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TORONTO – (BUSINESS WIRE) – Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC) today announced its financial results for and for the three and nine months ending September 30, 2020.
At 30 September 2020:
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The Company’s total value of Ether was $ 15.3 million
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The Company’s total assets were $ 18.8 million
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The Company had an accumulated deficit of $ 27.3 million, most of which represents an unrealized non-cash loss on the value of Ether.
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The Company reported earnings of $ 0.24 per common share for the quarter ended September 30, 2020, most of which represent a net gain on the remeasurement of the fair value of Ether
As of November 12, 2020, the Company’s total value of Ether was $ 19.4 million.
Brian Mosoff, CEO of Ether Capital, said: “The first phase of the Ethereum network upgrade began with the release of the deposit agreement for the Ethereum “beacon chain”, which aims to bring proof of stake consensus to Ethereum. We expect the chain of beacons to be launched later this year. Proof of participation allows Ether holders to perform Ethereum network validation services in order to earn a return called Ether on those services. Ether Capital can allocate a portion of its Ether holdings to network validation and begin earning a return on that allocation. As we approach the launch of the beacon chain, we will update our shareholders in due course on our plans for proof of participation.
“Ethereum has seen impressive activity so far in 2020, with decentralized finance applications at the center of attention, “continued Mosoff.”According to data from Messari and CoinMetrics, Ethereum is on track to settle over $ 1 trillion in transactions in 2020, reflecting the all-time high for the network launched just five years ago. ”
For the condensed interim consolidated financial statements for the quarter ended 30 September 2020, please refer to the Company’s website at http://ethcap.co/. The Company also provides regularly updated information on its investments in the investor section of its website.
The Company’s condensed consolidated interim financial statements, together with the discussion and analysis of the accompanying management, have been filed in the Electronic Document Analysis and Retrieval System (“SEDAR”) and can 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 goal is to become the central trading and investment hub for the Ethereum and Web 3 ecosystem. Ether Capital has invested in Ethereum’s native utility token “Ether” as an asset strategic and selectively invests in projects, protocols and activities that leverage the Ethereum ecosystem and Web 3 technologies. Founded by a highly experienced board and management team, Ether Capital has the experience and relationships to support companies and invest in revolutionary technologies that revolutionize the sector. For more information, visit http://ethcap.co/.
This press release is not an offer to sell any securities in the United States and the securities described in this press release may not be offered or sold in the United States without registration or exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. NEO Exchange assumes no 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 law. Forward-looking information includes, but is not limited to, statements regarding the Ethereum platform and protocol, the timing and implications of the Ethereum test network update (including the launch of the beacon chain), the Company’s plans to with regards to providing future updates on evidence of share developments, the potential for Ether Capital to earn a return on a portion of its Ether holdings that it devotes to validating the network and its plans in this regard, the crypto-asset market, the anticipated transaction settlement volume on Ethereum in 2020 and the Company’s business, plans and strategy. The Company warns the reader not to place undue reliance on such forward-looking statements, which refer only to the date they were made. Generally, but not always, forward-looking information can be identified using forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “planned”, “estimates”, “forecasts”, “intends”, “in step”, “anticipates” or “does not anticipate”, “believes” and similar expressions or states that certain actions, events or results “may”, “could”, “would be”, ” should “,” could “or” will “be taken, will occur or be achieved.
Forward-looking statements are based on information available to management at the time they are made, on 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 Company’s actual results, level of business, performance or results to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: general commercial, economic, competitive, geopolitical, technological and social uncertainties; uncertainties regarding the development and acceptance of blockchain technology (including proof of stake and Ethereum 2.0), and the Ethereum platform and the expected timing and impact of the Ethereum network upgrade, the impact of the COVID coronavirus outbreak- 19 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 the most recently filed management discussion and analysis, and other documents available online at www.sedar. com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes are 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 may differ materially from those provided in such forward-looking information. In addition, the Company warns the reader that the 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. Consequently, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise forward-looking information, except in accordance with applicable securities laws.
