Glacier Reports First Quarter 2021 Results - Seite 3

Glacier and GVIC Complete Plan of Arrangement

On March 31, 2021, the Company and GVIC Communications Corp. (“GVIC”) completed a Plan of Arrangement pursuant to which Glacier acquired all of the Class B voting common shares and Class C non-voting shares of GVIC not already held by Glacier and its subsidiary, and by a wholly-owned limited partnership of GVIC. Shareholders of GVIC received, for each GVIC Share held, 0.8 of a common share of Glacier. The transaction resulted in the issuance of 7,542,213 new Glacier common shares.

The transaction has been accounted for as a reduction of non-controlling interests, additional share capital and additional contributed surplus.

Outlook

Overall, the Company expects that as time progresses, and the pandemic abates, revenues will recover. Due to the uncertainty surrounding the continued magnitude and impact of the COVID pandemic on the economy, it remains unclear what the impact will be on the Company’s operations and financial position in the short-term.

The Company is working to reach the point where increases in the revenue, profit and cash flow from its data, analytics and intelligence products and digital media products exceeds the decline of its print advertising related profit and cash flow. The Company had made progress in this regard in the first two months of the first quarter of 2020 before the impact of the pandemic set in. The Company can operate at lower levels of revenue from its digital media, data and information operations in the future and yet generate profit.

Financial Position. As at March 31, 2021, the Company had no senior debt and current and long-term debt totalled $2.6 million.

The Company has net $7.7 million of deferred purchase price obligations to be paid over the next four years. This amount is net of $5.0 million in contributions from minority partners. The Company has a $7.5 million vendor-take back receivable to be paid over the next three years resulting from the sale of the Company’s interest in Fundata and a $1.2 million potential earn-out proceeds payable over the next three years from the sale of the energy business.

Shares in Glacier are traded on the Toronto Stock Exchange under the symbol GVC.

For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.

About the Company

Glacier Media Inc. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. The Company’s products and services are focused in two areas: 1) data, analytics and intelligence; and 2) content & marketing solutions.