TMCnet News
New Wave Esports Reports Q2/2019 Results/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/ TORONTO, Nov. 27, 2019 /CNW/ - NEW WAVE ESPORTS CORP. (the "Company" or "New Wave Esports") (CSE: NWES) is pleased to announce that it has published financial results for the fiscal quarter ended September 30, 2019, which is the final quarter before the Company completed its reverse takeover transaction (the "RTO") on October 24, 2019. The Company's current business is primarily conducted through its wholly-owned subsidiary ("NW"), which was acquired by the Company as part of the RTO. The following results are those of NW only and do not take into account the RTO. For its second fiscal quarter ended September 30, 2019, NW is reporting a comprehensive profit from operations of $69,424 (equivalent to $(0.00) per-share basic and diluted), primarily due to unrealized gains of $658,425 in its portfolio. These were offset by expenses of $600,829. NW ended the quarter with a cash balance of $934,270 and investments valued at $1,755,272. The above figures also do not include the Company's cash balance of $1,370,985 at September 30, 2019, prior to completion of the RTO. As a public company, New Wave Esports has changed its accounting policy to value its and NW's investments at fair market value rather than book cost, to more accurately reflect valuation changes in the rapidly-developing esports industry. "We are pleased to start reporting appreciation in our holdings in the last quarter, and are optimistic about our future performance as the esports industry evolves," sad New Wave Esports CEO Daniel Mitre. Investors can access the Company's and NW's financial statements and related reporting under the Company's SEDAR profile on www.sedar.com. ABOUT NEW WAVE ESPORTS CORP. New Wave Esports is an esports and competitive gaming company that provides capital and support services to esports organizations, teams, leagues, events, platforms, tools, and technology innovators. The Company's vision is to drive, energize, and accelerate the global growth of esports and competitive gaming, including affiliated companies, organizations, and technologies with the goal of enhancing experiences for players, fans, industry professionals, and investors. New Wave Esports plays a pivotal role in enhancing all aspects of the industry. They do this by opening the doors of opportunity for future growth in esports and competitive gaming. New Wave Esports has leadership teams located in Toronto, Ontario and Los Angeles, California. HIGHLIGHTS OF THE NEW WAVE ESPORTS PORTFOLIO:
FORWARD-LOOKING INFORMATION DISCLAIMER Certain statements contained in this news release may constitute forward-looking information. SOURCE New Wave Esports |