Digital Shelf Space Corp. Announces Unaudited Financial Results for the Three Months Ending March 31, 2012 and Stock Option G...
May 18 2012 - 8:30AM
Marketwired Canada
Digital Shelf Space Corp. (the "Company" or "DSS") (TSX
VENTURE:DSS)(OTCQX:DTSRF) announced today its unaudited financial results for
the three month period ended March 31, 2012.
Highlights
-- Exclusive DVD production and global distribution agreement signed with
the PGA TOUR's "TOURAcademy(R)" The agreement, includes the production,
marketing, and global distribution of a direct-to-home DVD golf
instructional series, to be marketed under the TOURAcademy(R) brand
name. The product is slated for release early this summer.
-- GOLF EXPERIENCES, LLC (parent company of "TOURAcademy(R)") invests
$250,000 in purchase of the Company's equity at a price of CAD $0.20 per
Unit.
-- The Company closed a brokered private placement on March 5, 2012 for
gross proceeds of $1,562,235.
-- Sales of GSP RUSHFIT commenced on Amazon websites in Canada and US and
realize a 47% growth in sales month over month for three months
consecutively.
-- GSP RUSHFIT rated as high as #13 on the top 100 exercise videos sold on
Amazon and consistently in the top 20 throughout March 2012.
-- The total revenue for the quarter of $509,306.
-- Retail distribution of GSP RUSHFIT starts in the Philippines and
Australia.
Financial Statements' Currency Presentation
In recognition of the functional currency, United States dollars ("USD"), in
which the Company earns its income, effective this quarter all financial
information will be presented in USD unless otherwise advised. As a result the
Company's prior fiscal year interim and annual financial statements as filed may
not be comparable to results filed in the current year.
Revenue
The total revenue for the quarter of $509,306 (2011 - $569,743) continued to be
driven primarily by the Company's flagship product GSP RUSHFIT an 8-week
home-based DVD workout program starring MMA World Welterweight Champion Georges
St-Pierre.
Mr. Jeffrey Sharpe, President and CEO of DSS stated, "We are pleased with our
results for the three months ended March 31, 2012. We are even more excited
about our growth strategy for 2012 which includes looking to add new global
branded media products in the sport instruction and fitness categories into our
library, like our recently announced product with the PGA TOUR's TourAcademy(R),
as well as expanding our distribution channels both in North America and
internationally and extending our marketing and advertising reach for the GSP
RUSHFIT brand."
Expenses
During the three months ending March 31, 2012, operating expenses were
$1,030,142 (2011 - $685,687).
Net Loss
Net loss for the quarter ended March 31, 2012 was $520,836 (2011 - $115,944).
Selected Financial Highlights
Selected Period Information
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended Three months ended
March 31, 2012 March 31, 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gross Revenue $ 509,306 $ 569,743
Net loss $ (520,836) $ (115,944)
Currency Translation Adj. $ 16,066 $ 11,093
Weighted average number of
shares outstanding 51,696,158 44,185,743
Net loss per share (1) $ (0.010) $ (0.003)
Total assets $ 2,720,239 $ 1,054,981
Total liabilities $ 444,380 $ 597,801
Shareholders equity $ 2,275,859 $ 907,180
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1. Basic and fully diluted net loss
Option Grants
On April 2, 2012, the Company granted, subject to regulatory approval, a total
of 1,235,000 of incentive stock options to directors, officers, management,
employees and consultants of the Company that were approved by the shareholders
on May 10, 2012 at the Company's annual general meeting. The stock options are
exercisable to acquire one common share at CAD $0.15 and can be exercised until
April 1, 2017.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent creator, producer and distributor of home
entertainment content targeted at the fitness and sports instruction market.
Digital Shelf Space's overall content partnership strategy is to align itself
with world-class, global brand partners. For more information please visit
www.digitalshelfspace.com and to view our flagship project with Georges
St-Pierre, please visit www.gsprushfit.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of
the Canadian securities laws. Forward-looking information is generally
identifiable by use of the words "believes", "may", "plans", "will",
"anticipates", "intends", "budgets", "could", "estimates", "expects",
"forecasts", "projects" and similar expressions, and the negative of such
expressions. Forward-looking information in this news release include statements
about anticipated sales and increased volumes of sales of GSP RUSHFIT on Amazon;
retail distribution in the Philippines and Australia; additional content
production deals; future additional capital from investors to fund marketing,
distribution and content production; the production, marketing, global
distribution and anticipated release date of a direct-to-home DVD golf
instructional series marketed under TOURAcademy(R) brand name; potential sales
of a direct-to-home DVD golf instructional series; revenue growth in 2012; the
development of new marketing strategies for GSP RUSHFIT; the launch of a new
direct-to-home DVD series or product line featuring a celebrity, athlete, or
global brand; plans for increased retail distribution; international expansion;
the opening of new markets in 2012; projections for further growth continuing to
meet and exceed earlier forecasts; new television and internet marketing
campaigns for GSP RUSHFIT; expanded sales into overseas markets; expected growth
of retail sales of GSP RUSHFIT; the Company's strategy, future operations,
prospects and plans of management; the Company's expectations with respect to
existing and future agreements with third parties; estimates of the length of
time the Company's business will be funded by anticipated financial resources;
and anticipated results and benefits of consumer use of celebrity fitness
products.
In connection with the forward-looking information contained in this news
release, the Company has made numerous assumptions, regarding, among other
things, the timing and quantum of revenue generated through sales of the
Company's products revenues will continue at current levels and increase; the
sufficiency of budgeted expenditures in carrying out planned activities; the
Company's ability to protect its intellectual property rights and not to
infringe on the intellectual property rights of others; the availability and
cost of labour and services; expected growth of sales as a result of the
Northern partnership and consumer demand; and expected results from the use of
celebrity fitness products. While the Company considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause the
Company's actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors include, among
others: anticipated sales and/or volumes of sales for GSP RUSHFIT may not be
realized on Amazon; retail distribution in the Philippines and Australia may not
result in anticipated sales; the Company may never conclude an additional
content production deal; the direct-to-home DVD golf instructional series
marketed under TOURAcademy(R) may not be produced or released as anticipated, or
at all; the direct-to-home DVD golf instructional series may not produce
revenues at the anticipated levels, or at all; the Company may never launch a
new direct-to-home DVD series or product line featuring a celebrity, athlete, or
global brand; the Company may not be able to sustain or increase revenues
achieved during the current reporting period; the Company's products may not
achieve the brand recognition and increased distribution as currently
anticipated; the Company may never expand its distribution channels domestically
or internationally; anticipated international expansion may not occur in the
anticipate timeframe; the Company may not adopt successful advertising
strategies or marketing methods; the Company may not develop or sell
complementary GSP RUSHFIT product lines and/or may not achieve sales of such
products to existing customers in the quantum anticipated, or at all; the
substantial investment of capital required to produce and market video and
entertainment productions; the need to obtain additional financing and
uncertainty as to the availability and terms of future financing;
unpredictability of the commercial success of our programming;
difficulties in integrating technological changes and other trends affecting the
entertainment industry; significant competition in the global economic market;
the possibility the rate of growth of the market for fitness media will slow;
reliance on the health and marketability of celebrity fitness talent in
productions owned by the Company; the possibility of competition from other
ecommerce and online marketing vendors; the continued strong growth in adoption
of digital media; the possibility of new fitness titles from traditional large
studios that target the male demographic; large media production companies may
move ecommerce operations in-house rather than outsourcing; reliance on
production studios continuing to outsource ecommerce operations; reliance on a
number of key employees; limited operating history; the possibility of claims
against the intellectual property rights of the Company; the possibility of
infringements upon the intellectual property rights of the Company; the Company
may not have sufficiently budgeted for expenditures necessary to carry out
planned activities; future operating results are uncertain and likely to
fluctuate; the Company may not have the ability to raise additional financing
required to carry out its business objectives on commercially acceptable terms,
or at all; and volatility of the market price of the Company's shares.
A more complete discussion of the risks and uncertainties facing the Company is
disclosed in the Company's Filing Statement dated November 16, 2010 and
continuous disclosure filings with Canadian securities regulatory authorities at
www.sedar.com. All forward-looking information herein is qualified in its
entirety by this cautionary statement, and the Company disclaims any obligation
to revise or update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as required by
law.
Movit Media Corp (TSXV:DSS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Movit Media Corp (TSXV:DSS)
Historical Stock Chart
From Jul 2023 to Jul 2024
