VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / August 26, 2014 - Gener8 Media Corp. (CSE: GNR) ("Gener8" or the "Company") is pleased to announce the release of its unaudited financial results for the second quarter ended June 30, 2014. All figures are in Canadian dollars.
Q2 2014 Financial Highlights
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-Revenue for the quarter was $6,346,007, a 54% increase over Q1 2014 and an 88% increase over Q2 2013
-Revenue for the first six months of 2014 reached $10,477,346, which exceeds every previous years' total annual revenue
-Net income for the three months ended June 30, 2014 was $503,811, an increase of 111% compared to the three months ended June 30, 2013
Q2 2014 Operational Update
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-Gener8 completed the 3D conversion of Godzilla and Maleficent, both theatrically released in May 2014
-The Company commenced the 3D conversion of The Grandmaster, set to release in China later this year
-Gener8 increased its equity investment in Reelhouse from 66% to 70%
Q2 2014 Financial Summary
----------------------------------------------------------- | | | | |---------------------------------------------------------| | |Three months ended | |---------------------------------------------------------| | |June 30, 2014|June 30, 2013| |---------------------------------------------------------| |Revenue | $ | $ | | | 6,346,007 |3,384,243 | |---------------------------------------------------------| | | | | |---------------------------------------------------------| |Net income (loss) and | | | |comprehensive income | | | |(loss) | | | |---------------------------------------------------------| | attributable to the | | | |Shareholders of the | 503,811 |(4,451,338) | |Company | | | |---------------------------------------------------------| | | | | |---------------------------------------------------------| |Basic income (loss) per share| $ | $ | | | | | | | 0.01 | (0.11) | |---------------------------------------------------------| | | | | -----------------------------------------------------------
FFD Transaction Update
Gener8 continues to work towards closing its partnership agreement with Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co., Ltd. ("FFD"). The final stage of government approval for the transaction is required from China's State Administration of Foreign Exchange ("SAFE"). The requisite documentation was filed by FFD with SAFE on August 1, 2014. Once the SAFE certification is received by FFD, the parties can proceed toward closing.
About Gener8
Gener8 Media Corp. is a media technology company led by a team of gaming industry veterans. At the forefront of postproduction, the Company earned its stripes by developing a proprietary 3D conversion technology, garnering high-profile credits including: "300: Rise of an Empire," "Godzilla," and "Maleficent." Gener8 has since expanded into offering visual effects services and a cloud-based data management and analytics solution called Cumul8. With its focus on developing disruptive solutions that combine design and technology, Gener8 funded and then acquired a majority interest in Reelhouse Media Ltd., an online entertainment distribution start-up. Gener8's head office is located in Vancouver, British Columbia and currently has over 200 employees. Visit the company website at www.gener8.com.
ON BEHALF OF THE BOARD OF THE COMPANY
"Rory Armes"
Rory Armes
Chief Executive Officer and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Danielle Rockel
Vice President of Corporate Affairs
[email protected]
604-669-8885
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. In particular, forward-looking statements in this press release. Although Gener8 believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: closing the definitive agreements respecting the transaction with FFD, obtaining all regulatory and third party consents, meeting our contractual timelines and milestones on our 3D film conversion contracts; general economic conditions in Canada and globally; film industry conditions; competition for, among other things, capital and skilled personnel; changes in economic and market conditions that could lead to reduced spending on 3D film conversion; potential delays or changes in plans with respect to deployment of services or capital expenditures; our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company's competition; the Company's failure to adequately protect its intellectual property; interruption or failure of information technology systems; the risk that the transaction may not be completed as planned, or at all; and business, legal and/or regulatory risks relating to Gener8's business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE: Gener8 Media Corp.