ETHER CAPITAL CORPORATION REPORTS THIRD QUARTER FINANCIAL RESULTS
Toronto, Ontario, November 13, 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 and nine months ended September 30, 2019.
As at September 30, 2019:
· The total value of the Ether held by the Company was $8.2 million
· The total assets of the Company were $12.0 million
· The Company had an accumulated deficit of $34.7 million, the majority of which includes a non-cash unrealized loss on the value of Ether
· The Company recorded a net loss of $0.28 per share for the three month period ended September 30, 2019, the majority of which represents a non-cash fair value remeasurement of the Company’s Ether holdings
As at November 12, 2019, the total value of the Ether held by the Company was $8.6 million.
Brian Mosoff, Ether Capital’s CEO, said: “We are optimistic as we look to Ethereum’s near term milestones as well as continued strong developer engagement despite the ecosystem remaining in a bear market for investors. Ethereum is seeing tangible progress on protocol improvements that will bring scalability and use cases that will set the stage for broader adoption. We are particularly impressed by the decentralized finance movement on Ethereum, which is a compelling use case that is exploding in popularity.”
Continued Mr. Mosoff: “As it relates to our other core holdings, we are excited for the upcoming transition to multi-collateral Dai for MakerDAO. In fact, the target launch date of November 18th was recently confirmed. The large and unique opportunities stemming from Ethereum’s growing decentralized finance use case are substantial for both MakerDAO and Wyre and we are excited to see the results over the next several months.”
Added Stefan Coolican, Ether Capital’s President and CFO: “Given challenging market conditions, we remain committed to ongoing cash containment initiatives. We continue to consider strategic opportunities, particularly those which would allow us to access capital to improve our balance sheet flexibility.”
For condensed consolidated financial statements for the three and nine month period ended September 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 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 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.