Ether Capital Corporation Reports First Quarter 2020 Financial Results

TORONTO, May 15, 2020 (GLOBE NEWSWIRE) -- Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) today reported its financial results as at and for the three months ended March 31, 2020.

As at March 31, 2020:

• The total value of the Ether held by the Company was $6.3 million 
• The total assets of the Company were $9.6 million
• The Company had an accumulated deficit of $36.4 million, the majority of which represents a non-cash unrealized loss on the value of Ether
• The Company recorded net income of $0.01 per share for the quarter ended March 31, 2020

As at May 14, 2020, the total value of the Ether held by the Company was $9.6 million.

Brian Mosoff, Ether Capital’s CEO, said: “Final testing for Ethereum 2.0, the much anticipated Ethereum network upgrade which brings proof-of-stake, is underway and expected to go live in the second half of 2020. We view Ethereum 2.0 as a key milestone in delivering scalability and bringing mainstream adoption and proof-of-stake provides Ether Capital with the potential opportunity to begin earning a yield on its Ether holdings. We are optimistic that Ethereum 2.0 can successfully launch as anticipated; however, we remain cautious and vigilant amid a challenging global environment.”

The global pandemic involving the novel coronavirus, COVID-19, has caused companies and various governments to take measures and impose restrictions, such as quarantines, closures, cancellations and travel restrictions, to combat the coronavirus. The effects of COVID-19 and such measures and restrictions have negatively affected asset values and increased volatility in the financial markets, including the market price and volatility of Ether and other crypto-assets. There are meaningful direct and indirect effects developing and the Company will continue to monitor the impact of the outbreak on its business. Realizable values of assets, liquidity and financial condition may be materially affected as a result of this outbreak.

For condensed consolidated interim financial statements for the quarter ended March 31, 2020, please refer to the Company’s website at http://ethcap.co/. The Company also provides regularly updated disclosure of its investments in the investors section of its website.

The Company’s 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 be viewed under the Company’s profile at www.sedar.com.