TORONTO, April 16, 2021 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or "the Company") (TSXV:ART), the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020.
2020 Financial Update
- Revenues for Fiscal Year 2020 were $2.21M as compared to $3.28M for Fiscal Year 2019;
- Net loss for 2020 was $3.77M as compared to $3.69M for the same period in 2019;
- Cash and cash equivalents were $486k at Dec 31, 2020 as compared to $213k at Dec 31, 2019.
2020 Business Updates
- The Company completed a number of reseller and strategic partner agreements, which resulted in sales that include a major international defense contractor, AT&T, China Unicom, Junior Academy of Science Ukraine, Novartis and the Enterprise Blockchain Awards.
- The Company launched the HoloPod™, a self-contained interactive holographic display designed specifically for installation in a corporate board room, meeting or training room or a university lecture hall – the first permanent location at University Health Network, Toronto
- The Company sold Six HoloPresence™ displays to China Unicom for Universities in China
- The Green Carpet Fashion Awards hosted by Robert Downey Jr, broadcast on Sky Europe, TenCent China, Fashion Channel on YouTube - holo capture of celebrities around the world beamed into virtual La Scala, showcases ARHT’s online display capabilities
- Strategic Partner Digital Nation Entertainment (DNE) works with client AT&T to beam player interviewers from the TNT Studio in Atlanta and ESPN in LA into the Orlando “bubble” during the NBA playoffs
- The Company launches Virtual Global Stage™(VGS)™, an online presentation that displays full form presenters from anywhere in the world interacting with one another and appearing as though they sharing the same stage.
2021 Subsequent Events
- The Company completed an oversubscribed $7.98 million prospectus offering
- The Company delivered 9 Virtual Global Stage events in Q1 with revenue of $361,000
- The Company delivered HoloPod displays in Singapore, Germany and the United States
“The Covid-19 pandemic and its associated impact made 2020 a challenging year for ARHT Media limiting our ability to interact with clients which in turn delayed our sales cycle,” commented Larry O’Reilly Chief Executive Officer of ARHT Media. “However, our impactful and best-in-class HoloPresence™ technology allowed us to generate repeat business from a number of high-profile clients as well as win new business from other Fortune 500 companies and global players. Our Virtual Global Stage™ presentation continues to be extremely popular as the demand for hybrid events continues to increase and the launch of our HoloPod has been well-received with units already deployed to Toronto, Singapore, the United States and Germany in addition to ongoing proposals to several new and existing clients. With this increase in demand, we have significant momentum heading into the second quarter of 2021 and I am confident the strides we made in the second half of 2020 and in the first quarter of this year have positioned ARHT Media for substantive growth in 2021 and beyond.”
About ARHT Media
ARHT Media's patented HoloPresence technology is a complete end-to-end solution that creates a sense of presence for audiences – as though the holographic presenter was actually live in the room. With no noticeable latency, ARHT Media makes two-way live communication with a 3D holographic presenter anywhere in the world possible. We can also playback pre-recorded content and 3D animations on our HoloPresence displays to deliver rich holographic experiences. Add to this our capability to stream the same content online on our premium Virtual Global Stage™.
ARHT Media trades under the symbol "ART" on the Toronto Venture Stock Exchange.
KCSA Strategic Communications
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, disclosure related to the Company's sales funnel; the Company's technology; the potential uses for the Company's technology; the future planned events using the Company's technology; the future success of the Company; the ability of the Company to monetize the ARHT Media technology; the development of the Company's technology; and interest from parties in ARHT's products. Generally, 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", "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". 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, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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