ETHER CAPITAL CORPORATION REPORTS SECOND QUARTER FINANCIAL RESULTS
Ether Capital Corporation (“Ether Capital”, “ETHC” or the “Company”) (NEO:ETHC) announces the reporting of its financial results as at and for the three and six months ended June 30, 2019.
As at June 30, 2019:
- The total value of the Ether held by the Company was $14.3 million
- The total assets of the Company were $18.2 million
- The Company had an accumulated deficit of $28.3 million, the majority of which includes a non-cash unrealized loss on the value of Ether
- The Company recorded net income of $0.31 per share for the three month period ended June 30, 2019, the majority of which represents a non-cash fair value remeasurement of the Company’s Ether holdings
As at August 12, 2019, the total value of the Ether held by the Company was $9.7 million.
Brian Mosoff, Ether Capital’s CEO, said: “Ether pricing was robust during the second quarter and we are pleased with the performance of our Ether holdings, which have appreciated significantly year-to-date. Notwithstanding the most recent market weakness post-quarter, there are important tailwinds around the Ethereum ecosystem. These tailwinds are a direct result of the strong developer activity on the Ethereum platform and ongoing work towards protocol improvements that aim to be deployed in the coming months and years.”
Continued Mr. Mosoff: “As it relates to other core holdings in our portfolio, MakerDAO continues to achieve solid progress as it aims to transition to multi-collateral Dai later this year while Wyre continues to be an important on-ramp into the cryptocurrency ecosystem. Both investments are performing in-line with our expectations.”
Added Stefan Coolican, Ether Capital’s President and CFO: “Market conditions generally remain challenging and, as a result, we are committed to ongoing cash containment initiatives. As well, we continue to consider opportunities to access capital to improve our balance sheet flexibility as well as execute on new investments.”
For condensed consolidated financial statements for the three and six month period ended June 30, 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/.
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.