Ether Capital Corporation Reports First Quarter 2021 Financial Results
TORONTO--(BUSINESS WIRE)—May 14, 2021-- Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC) announces the reporting of its financial results as at and for the three months ended March 31, 2021.
As at March 31, 2021:
• The total value of the Ether held by the Company was $101.9 million
• The total assets of the Company were $113.6 million
• The total shareholders’ equity of the Company was $113.4 million
• The Company recorded revenue during the quarter of $86,814 and a net loss of $7,614
• The Company recorded a gain on other comprehensive income (OCI) of $52.4 million during the quarter, which was the result of the net change in unrealized gain on fair value revaluation of the Company’s digital intangible assets
As at May 13, 2021, the total value of the Ether held by the Company was $192.4 million. This value includes the Ether purchased on March 16, 2021 following the public offering of securities of the Company which closed during the first quarter.
Brian Mosoff, Ether Capital’s CEO said: “We had a very positive first quarter, which included our overnight marketed offering that brought in over $28 million in gross proceeds and allowed us to purchase an additional 11,264 Ether. We continue to be very excited by the Ethereum roadmap in 2021. Protocol upgrades this year are likely to include a fee economics upgrade, known as EIP1559, and the ‘merge’ of proof of stake into Ethereum’s mainnet. Both of these upgrades reflect important improvements to Ethereum’s monetary policy and support Ether’s store of value thesis.”
Continued Mr. Mosoff, “we also recognized our first revenue from the Purpose consulting agreement in the first quarter and look to build on this ongoing revenue stream in the remaining quarters of the fiscal year.”
For condensed consolidated interim financial statements for the quarter ended March 31, 2021, 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 condensed consolidated interim 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 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 experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/.
The content of this document is for informational purposes only, and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. The information provided is subject to change without notice and neither Ether Capital Corporation, nor any of its affiliates, will be held liable for inaccuracies in the information presented.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements in regard to the Etherum Protocol upgrades. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.
Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. 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 risks and uncertainties 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 (including proof of stake and Ethereum 2.0), and the Ethereum platform and anticipated timing and impact of the Ethereum network upgrade, the impact of the outbreak of the COVID-19 coronavirus on the Company, and the other risk factors discussed in the Company’s Annual Information Form dated March 25, 2021, the Risk Factors section in its most recently filed management’s discussion and analysis, the Risk Factors section in its Supplement and Base Shelf Prospectus and its other filings available on-line at www.sedar.com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable 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. In addition, the Company cautions the reader that information provided in this press release is provided in order to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. 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.