{"id":411048,"date":"2021-01-08T08:04:05","date_gmt":"2021-01-08T13:04:05","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411048"},"modified":"2021-01-08T08:04:05","modified_gmt":"2021-01-08T13:04:05","slug":"engine-media-reports-fourth-quarter-full-year-2020-results-settles-10-7-million-in-convertible-debenture-debt","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/engine-media-reports-fourth-quarter-full-year-2020-results-settles-10-7-million-in-convertible-debenture-debt\/","title":{"rendered":"Engine Media Reports Fourth Quarter, Full-Year 2020 Results; Settles $10.7 million in Convertible Debenture Debt"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n All figures are in United States<\/span> dollars unless otherwise stated. <\/i>
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– Fourth Quarter 2020 Revenues of $7.2 Million<\/span>;<\/i><\/b><\/p>\n

–\u00a0Q4 Revenue Exit Run Rate of $28+ Million<\/i><\/b><\/p>\n

–\u00a0Annual Year-over-Year Revenue Growth Rate 163%<\/i><\/b><\/p>\n

–\u00a0Corporate Realignment Adds Focus and Attention to Core Macro Initiatives<\/i><\/b><\/p>\n

–\u00a0Application for Uplist to Nasdaq Under Review\u00a0 <\/i><\/b><\/p>\n

\n TORONTO<\/span>, Jan. 8, 2021<\/span> \/PRNewswire\/ —\u00a0Engine Media Holdings, Inc. (“Engine Media” or the “Company”; TSX-V: GAME; OTCQB: MLLLF), announced results for the fourth quarter and full year ended August 31, 2020<\/span>. <\/p>\n

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\n Lou Schwartz<\/span>, Chief Executive Officer, said, “The business realignment we implemented over the last few months is already yielding significant cost savings, streamlined product development and improved business execution. We are off to a strong start in fiscal\u00a02021, and our pipeline of new opportunities leads us to expect solid growth this year across all of our businesses. Additionally, our recent acquisitions have made significant contributions, which are reflected in the fourth quarter, where net revenues were up 192%, sequentially, to $7.2 million<\/span> and up 163% for the annual period on a year-over-year basis.”<\/p>\n

Results for the latest quarterly period include contributions from the Frankly Inc. and Winview Inc. three-way merger which closed on May 8, 2020<\/span>. <\/p>\n

\n Extinguishment of Convertible Debt:<\/b>\n <\/p>\n

The Company also announces that, further to its news release dated December 16, 2020<\/span>, the Company completed its previously announced convertible debenture settlements (the “Debt Settlements<\/b>“) of an aggregate of principal amount $10,726,393<\/span> in outstanding convertible debentures (the “Debt<\/b>“) through the issuance of 1,430,186 units (the “Units<\/b>“) at a deemed price of $7.50<\/span> per Unit,\u00a0with each such Unit consisting of a common share and three-quarters (3\/4) of a warrant, with each whole warrant exercisable into a common share at an exercise price of $15<\/span> per share for a period of three years. Included in the Debt Settlements was the $3,000,000<\/span> convertible debenture that was issued in connection with the Company’s acquisition of a 20% equity interest in One Up LLC.\u00a0 The Debt was completely extinguished upon the issuance of the Units. These settlements add $10.7 million<\/span> to shareholder’s equity and reduce liabilities on the Company’s balance sheet by the same amount, as well as eliminate the related interest expense. The Debt Settlements were approved by the TSX Venture Exchange.<\/p>\n

\n Recent Business Highlights:<\/b>\n <\/p>\n