Third Quarter Financial Results
Toronto, Ontario, November 14, 2018 – 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 September 30, 2018 and the interim period from January 11, 2018 to September 30, 2018. All amounts are expressed in Canadian dollars.
The third quarter included the appointment of new management of the Company. On July 23, 2018 the Company announced Brian Mosoff as Chief Executive Officer and Stefan Coolican as President and Chief Financial Officer. In addition, on August 7, 2018 the Company announced the formation of an Advisory Board to provide additional expertise to the Company through the investment process.
Som Seif, Ether Capital’s Executive Chairman and co-CIO, said: “The third quarter for Ether Capital was one of continued positioning to enable the Company to deliver on its mission to be a central player in the Ethereum and Web 3 ecosystem. The challenges of the public markets in blockchain and cryptoassets are real, but despite the market weakness we continue to be excited about the development of the Ethereum ecosystem and by our prospects in delivering a focused way for investors to have a seat at the table of this exciting technology.”
Brian Mosoff, Ether Capital’s CEO, added: “Though valuations in the Ethereum and Web 3 ecosystem were challenging over the quarter, we remain confident on our long-term prospects. We have made substantial progress on our strategy and are looking forward to updating shareholders in due course as we evaluate and consider investments in the ecosystem.”
During the third quarter, the Company provided an update on vision and progress. It provided detail on its long-term business model built on three pillars: (i) asset management through holdings of Ether and tokens or equity of other projects, (ii) technology development aimed at decentralized application adoption, and (iii) ancillary blockchain services that generate income from passive assets.
The Company also provided further detail on its investment thesis. Before mass use and adoption of the Ethereum platform can occur, the Company believes that several challenges need to be addressed. These include the lack of a decentralized stable unit-of-account, inefficient fiat-to-crypto onramps and insufficient blockchain scaling. The Company’s investment and technology development efforts will focus on projects that address these important challenges.
As at September 30, 2018:
· The total value of the 42,587 Ether held by the Company was $12.0 million
· The total assets of the Company were $14.8 million
· The excess working capital of the Company was $2.4 million
For detailed financial statements for the the three months ended September 30, 2018 and the interim period from January 11, 2018 to September 30, 2018, please refer to the Company’s website at http://ethcap.co/. The Company also provides regularly updated disclosure of its Ether holdings in the investors section of its website.
The Company’s unaudited 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 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 intends to selectively invest 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 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 and the Ethereum platform; 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.