VANCOUVER, British Columbia, March 26, 2018 (GLOBE NEWSWIRE) -- WOW Unlimited Media Inc. (TSXV:WOW.A) (TSXV:WOW.B) (the "Company" or "WOW") is pleased to announce that it expects revenue for its fourth quarter of 2017 to be approximately $15 million to $17 million (revenue in the third quarter of 2017 was $10 million), which would result in fiscal 2017 revenue of approximately $42 million to $44 million. The Company intends to release its audited 2017 year end results before the end of April, 2017, in accordance with regulatory requirements. In addition, the Company anticipates that revenue for its first quarter of 2018 will exceed $11 million, which will represent an increase of greater than 90% over the same period during the previous year. All estimates are in Canadian dollars and calculated under International Financial Reporting Standards (IFRS).
WOW ascribes the increased revenue to (i) continued growth of the popularity of the Company’s YouTube Animation Network which crossed one billion monthly views during October 2017, and (ii) higher production activity at both its Rainmaker Studios and Frederator Studios with titles such as Castlevania, Spy Kids: Mission Critical, Barbie’s Dream House and Reboot: The Guardian Code.
About WOW Unlimited Media Inc.
WOW Unlimited Media Inc. is creating a leading next-generation kids and youth animation business by focusing on digital platforms and content. The company's key assets include: the world's No. 1 digital animation network, Frederator Networks, which consists of an animation production company, Frederator Studios, as well as VOD channels on digital platforms; and one of Canada's largest, multifaceted animation production studios, Rainmaker Entertainment, which consists of Mainframe Studios that produces CGI animated television series, and Rainmaker Studios that produces long-form animated features.
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Forward-Looking Statements:
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential" and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements in this release include but are not limited to statements relating to the Company’s anticipated revenue during the fourth quarter of 2017, during 2017 and during the first quarter of 2018. Such statements reflect management of the Company’s current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by WOW, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward-looking statements included in this release, the Company has made various material assumptions, including, but not limited to general business and economic conditions, the Company's ability to protect its intellectual property, the Company's ability to raise additional funding, existing governmental regulations and changes in, or the failure to comply with, governmental regulations and changes in business strategy or development plans. In evaluating forward-looking statements, current and prospective shareholders should specifically consider various factors set out under the heading "Risk Factors" in the Company's Annual Information Form dated September 26, 2017 and in the Company's base short form shelf prospectus dated October 5, 2017, copies of which are available on WOW's profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on WOW's SEDAR profile. In addition, the Company’s revenues may fluctuate from quarter to quarter and year to year depending upon sales cycles, customer demand and the timing of customer purchase decisions as well as the timing of when an order meets the Company’s revenue recognition criteria; and the Company’s gross margins may fluctuate from quarter to quarter and year to year depending upon a variety of factors including product mix in the quarter, competitive pricing pressures and the level of sales generated through indirect channels.
Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward-looking statements.
Future-orientated financial information and financial outlook information (collectively, “FOFI”) contained in this press release, as such terms are defined by applicable securities laws, is provided for the purpose of providing information about management’s current expectations and plans relating to the future. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of disclosing material undisclosed information pertaining to the Company. The Company disclaims any intention or obligations to update or revise any FOFI contained in this press release unless required by applicable law. Readers are cautioned that reliance on such information may not be appropriate for other purposes.