ETHER CAPITAL CORPORATION REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS
Toronto, Ontario, May 15, 2020 – Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) today reported its financial results as at and for the three months ended March 31, 2020.
As at March 31, 2020:
· The total value of the Ether held by the Company was $6.3 million
· The total assets of the Company were $9.6 million
· The Company had an accumulated deficit of $36.4 million, the majority of which represents a non-cash unrealized loss on the value of Ether
· The Company recorded net income of $0.01 per share for the quarter ended March 31, 2020
As at May 14, 2020, the total value of the Ether held by the Company was $9.6 million.
Brian Mosoff, Ether Capital’s CEO, said: “Final testing for Ethereum 2.0, the much anticipated Ethereum network upgrade which brings proof-of-stake, is underway and expected to go live in the second half of 2020. We view Ethereum 2.0 as a key milestone in delivering scalability and bringing mainstream adoption and proof-of-stake provides Ether Capital with the potential opportunity to begin earning a yield on its Ether holdings. We are optimistic that Ethereum 2.0 can successfully launch as anticipated; however, we remain cautious and vigilant amid a challenging global environment.”
The global pandemic involving the novel coronavirus, COVID-19, has caused companies and various governments to take measures and impose restrictions, such as quarantines, closures, cancellations and travel restrictions, to combat the coronavirus. The effects of COVID-19 and such measures and restrictions 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, liquidity and financial condition may be materially affected as a result of this outbreak.
For condensed consolidated interim financial statements for the quarter ended March 31, 2020, 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/.
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. Forward-looking information includes, but is not limited to, statements in regard to the Ethereum platform and protocol, the impact of COVID-19 pandemic and the response to it on the Company and its business and assets, the market for crypto-assets, the potential for mainstream adoption of the Ethereum ecosystem, and the Company’s business, plans and strategy. 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”, “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, 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, 2020, the Risk Factors section in its most recently filed management’s discussion and analysis 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.