Ether Capital portfolio co. puts itself on the block
2023-01-09 11:03 ET - News Release
Shares issued 33,753,620
ETHC Close 2023-01-06 C$ 1.60
Mr. Brian Mosoff reports
ETHER CAPITAL CORPORATION DISCLOSES INFORMATION REGARDING PORTFOLIO COMPANY WYRE
Ether Capital Corp. is disclosing information to the market regarding its non-core portfolio company, Wyre Inc.
Wyre, a United States-based cryptocurrency infrastructure provider, has encountered financial headwinds following the collapse of cryptocurrency exchange FTX and failed acquisition by Bolt, which was terminated in September, 2022. As a result, Wyre confirmed via a release on Jan. 6, 2022, that business conditions have deteriorated and it is assessing strategic alternatives. These strategic alternatives will likely impact Wyre's shareholders.
This news does not have a material impact on Ether Capital as Wyre is a non-core investment. Ether Capital invested $1.5-million (U.S.) (approximately $2-million) into Wyre in 2018. As of Sept. 30, 2022, the fair market value of Ether Capital's investment in Wyre was $2.03-million, representing 2.2 per cent of Ether Capital's total assets (six cents per share).
Ether Capital anticipates its initial investment in Wyre may result in a full write down, but will make a final determination once more information becomes available.
About Ether Capital Corp.
Ether Capital is a public technology company with a long-term objective to become a central business and investment hub for the Ethereum ecosystem. The Company has invested the majority of its balance sheet in Ethereum's native utility token "Ether" as a core strategic asset and yield-generating instrument. The Company is focused on financial infrastructure that supports the Ethereum blockchain and delivers corporate value. Ether Capital's management team and Board of Directors are comprised of crypto natives, leading venture capitalists and traditional finance experts, which uniquely positions the company to identify and capitalize on opportunities in the digital asset ecosystem. For more information, visit ethcap.co.
The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained in this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement, or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information in this press release is current only as of the date provided and Ether Capital is under no obligation to update this information, other than in accordance with applicable securities laws.
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