TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) announces the reporting of its financial results as at and for the three months ended June 30, 2018 and the interim period from January 11, 2018 to June 30, 2018. All amounts are expressed in Canadian dollars.
In the second quarter, the Company completed its going-public transaction, which included the release from escrow of the net proceeds of the $45.0 million subscription receipt financing that closed in the first quarter. The Company purchased 42,588 Ether, the native crypto-token of the Ethereum protocol, at a cost of $37.6 million during the second quarter. This represented approximately 90% of the Company’s total available capital.
As at June 30, 2018:
- The total value of the 42,588 Ether held by the Company was $24.8 million
- The total assets of the Company were $29.1 million
- The excess working capital of the Company was $3.2 million
The Company notes that the market price of Ether has declined materially since the end of the second quarter.
Subsequent to the end of the second quarter, the Company appointed Brian Mosoff as Chief Executive Officer and Stefan Coolican as President and Chief Financial Officer.
“I am pleased to report that the second quarter saw continued execution of the first phase of Ether Capital’s strategic plan – namely, the public listing and deployment of capital into Ether,” commented Brian Mosoff, Chief Executive Officer. “Though market conditions were challenging over the quarter, we remain convinced in the potential of Ether to deliver strong financial returns in the future and are committed to delivering on the next phase of growth for Ether Capital in the coming quarters,” continued Mr. Mosoff.
For detailed financial statements for the the three months ended June 30, 2018 and the interim period from January 11, 2018 to June 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.
Analysts' Conference Call
Ether Capital will hold a conference call with financial analysts today at 10:00 am EDT, led by Chief Executive Officer Brian Mosoff and President and Chief Financial Officer Stefan Coolican. Investors may listen to the discussion by dialing 1-888-241-0551 or (647) 427-3415. A replay of the call will be available on the Company’s website until August 28, 2018.
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 3.0 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 3.0 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/.
Further Information
For further information concerning this press release, please contact:
| Brian Mosoff Chief Executive Officer Ether Capital 1-416-583-5541 http://ethcap.co/ | Stefan Coolican President and Chief Financial Officer Ether Capital 1-416-583-5541 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.
Forward-Looking Information
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 and 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.