NEW YORK, Nov. 25, 2020 (GLOBE NEWSWIRE) -- via InvestorWire – DGTL Holdings Inc. (“DGTL” or the “Company”) (TSXV: DGTL) (Frankfurt: A2QB0L) today reports plans to develop the software of its wholly owned subsidiary, Hashoff LLC, to service the fastest-growing multimedia social media application markets. In doing so, DGTL will fund the software development of the Hashoff SaaS (software-as-a-service) technology platform to service digital media platforms such as TikTok, Snapchat, Twitch, Triller, Reels and others with a private placement non-brokered financing.
This software development project is a key element that supports the original Hashoff share exchange agreement, which requires Hashoff to meet or exceed an annual sales revenue milestone of up to USD $8 million on or before June 30 , 2023, in order to receive 100% of the remaining cash payments.
The project is in direct response to the growing demands from prospective and existing clients to extend the Hashoff platform into video-based application. TikTok is ranked as the top downloaded mobile application on both Apple’s iOS App Store as well as the Google Play platform. With hundreds of millions of active users in 155 countries and 75 languages, TikTok has grown 550% in just the last 18 months in terms of the number of U.S.-based adults that are active on the app.i
In order to expedite this key development project, DGTL intends to fund software engineering costs via a non-brokered private placement financing (the "Offering") of common shares. Pursuant to the Offering, the Company intends to issue up to 2,857,000 common shares (the “Shares”) at a price of $0.35 per Share, for aggregate gross proceeds of up to $1 million.
A finder's fee in shares, cash, warrants or a combination of all may be payable in connection with this placement, which will not exceed the maximum allowable under the policies of the TSX Venture Exchange. The Offering and finder's fee are subject to completion and execution of appropriate documentation and acceptance for filing by the TSX Venture Exchange.
Completion of the Offering is subject to receipt of TSX-V approval and other requisite approvals. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after the date of issuance.
About DGTL Holdings Inc.
DGTL Holdings Inc. acquires and accelerates innovative and disruptive digital media and advertising technology companies, powered by artificial intelligence. DGTL (i.e., Digital Growth Technologies and Licensing) specializes in accelerating fully commercialized enterprise-level SaaS (software-as-a-service) companies via a blend of unique capitalization structures. DGTL Holdings Inc. trades its common shares on the TSX Venture exchange under the symbol “DGTL.” The Company has additionally filed an application to list its shares on the OTC Venture Market, and its OTC ticker is reserved.
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.
Forward-Looking Statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. These statements may relate to the Company’s future financial outlook and anticipated events or results and include, but are not limited to, the expansion of its industry, its 2020 outlook, expectations regarding the Company’s new customer acquisitions and management of operating expenses the effect these factors will have on its growth and profitability. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the “Risk Factors” section of the Company’s management discussion and analysis dated October 30, 2020 for the fiscal quarter ended August 31, 2020 (the “MD&A”). A copy of the MD&A and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. Except as required by law, DGTL does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
For more information, visit https://dgtlinc.com or contact:
Investor Relations
John Belfontaine, Director
Email: IR@dgtlinc.com
Phone: +1 (877) 879-3485
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