TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or "the Company") (TSXV:ART), (OTCQB:ARHTF) 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, 2021.
2021 Financial Update
- Revenues for Fiscal Year 2021 were $4.8M as compared to $2.2M for Fiscal Year 2020, an increase of 118%
- Q4 2021 revenues were $1.3M as compared to $0.6M for Q4 2020, an increase of 117%
- Cash as of Dec 31,2021 was $3.1M as compared to $0.5M as of Dec 31, 2020
2021 Business Updates
- The Company’s new online presentation technology, VGS (“Virtual Global Stage”), accounted for 65% of event revenue and 42% of overall revenue, with a very high level of recurring business
- Revenue from repeat clients was approximately 70% of total revenue
- The Company partnered with WeWork to create the world’s first global holographic network in up to 100 locations. Initial rollout of 16 locations was increased to 30 locations in February 2022
- Permanent installations with NATO in Germany and USA, plus other defense installations and activations, show great promise in the defense sector
2022 Subsequent Events
- The Company completed a $10M growth equity financing in February 2022 to enable significant investment in sales, marketing and new product technology
- The Company plans to launch a new display product in Q2 2022 for the retail & trade show vertical
- The Company welcomes two experienced technology company executives to the Board of Directors: Jonathan Pollack (AcuityAds, Kaboose) and Deborah Beatty (PointClick Care, Apple)
“There has never been a more exciting time at ARHT Media as we plan for significant growth in 2022 and beyond,” said ARHT CEO Larry O’Reilly. “We currently have a major backlog of orders from both existing and new clients as well as an expanding product range and a significant increase in sales and marketing spend that should make for a break out year in 2022. The entire ARHT Media team is excited for what lies ahead for our Company.”
Termination of Agreement with Hybrid Financial Ltd.
The Company also announces that it has terminated the engagement of Hybrid Financial Ltd. (“Hybrid”), which provided marketing and investor relations services to ARHT Media between July 5, 2021 and April 20, 2022. Hybrid was paid a monthly fee of C$15,000.00 plus applicable taxes.
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™.
Connect with ARHT Media
Twitter: http://www.twitter.com/ARHTmedia
Facebook: http://www.facebook.com/ARHTmediainc
LinkedIn: http://www.linkedin.com/company/arht-media-inc-
For more information, please visit www.arhtmedia.com or contact the investor relations group at info@arhtmedia.com.
ARHT Media trades under the symbol "ART" on the Toronto Venture Stock Exchange.
Press Contact
Salman Amin
ARHT Media
samin@arhtmedia.com
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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