TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- Ether Capital Corporation (“ETHC” or the “Company”) (NEO: ETHC ) announces the reporting of its financial results as at and for the three months ended March 31, 2018 (the “First Quarter Results”). The Company’s unaudited 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 .
The Company’s First Quarter Results relate to the period prior to completion of its reverse takeover transaction with Ethereum Capital Inc. (“Ethereum Capital”), when the Company operated as Movit Media Corp. (“Movit”). Movit had no commercial activity during the three months ended March 31, 2018, however was actively working with Ethereum Capital to complete and meet all the requirements to effect the previously announced reverse takeover transaction (the “Transaction”).
Subsequent to March 31, 2018, the Company completed the Transaction pursuant to which it acquired all of the issued and outstanding shares of Ethereum Capital by way of a three-cornered amalgamation. In connection with the Transaction, the Company delisted its common shares from the TSX Venture Exchange, listed its common shares for trading on the Aequitas NEO Exchange and changed its name to Ether Capital Corporation. In conjunction with the completion of the Transaction, gross proceeds of $45 million from Ethereum Capital’s private placement offering of 18,000,000 subscription receipts were released from escrow.
“With the filing of these financial statements, the Company has now fully transitioned into Ether Capital’s business of becoming the central business and investment hub for the Ethereum ecosystem,” said Som Seif, Chairman and Co-Chief Investment Officer of Ether Capital. “In addition to owning a substantial amount of Ether, the Company is pursuing a number of promising projects and opportunities which we are excited to share with investors in due course,” continued Mr. Seif.
On May 11, 2018, ETHC announced that it completed its initial investment in Ether, purchasing a total of 42,587 Ether tokens at an average cost of C$882 (US$687), representing approximately 90% of the Company’s total available capital.
The Company provides regularly updated disclosure of its Ether holdings in the investors section of its website, available at http://ethcap.co/ .
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 ecosystem. Ether Capital holds Ethereum’s native utility token “Ether” as a strategic asset and will selectively invest in or acquire Ethereum-based businesses. 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: Michael Conn Chief Executive Officer Ether Capital info@ethcap.co 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, the Company’s business and strategy, the use of proceeds from the Offering, and the listing of common shares on the NEO Exchange and timing thereof.
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; uncertain capital markets; and delay or failure to receive board, shareholder or regulatory approvals. 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 common shares will be listed on the NEO Exchange or 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.
