Ether Capital Corporation Reports 2020 Financial Results
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TORONTO--(BUSINESS WIRE)--March 26, 2021-- Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC) announces the reporting of its financial results as at and for the three months and year ended December 31, 2020.
As at December 31, 2020:
• The total value of the Ether held by the Company was $30.2 million
• The total assets of the Company were $34.0 million
• The total shareholders’ equity of the Company was $33.9 million
• The Company recorded net earnings of $0.97 per share for year ended December 31, 2020, which was primarily the result of the net change in unrealized gain on fair value remeasurement of digital intangible assets
As at March 25, 2021, the total value of the Ether held by the Company was $88.4 million. This value reflects the investment of approximately $24.5 million in Ether on March 16, 2021 following the public offering of securities of the Company which closed on March 15, 2021.
Brian Mosoff, Ether Capital’s CEO said: “Ethereum and its ecosystem had an impressive year in 2020. In addition to an improved pricing environment, we saw an enormous amount of activity, particularly around decentralized finance and stablecoins. We saw a large degree of corporate and institutional adoption of cryptocurrencies in 2020 and believe that this bodes well for the long term value proposition of Ethereum. Lastly, we saw Ethereum successfully launch proof of stake this year, which means Ether holders who elect to ‘stake’ their Ether can earn inflationary block rewards. Ether Capital intends to make a more substantial commitment of its Ether balance to staking which we expect to make an announcement on in due course. We are grateful to all of our stakeholders for their continued support.”
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/.
The content of this document is for informational purposes only, and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. The information provided is subject to change without notice and neither Ether Capital Corporation, nor any of its affiliates, will be held liable for inaccuracies in the information presented.
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 expected date by which the Warrants are expected to commence trading on the NEO and the intended use of proceeds of the Offering and the Private Placement. 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, the Risk Factors section in its Supplement and Base Shelf Prospectus 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.