ETHER CAPITAL CORPORATION REPORTS FIRST QUARTER FINANCIAL RESULTS
Toronto, Ontario, May 15, 2019– Ether Capital Corporation (“Ether Capital”, “ETHC” or the “Company”) (NEO:ETHC) announces the reporting of its financial results as at and for the three months ended March 31, 2019.
In the first quarter, the Company made a $1.3 million investment in MKR, the governance token of MakerDAO (“Maker”). Maker is a decentralized credit platform built on Ethereum in which collateral is leveraged to produce a stablecoin. Ether Capital purchased 2,300 MKR tokens from the Maker Ecosystem Growth Foundation in exchange for 7,374 Ether.
In the first quarter, the Company also closed a non-brokered private placement of 2,208,875 units of the Company (“Units”) for gross proceeds of approximately $1.1 million (the “Offering”). Each Unit was comprised of one common share of the Company and a warrant to purchase a common share of the Company at an exercise price of $0.48.
Brian Mosoff, Ether Capital’s CEO, said: “Our investment in MKR is complementary to our investment in Wyre, Inc., given Wyre’s commitment to the Maker ecosystem, decentralized finance and Web 3 user onboarding. We are also encouraged by the increase in the market price of Ether over the first quarter, which we believe may represent a response to continued platform advancement as well as developer and enterprise interest in the space.”
Added Stefan Coolican, Ether Capital’s President and CFO: “We are pleased to have completed our private placement this quarter under challenging market conditions. While we continue to consider and selectively evaluate investment opportunities consistent with our investment thesis, accessing additional capital and pursuing cash containment initiatives remain a key priority.”
As at March 31, 2019:
· The total value of the 35,210 Ether held by the Company was $6.6 million
· The total assets of the Company were $11.0 million
· The Company had an accumulated deficit of $35.5 million, the majority of which includes a non-cash unrealized loss on the value of Ether
· The Company recorded a net loss of $0.01 per share for the period from January 1, 2019 to March 31, 2019
For condensed consolidated financial statements for the period from January 1, 2019 to March 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 unaudited 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 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 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 Maker platform and Wyre’s and the Company’s business 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, the Ethereum platform and the Maker Platform; and Wyre’s ability to execute on its business plan and uncertain capital markets. 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.