result of this outbreak.
For audited financial statements for the year ended December 31, 2019, please refer to the Company’s website at http://ethcap.co/. The Company also provides regularly updated disclosure of its investments in the investors section of its website.
The Company’s audited financial statements, along with the accompanying management’s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may also be viewed under the Company’s profile at www.sedar.com.
About Ether Capital Corporation
Ether Capital is a Toronto-based technology company whose long term objective is to become the central business and investment hub for the Ethereum and Web 3 ecosystem. Ether Capital has invested in Ethereum’s native utility token “Ether” as a strategic asset, and selectively invests in projects, protocols and businesses that leverage the Ethereum ecosystem and Web 3 technologies. Founded by a highly experienced Board of Directors and management team, Ether Capital has the resources, experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/.
For further information concerning this press release, please contact:
Chief Executive Officer
President and Chief Financial Officer
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. The NEO Exchange does not accept responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved. Forward-looking information includes, but is not limited to, statements in regard to the prospects for blockchain technology, the Ethereum platform, the potential for mainstream adoption of the Ethereum ecosystem, and the Company’s business, plans and strategy.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and acceptance of blockchain technology, and the Ethereum platform, any potential impact of the outbreak of the COVID-19 coronavirus on the Company, and the other risk factors discussed in Ether Capital’s Annual Information Form dated March 25, 2020 and in Ether Capital’s public disclosure record available at www.sedar.com. Although the forward-looking information is based on the Company’s reasonable assumptions at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.