(all amounts are expressed in U.S. dollars, unless otherwise stated)
– First Quarter Revenues of $7.5 Million
– Quarterly Year over Year Revenue Growth Rate 824%
– Quarterly Revenue Exit Run Rate of $30+ Million
– Completes Non-brokered Private Placement Unit Offering for $17.8 Million
– Settled $10.7 in Convertible Debt
TORONTO, Feb. 1, 2021 /CNW/ — Engine Media Holdings, Inc. (“Engine” or the “Company”; TSX-V: GAME; OTCQB: MLLLF), announced results for the first quarter fiscal 2021 ended November 30, 2020.
Lou Schwartz, Chief Executive Officer, said, “Engine started fiscal 2021 with continued momentum across all lines of business. Our efforts to accelerate are off to a strong start in fiscal 2021. Additionally, our recent acquisitions have made significant contributions, which are reflected in the first quarter, where revenues were up 824% on a year-over-year basis, and 6%, sequentially, to $7.5 million.”
“Net loss from continuing operations for the first quarter of 2021 was $4.4 million compared to $6.0 million in the same year ago period. The improvement in net loss was primarily due to a decrease in non-cash operating expenses of $4.0 million, primarily driven by the gain on change in fair value of warrant liability in the fiscal 2021 period of $4.8 million compared to loss of $1.6 million in the same year ago period.”
“We remain focused on expanding our business-to-business software and service revenues, developing our direct to consumer growth initiatives, strengthening our organization and balance sheet, and driving greater cost efficiency throughout the operation. Given the increasing need for the sports media industry to develop direct to consumer fees to offset the decline of cable and satellite revenues, and the need for the esports industry to develop direct to consumer fees to diversify beyond sponsorship revenues, we believe that the solutions Engine offers will become increasingly more meaningful to both media sectors. Additionally, we continue to proudly attract some of the largest and most respected companies in the world to our cutting edge data analytics company, Stream Hatchet, and our mobile gaming studio, Eden Games. Today, Engine serves three (3) of the top seven (7) most valuable tech companies in the world.”
Financials are available on Sedar.
About Engine Media Holdings, Inc.
Engine Media is focused on accelerating new, live, immersive esports and interactive gaming experiences for consumers through its partnerships with traditional and emerging media companies. The company was formed through the combination of Torque Esports Corp., Frankly Inc., and WinView, Inc. and trades publicly under the ticker symbol (TSX-V: GAME) (OTCQB: MLLLF). Engine Media will generate revenue through a combination of: direct-to-consumer and subscription fees; streaming technology and data SaaS-based offerings; programmatic advertising and sponsorships; as well as intellectual property licensing fees. To date, the combined companies have served clients comprising more than 1,200 television, print and radio brands including CNN, ESPN, Discovery / Eurosport, Fox, Vice, Newsweek and Cumulus; dozens of gaming and technology companies including EA, Activision, Blizzard, Take2Interactive, Microsoft, Google, Twitch and Ubisoft; and have connectivity into hundreds of millions of homes around the world through their content, distribution and technology.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Engine to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. In respect of the forward-looking information contained herein, Engine has provided such statements and information in reliance on certain assumptions that management believed to be reasonable at the time, including assumptions as to obtaining required regulatory approvals. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release.
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Engine Media Holdings, Inc.
For further information: John Wilk, [email protected] (212) 931-1248 ; Lou Schwartz, CEO, [email protected], https://www.engine.media
The Official Loch Ness Monster Sightings Register sent the photo to one of their experts ‘who said that it was “compelling evidence” ‘ of the creature
Author of the article:
Published Apr 24, 2024 • Last updated 3 hours ago • 3 minute read
LONDON — Parry Malm and Shannon Wiseman weren’t expecting a “pivotal moment” in their sons’ lives when they visited Scotland’s Loch Ness earlier this month, but that’s exactly what happened.
“Our youngest is turning three next week,” said Wiseman from the family’s home in London, England. “And he tells everyone there have been two pivotal moments in his life: Seeing the world’s largest dinosaur, which he did at the Natural History Museum in January, and seeing Nessie.
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“He tells everyone he encounters. He tells the postman, he tells the guys in the shops and the cafes.”
Malm and Wiseman have been thrust into the limelight after a photo they took during their family vacation showed a shadowy figure poking above the waterline, something that the couple’s children _ and others — firmly believe is the latest sighting of the famed Loch Ness monster.
Malm and Wiseman, who are from Coquitlam B.C., and Calgary respectively, moved to England in 2006.
The couple said the original plan for the spring vacation was to take a boat ride in Loch Ness because their children were “completely captivated by the concept of Nessie.”
“We’d even packed shortbread cookies, which we were told from these books was Nessie’s favourite treat,” Wiseman quipped. “Turned out shortbread cookies were not necessary.”
That’s because the family spotted something sticking out of the water while visiting a lookout at nearby Urquhart Castle.
“We just started watching it more and more, and we could see its head craning above water,” Malm said. “And then it was swimming against the current towards the castle, slowly but surely, like very fastidiously going over the waves (and) coming closer and closer. And then it submerged and disappeared.”
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Malm said the family took a photo of what they saw and decided “for a bit of a laugh” to send the picture to the Official Loch Ness Monster Sightings Register, which he stumbled upon while surfing the internet.
“They got in touch within 24 hours,” Malm recalled. “They were super excited. They sent it to one of their Loch Ness experts who said that it was ‘compelling evidence,’ I believe was the exact phrase.
“And just one thing led to another. I mean, it’s been incredible.”
Since the photo submission, Malm and Wiseman have been featured in British tabloids such as The Sun and the Daily Mirror and digital publication LADbible.
On the Official Loch Ness Monster Sightings Register, the encounter has been recorded as the first Nessie sighting of 2024.
“We’ve both got texts from people who we haven’t heard from in quite some time going, ‘Guess who I just saw on TV?”‘ Malm said.
“I’m just glad that we hit the national media in Canada for spotting the Loch Ness monster and not being on Crime Stoppers.”
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Both Malm and Wiseman said they are happy their experience is bringing some positivity to the daily news cycle, and at least one person they have spoken with thanked them for the picture.
“Our son’s school’s headmaster is Scottish,” Malm said. “And he pulls me aside at pick up one day and he goes, ‘You know what, Perry? You’ve done more for Scottish tourism than anybody else in my lifetime.’
“So, hopefully some people will be inspired to come visit Scotland.”
What isn’t certain, however, is what they actually encountered on that cold April morning on the shore of Loch Ness.
“We don’t know what we saw,” Wiseman said. “Our children believe we saw Nessie, and I believe it for them.
“I believe that we saw something that could be Nessie, and that is a very broad possibility.”
Malm said the wonder that the sighting has inspired in his children, and others resonating with the photo, is more important than the question of what they encountered.
“It’s really charming,” he said of the outpouring of reactions. “Because in a world where the news is about a war here and an atrocity there, it’s just nice that people are interested in something that’s just lighthearted, a little bit silly and a little bit unbelievable.”
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The British Columbia government is putting its proposed online harms legislation on hold after reaching an agreement with some of the largest social media platforms to increase safety online.
Premier David Eby says in a joint statement with representatives of the firms Meta, TikTok, X and Snapchat that they will form an online safety action table, where they’ll discuss “tangible steps” toward protecting people from online harms.
Eby added the proposed legislation remains, and the province will reactivate it into law if necessary.
“The agreement that we’ve struck with these companies is that we’re going to move quickly and effectively, and that we need meaningful results before the end of the term of this government, so that if it’s necessary for us to bring the bill back then we will,” Eby said Tuesday.
The province says the social media companies have agreed to work collaboratively with the province on preventing harm, while Meta will also commit to working with B.C.’s emergency management officials to help amplify official information during natural disasters and other events.
The announcement to put the Bill 12, also known as the Public Health Accountability and Cost Recovery Act, on hold is a sharp turn for the government, after Eby announced in March that social media companies were among the “wrongdoers” that would pay for health-related costs linked to their platforms.
At the time, Eby compared social media harms to those caused by tobacco and opioids, saying the legislation was similar to previous laws that allowed the province to sue companies selling those products.
Eby said one of the key drivers for legislation targeting online harm was the death of Carson Cleland, the 12-year-old Prince George, B.C., boy who died by suicide last October after falling victim to online sextortion.
“In the real world we would never allow a company to set up a space for kids where grown adults could be invited in to contact them, encourage them to share photographs and then threaten to distribute those photographs to their family and friends,” Eby said when announcing the legislation.
The premier said previously that companies would be shut down and their owners would face jail terms if their products were connected to harms to young people.
In announcing the pause, the province says that bringing social media companies to the table for discussion achieves the same purpose of protecting youth from online harm.
“Our commitment to every parent is that we will do everything we can to keep their families safe online and in our communities,” said Eby.
Ryan Cleland, Carson’s father, said in a statement on Tuesday that he “has faith” in Eby and the decision to suspend the legislation.
“I don’t think he is looking at it from a political standpoint as much as he is looking at it as a dad,” he said of Eby. “I think getting the social media giants together to come up with a solution is a step in the right direction.”
On Monday, the opposition B.C. United called for a pause to Bill 12, citing potential “serious legal and economic consequences for local businesses.”
Opposition Leader Kevin Falcon said in a statement that his party pushed Eby’s government to change course, noting the legislation’s vague language on who the province can sue “would have had severe unintended consequences” for local businesses and the economy.
“The government’s latest retreat is not only a win for the business community but for every British Columbian who values fairness and clarity in the law,” Falcon said.
The Greater Vancouver Board of Trade said they are pleased to see the legislation put on hold, given the “potential ramifications” of the proposal’s “expansive interpretation.”
“We hope that the government chooses not to pursue Bill 12 in the future,” said board president and CEO Bridgitte Anderson in a statement. “Instead, we would welcome the opportunity to work with the government to develop measures that are well-targeted and effective, ensuring they protect British Columbians without causing unintended consequences.”
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Donald Trump is set to secure on Tuesday a stock bonus worth US$1.3-billion from the company that operates his social media app Truth Social (DJT-Q), equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.
The award will take the former U.S. president’s overall stake in the company, Trump Media & Technology Group (TMTG), to US$4.1-billion.
While Mr. Trump has agreed not to sell any of his TMTG shares before September, the windfall represents a significant boost to his wealth, which Forbes pegs at US$4.7-billion.
Unlike much of his real estate empire, shares are easy to divest in the stock market and could come in handy as Mr. Trump’s legal fees and fines pile up, including a US$454.2-million judgment in his New York civil fraud case he is appealing.
The bonus also reflects the exuberant trading in TMTG’s shares, which have been on a roller coaster ride since the company listed on Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.
Mr. Trump will be entitled to the stock bonus under the terms of the SPAC deal once TMTG’s shares stay above US$17.50 for 20 trading days after the company’s March 26 listing. They ended trading on Monday at US$35.50, and they would have to lose more than half their value on Tuesday for Mr. Trump to miss out.
TMTG’s current valuation of approximately US$5-billion is equivalent to about 1,220 times the loss-making company’s revenue in 2023 of US$4.1-million.
No other U.S. company of similar market capitalization has such a high valuation multiple, LSEG data shows. This is despite TMTG warning investors in regulatory filings that its operational losses raise “substantial doubt” about its ability to remain in business.
A TMTG spokesperson declined to comment on the stock award to Mr. Trump. “With more than $200 million in the bank and zero debt, Trump Media is fulfilling all its obligations related to the merger and rapidly moving forward with its business plan,” the spokesperson said.
While Mr. Trump’s windfall is rich for a small, loss-making company like TMTG, the earnout structure that allows it is common. According to a report from law firm Freshfields Bruckhaus Deringer, stock earnouts for management were seen in more than half the SPAC mergers completed in 2022.
However, few executives clinch these earnout bonuses because many SPAC deals end up performing poorly in the stock market, said Freshfields securities lawyer Michael Levitt. TMTG’s case is rare because its shares are trading decoupled from its business prospects.
“Many earnouts in SPACs are never satisfied because many SPAC prices fall significantly after the merger is completed,” Mr. Levitt said.
To be sure, TMTG made it easier for Mr. Trump to meet the earnout threshold. When TMTG agreed to merge with the SPAC in October, 2021, the deal envisioned that TMTG shares had to trade above US$30 for Mr. Trump to get the full earnout bonus. The two sides amended the deal in August, 2023 to lower that threshold to US$17.50, regulatory filings show.
Had that not happened, Mr. Trump would not have yet earned the full bonus because TMTG’s shares traded below US$30 last week. The terms of the deal, however, give Mr. Trump three years from the listing to win the full earnout, so he could have still earned it if the shares traded above the threshold for 20 days in any 30-day period during this time.
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