ETHER CAPITAL CORPORATION REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS
Toronto, Ontario, November 13, 2020 – Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) today reported its financial results as at and for the three and nine months ended September 30, 2020.
As at September 30, 2020:
· The total value of the Ether held by the Company was $15.3 million
· The total assets of the Company were $18.8 million
· The Company had an accumulated deficit of $27.3 million, the majority of which represents a non-cash unrealized loss on the value of Ether
· The Company recorded earnings of $0.24 per common share for the quarter ended September 30, 2020, the majority of which represents a net gain on the fair value remeasurement of Ether
As at November 12, 2020, the total value of the Ether held by the Company was $19.4 million.
Brian Mosoff, Ether Capital’s CEO, said: “The first phase of Ethereum’s network upgrade has begun with the release of the deposit contract for Ethereum’s “beacon chain”, which aims to bring proof of stake consensus to Ethereum. We anticipate that the beacon chain will launch before the end of the year. Proof of stake allows holders of Ether to perform Ethereum network validation services in order to earn an Ether-denominated return on such services. Ether Capital may allocate a portion of its Ether holdings to network validation and begin earning a yield on such allocation. As we get closer to the launch of the beacon chain, we will update our shareholders in due course on our plans relating to proof of stake.”
“Ethereum has seen impressive activity so far in 2020, with decentralized finance applications being a key focus,” continued Mr. Mosoff. “According to data from Messari and CoinMetrics, Ethereum is on pace to settle over US$1 trillion in transactions in 2020, reflecting an all-time high for the network which launched only five years ago.”
For condensed consolidated interim financial statements for the quarter ended September 30, 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 timing and implications of Ethereum’s proof of stake network upgrade (including launch of the beacon chain), the Company’s plans with respect to providing future updates on proof of stake developments, the potential for Ether Capital to earn a yield on a portion of its Ether holdings that it devotes to network validation and its plans in respect thereof, the market for crypto-assets, the anticipated transaction settlement volume over Ethereum in 2020, 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”, “on pace”, “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 (including proof of stake and Ethereum 2.0), 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.