LOS ANGELES, CA / ACCESSWIRE / August 17, 2020 / Sanwire Corporation, ("Sanwire" or the "Company") (OTC PINK:SNWR), a diversified company focused on the entertainment industry, is pleased to announce its second quarter financial performance for its subsidiary Intercept Music, Inc. ("Intercept") and Art is War Record label ("AIW Records").
Per Sanwire's revenue guidance press release dated July 7, 2020, the Company is reporting better than expected results for the quarter ended June 30, 2020. Key highlights from second quarter compared to first quarter financial results are: Revenues increased by over 325% and Gross Profit increased by approximately 200%. All figures are unaudited and based on consolidated basis.
Sanwire's second quarter revenues encompass one whole quarter for Intercept (April-June 2020) and approximately three weeks of AIW Records June 9-30, 2020. Sanwire acquired Intercept on March 5, 2020 and AIW Records on June 9, 2020.
Management Comments
Tod Turner, President of Intercept, and Chris Whitcomb, CEO of Sanwire, commented, "Our financial performance for the first six months of 2020 validates our business plan. Despite domestic and international economic slowdown, we continue to experience increased demands for our products and services, especially Intercept PLUS, our label services program."
"Moving forward, we anticipate continued growth in third quarter of 2020, both in terms of increased revenues and business activities. We are adding new services on a regular basis and expanding existing services. The management team is committed to execute its vision to rapidly expand growth from existing markets and penetrate new ones."
Year-to-Date Milestones
· Acquisition of Intercept Music: Sanwire's foundational acquisition. This acquisition firmly entrenched Sanwire in the music distribution and marketing industry.
· Development of Intercept PLUS, artist label services program: Vastly expanded service offerings to include many of those services offered by a full-service label, including distribution, marketing/promotion, retail stores and more.
· Acquisition of Art is War record label: The acquisition of the label provided a strong base for the Intercept PLUS program with many artists ready to join.
· Addition of Mr. Jim Urie to Intercept's board of directors. Mr. Urie is the former president and chief executive officer of Universal Music Group Distribution Group. Called one of the "music industry distribution giants" by Billboard Magazine, Mr. Urie has had a career-long focus on maximizing profitability for music distribution, across all outlets and formats.
· Added physical music distribution through partnerships with Amplified Distribution (www.AmplifiedDistribution.com) and Super D (www.sdcd.com) that collectively provide distribution channels with major retailers including Amazon, Amazon International, Tower Japan, Barnes & Noble, BarnesNoble.com, and many others.
· Agreement with UK based company to expand service offerings and reach new markets.
· Addition of several brand ambassadors across several genres of music to expand our reach and influence nationally.
About Intercept Music, Inc.
Intercept Music, Inc. is an entertainment technology company dedicated to helping independent artists effectively distribute, market, and monetize their music. Sold through a Software as a Service (Saas) model, Intercept's online platform delivers an unsurpassed combination of marketing, promotion, and distribution to hundreds of stores worldwide and every major streaming service, including Apple Music, Google Music, Pandora and Spotify. Intercept's options include full-service, concierge-style support and even one-on-one coaching from award-winning music industry professionals. Intercept focuses exclusively on the independent music market, which is estimated at 12 million artists, and is the fastest-growing sector of the music industry. For more information, visit interceptmusic.com.
About Sanwire Corporation
Sanwire Corporation (OTC PINK:SNWR), a diversified company with a focus on the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.
For further inquiries, contact [email protected], [email protected], or (424) 835-0833.
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SOURCE: Sanwire Corporation