TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Ether Capital Corporation (NEO:ETHC) (“Ether Capital” or the “Company”) is pleased to announce that it has completed its initial investment in Ether, purchasing a total of C$37.6 million, equal to 42,587 Ether tokens with an average cost of C$882 (US$687) per token. This represents approximately 90% of the Company’s total available capital as per the filing statement available on SEDAR and dated April 3, 2018 (the “Filing Statement”).
The current market value of the Company’s holdings represents a 7% premium to the average cost base, as at 4:00 pm on May 10, 2018, and is inclusive of trading costs and commissions.
As at May 10, 2018, the Company’s Ether holdings totaled as follows:
| Cost base | Current(1) | |
| Ether tokens | 42,587 | |
| Unit price | US$687 C$882 (2) | US$735 C$939 (3) |
| Total value of Ether | US$29,250,968 C$37,565,392 (2),(4) | US$31,318,782 C$40,009,744 (3),(4) |
Note: Having regard for market liquidity and price volatility, it should not be assumed that the Company's Ether holdings could be disposed of at the market prices quoted in this release.
Ether Capital now provides investors with significant exposure to Ether, Ethereum’s native utility token. In addition, the Company continues to execute on its business plan to selectively develop and/or acquire Ethereum-based businesses and is regularly evaluating opportunities pursuant to this. This model provides investors with a unique combination of direct Ether exposure and the upside potential of direct investment into businesses that are leading the way in industry-shifting disruptive technologies.
The Company provides regularly updated disclosure of its Ether holdings in the investors section of its website, available at http://ethcap.co/.
- As at 4:00 pm ET on May 10, 2018
- Based on the average price paid in CAD to acquire Ether over the period of April 18, 2018 to May 10, 2018
- Trading price represented in CAD. Converted from USD to CAD using the Bank of Canada daily exchange rate of 1.2775 multiplied by the trading price of US$735.40 as at 4:00 pm ET on May 10, 2018 per Gemini auction data (https://gemini.com/auction-data)
- Multiplying the number of Ether tokens by the unit prices may not provide exact values due to rounding of per-unit prices.
About Ether Capital Corporation
Ether Capital is a Toronto-based technology company whose objective is to become the central business and investment hub for the Ethereum ecosystem. Ether Capital will invest in Ethereum’s native utility token “Ether” as a strategic asset, and selectively invest in or acquire Ethereum-based businesses. Founded by a highly experienced Board of Directors and management team, Ether Capital has the resources, experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/
Further Information
For further information concerning this press release, please contact:
Michael Conn
Chief Executive Officer
Ether Capital
1-416-583-5541
michael@ethcap.co
http://ethcap.co/
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
The NEO Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved. Forward-looking information includes, but is not limited to, statements in regard to the prospects for blockchain technology and the Ethereum platform, the Company’s business and strategy, the use of proceeds from the Offering, and the listing of common shares on the NEO Exchange and timing thereof.
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. Such factors include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and acceptance of blockchain technology and the Ethereum platform; uncertain capital markets; and delay or failure to receive board, shareholder or regulatory approvals. Although the forward-looking information is based on the Company’s reasonable assumptions at the date such statements are made, there can be no assurance that the common shares will be listed on the NEO Exchange or that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.