VANCOUVER, BC, Nov. 14,
2023 /CNW/ - BBTV Holdings Inc. (TSX: BBTV) (OTCQX:
BBTVF) (the "Company"), a media tech company that uses technology
enabled solutions to help content creators become more successful,
today announced financial results for Q3 2023 for the period ended
on September 30, 2023.
The Management Discussion and Analysis ("MD&A"), along with
full financial statements are posted and available on SEDAR at
www.sedarplus.ca. All dollar amounts are expressed in thousands of
Canadian dollars except where otherwise indicated.
Q3 2023 Financial and Operational Highlights:
Total views for the quarter reached 103.6 billion, an 8%
increase compared to the previous year quarter. The increase in
views was driven by a 115% year-over-year increase in YouTube
Shorts viewership to 53.0 billion views in Q3 2023, which is
approximately 51% of total views and stable compared to Q2 2023.
Monetization in the form of RPMs (Revenue per Thousand Views) were
flat at $0.54 compared to
$0.54 in Q2 2023 and declined by 38%
compared to the previous year. The year-over-year decline in RPMs
is a direct result of the emergence of YouTube Shorts viewership.
Over time, based on industry stakeholder feedback, it is expected
that the monetization of YouTube Shorts should improve to more
closely reflect those of regular-length YouTube videos. Excluding
YouTube Shorts, the monetization of 50.7 billion regular-length
content views remained steady near typical rates at $1.10 in Q3 2023, a 7% decline compared to
$1.18 in Q3 2022. To the extent
YouTube Shorts RPMs track higher, notwithstanding typical
seasonality, overall RPMs also are expected to increase over
time.
Overall, total revenue of $66.2
million declined by 30% compared to $95.1 million in Q3 2022 primarily due to a
higher mix of YouTube Shorts views, which are at early stages
of monetization, and our decision to not renew certain
contracts that didn't have near-term profitability, as we continue
to focus on profitable growth.
Overall, BBTV's Q3 2023 operating expenses of $8.6 million have declined by $5.4 million or 38% compared to Q3 2022, and 19%
compared to Q2 2023 due to cost optimization and operational
realignment. The Company continues to look for opportunities to
optimize operations in the coming months.
Plus Solutions, including popular solutions such as Content
Management and Direct Advertising Sales, deliver higher
margin monetization opportunities for BBTV. Overall, during Q3
2023, Plus Solutions represented approximately 13% of total revenue
and 35-40% of Adjusted Gross Profit compared to 11% and 30-35%,
respectively, in Q3 2022. With a large pipeline of mostly global
enterprise clients, Plus Solutions is expected to continue to grow
as a percentage of total revenue and Adjusted Gross Profit, even as
Shorts monetization increases.
Outlook:
Subsequent to quarter-end, on October 17,
2023, the Company announced its plan to undertake a
go-private transaction by way of a statutory Plan of Arrangement,
subject to securityholder approval. The plan provides that the
Company will acquire the Subordinate Voting Shares held by public
shareholders at a price of $0.375 per
share. Certain members of management and long-term
shareholders will retain their shares in the Company. As
well, unsecured convertible debentures of the company due
June 15, 2026 and listed on the
Toronto Stock Exchange will be acquired at a price of $100 per $1,000
principal amount of debentures, with interest waived.
Completion of the plan is dependent on closing of a proposed debt
financing as described in the Company's announcement on
October 17, 2023. The meeting of
securityholders to consider the transaction will be held on
November 30, 2023. Further details of
the Plan of Arrangement are contained within the October 17, 2023 press release and filed on
SEDAR, and in Management's Information Circular dated October 30, 2023 filed on SEDAR.
The Company's ability to continue as a going concern is
dependent upon its ability to meet its cash flow forecasts and
secure additional financing.
Q3 2023 FINANCIAL TABLES:
|
Three Months
Ended
|
|
Q3
2023(1)
|
Q3
2022(1)
|
$
Change
|
%
Change
|
|
Base Solutions
revenue
|
$57,317
|
$84,563
|
($27,246)
|
(32 %)
|
|
Plus Solutions
revenue
|
$8,922
|
$10,513
|
($1,591)
|
(15 %)
|
|
Total
revenue
|
$66,239
|
$95,076
|
($28,837)
|
(30 %)
|
|
Gross profit (loss)
(which includes PPA Amortization)
|
($2,005)
|
$703
|
($2,708)
|
(385 %)
|
|
Gross margin (which
includes PPA Amortization)
|
(3 %)
|
1 %
|
|
|
|
Adjusted Gross
Profit
|
$ 5,499
|
$8,173
|
($2,674)
|
(33 %)
|
|
Gross Margin Excluding
PPA Amortization
|
8 %
|
9 %
|
|
|
|
Net loss
|
($59,901)
|
($4,775)
|
($55,126)
|
1,154 %
|
|
Adjusted
EBITDA
|
($1,702)
|
($3,181)
|
$1,479
|
(46 %)
|
|
Cash flow used in
operating activities
|
($9,213)
|
($3,286)
|
($5,927)
|
180 %
|
|
(1)
|
These figures are
derived from the Company's IFRS financial statements. Adjusted
Gross Profit and Adjusted EBITDA are non-GAAP financial measures
and Gross Margin Excluding PPA Amortization is a non-GAAP ratio.
These terms are defined under "Key Metric Definitions" below. A
reconciliation of non-GAAP financial measures and non-GAAP ratios
are set out below under "Non-GAAP Financial Measures and Non-GAAP
Ratios Reconciliation Tables".
|
The Net Loss in Q3 2023 was primarily driven by a non-cash
intangible asset impairment charge of $48.2
million in relation to the intangible assets realized during
the acquisition of BroadbandTV Corp by BBTV Holdings immediately
prior to its IPO in 2020. The impairment charge was recorded due to
the changes in the macroeconomic environment, namely lower
projected cash flows from cash generating units due to a subdued
economic outlook and YouTube Shorts monetization taking a longer
period of time to be comparable to traditional long-form
content. This impairment charge also aligns the Company's net
book value with the Subordinated Voting Share price of $0.375 as proposed for the go-private
transaction.
|
Three Months
Ended
|
|
Q3
2023(1)
|
Q2
2023(1)
|
$
Change
|
%
Change
|
|
Base Solutions
revenue
|
$57,317
|
$62,094
|
($4,777)
|
(8 %)
|
|
Plus Solutions
revenue
|
$8,922
|
$10,703
|
($1,781)
|
(17 %)
|
|
Total
revenue
|
$66,239
|
$72,797
|
($6,558)
|
(9 %)
|
|
Gross loss (which
includes PPA Amortization)
|
($2,005)
|
($1,616)
|
($389)
|
24 %
|
|
Gross margin (which
includes PPA Amortization)
|
(3 %)
|
(2 %)
|
|
|
|
Adjusted Gross
Profit
|
$ 5,499
|
$5,816
|
($317)
|
(5 %)
|
|
Gross Margin Excluding
PPA Amortization
|
8 %
|
8 %
|
|
|
|
Net
income/(loss)
|
($59,901)
|
$3,842
|
($63,743)
|
(1,659 %)
|
|
Adjusted
EBITDA
|
($1,702)
|
($2,919)
|
$1,217
|
(42 %)
|
|
Cash flow used in
operating activities
|
($9,213)
|
($3,894)
|
($5,319)
|
137 %
|
|
(1)
|
These figures are
derived from the Company's IFRS financial statements. Adjusted
Gross Profit and Adjusted EBITDA are non-GAAP financial measures
and Gross Margin Excluding PPA Amortization is a non-GAAP ratio.
These terms are defined under "Key Metric Definitions" below. A
reconciliation of non-GAAP financial measures and non-GAAP ratios
are set out below under "Non-GAAP Financial Measures and Non-GAAP
Ratios Reconciliation Tables".
|
Q3 2023 KEY METRICS:
|
Three Months
Ended
|
|
Q3
2023
|
Q3
2022
|
Change
|
%
Change
|
|
|
|
|
|
|
Views
(billions)
|
104
|
96
|
8
|
8 %
|
|
RPMs (in
dollars)
|
$0.54
|
$0.87
|
($0.33)
|
(38 %)
|
|
Three Months
Ended
|
|
Q3
2023
|
Q2
2023
|
Change
|
%
Change
|
|
|
|
|
|
|
Views
(billions)
|
104
|
114
|
(10)
|
(9 %)
|
|
RPMs (in
dollars)
|
$0.54
|
$0.54
|
Nil
|
Nil
|
Income Statement:
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
2023
|
2022
|
%
change
|
2023
|
2022
|
%
change
|
|
$
|
$
|
|
$
|
$
|
|
|
Revenue
|
$66,239
|
$95,076
|
(30 %)
|
$210,800
|
$293,840
|
(28 %)
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
Content creator and
other fees
|
$60,353
|
$86,508
|
(30 %)
|
$191,570
|
$267,101
|
(28 %)
|
|
Amortization
|
$7,891
|
$7,865
|
0 %
|
$23,646
|
$23,539
|
0 %
|
|
Total cost of
revenue
|
$68,244
|
$94,373
|
(28 %)
|
$215,216
|
$290,640
|
(26 %)
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
($2,005)
|
$703
|
(385 %)
|
($4,416)
|
$3,200
|
(238 %)
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Sales and
marketing
|
$4,030
|
$6,762
|
(40 %)
|
$13,536
|
$23,049
|
(41 %)
|
|
General and
administration
|
$2,921
|
$3,993
|
(27 %)
|
$11,037
|
$12,870
|
(14 %)
|
|
Research and
development
|
$1,021
|
$1,290
|
(21 %)
|
$3,299
|
$4,030
|
(18 %)
|
|
Share-based
compensation
|
($315)
|
$989
|
(132 %)
|
$555
|
$2,708
|
(80 %)
|
|
Amortization and
depreciation
|
$943
|
$944
|
0 %
|
$2,870
|
$2,916
|
(2 %)
|
|
Total operating
expenses
|
$8,600
|
$13,978
|
(38 %)
|
$31,297
|
$45,573
|
(31 %)
|
|
|
|
|
|
|
|
|
Operating
loss
|
($10,605)
|
($13,275)
|
(20 %)
|
($35,713)
|
($42,373)
|
(16 %)
|
|
|
|
|
|
|
|
|
Foreign exchange
loss
|
($1,381)
|
($2,345)
|
(41 %)
|
($255)
|
($2,700)
|
(91 %)
|
|
Interest
expense
|
($2,733)
|
($2,383)
|
15 %
|
($8,352)
|
($6,765)
|
23 %
|
|
Goodwill and intangible
assets impairment
|
($48,224)
|
-
|
NA
|
($48,224)
|
-
|
NA
|
|
Gain on debt
modification
|
-
|
$11,264
|
NA
|
$18,007
|
$11,264
|
60 %
|
|
Other income
(expense)
|
$206
|
$240
|
(14 %)
|
($2,208)
|
($251)
|
780 %
|
|
Transaction-related
costs
|
-
|
($59)
|
NA
|
($61)
|
($598)
|
(90 %)
|
|
Total non-operating
(expenses) income
|
($52,132)
|
$6,717
|
(876 %)
|
($41,093)
|
$950
|
(4,426 %)
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
($62,737)
|
($6,558)
|
857 %
|
($76,806)
|
($41,423)
|
85 %
|
|
|
|
|
|
|
|
|
Recovery of income
taxes
|
$2,836
|
$1,783
|
59 %
|
$6,148
|
$9,865
|
(38 %)
|
|
|
|
|
|
|
|
|
Net
oss
|
($59,901)
|
($4,775)
|
1,154 %
|
($70,658)
|
($31,558)
|
124 %
|
|
|
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
Exchange differences
on translation of operations in currencies other than Canadian
dollars
|
$45
|
$272
|
(83 %)
|
($36)
|
($228)
|
(84 %)
|
|
|
|
|
|
|
|
|
Loss and
comprehensive loss
|
($59,856)
|
($4,503)
|
1,229 %
|
($70,694)
|
($31,786)
|
122 %
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share (in dollars)
|
($2.77)
|
($0.22)
|
|
($3.27)
|
($1.49)
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding. Basic and diluted (in whole
numbers)
|
21,647,547
|
21,474,508
|
|
21,595,503
|
21,237,784
|
|
Non-GAAP Financial Measures and non-GAAP Ratios
Reconciliation Tables:
Adjusted EBITDA and Adjusted EBITDA Margin
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2023
$
|
2022
$
|
2023
$
|
2022
$
|
|
Net income
(loss)
|
($59,901)
|
($4,775)
|
($70,658)
|
($31,558)
|
|
Amortization and
depreciation(1)
|
$8,834
|
$8,809
|
$26,516
|
$26,455
|
|
Share-based
compensation
|
($315)
|
$989
|
$555
|
$2,708
|
|
Unrealized and realized
foreign exchange
|
$1,381
|
$2,345
|
$255
|
$2,700
|
|
Interest
expense
|
$2,733
|
$2,383
|
$8,352
|
$6,765
|
|
Gain on debt
modification
|
-
|
($11,264)
|
($18,007)
|
($11,264)
|
|
Goodwill and intangible
assets impairment
|
$48,224
|
-
|
$48,224
|
-
|
|
Other (income)
expense
|
($206)
|
($240)
|
$2,208
|
$251
|
|
Receivable factoring
banking fees
|
$384
|
$296
|
$1,149
|
$659
|
|
Transaction-related
costs
|
-
|
$59
|
$61
|
$598
|
|
Recovery of income
taxes
|
($2,836)
|
($1,783)
|
($6,148)
|
($9,865)
|
|
Adjusted
EBITDA
|
($1,702)
|
($3,181)
|
($7,493)
|
($12,551)
|
|
Total
revenues
|
$66,239
|
$95,076
|
$210,800
|
$293,840
|
|
Adjusted EBITDA
Margin
|
(2.60 %)
|
(3.30 %)
|
(3.60 %)
|
(4.30 %)
|
|
(1)
|
Includes depreciation
and amortization reported in cost of revenue and operating expenses
for all periods.
|
|
(2)
|
Adjusted EBITDA is a
non-GAAP financial measure while Adjusted EBITDA Margin is a
non-GAAP ratio. Further details on these measures are included in
the "Key Metrics Definitions" section of this press
release.
|
BBTV Share, Adjusted Gross Profit, and Adjusted Gross
Margin
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2023
$
|
2022
$
|
2023
$
|
2022
$
|
|
Revenue
|
$66,239
|
$95,076
|
$210,800
|
$293,840
|
|
Less: content creator
and third-party platform fees
|
($60,353)
|
($86,493)
|
($191,570)
|
($267,000)
|
|
BBTV Share
(A)
|
$5,886
|
$8,583
|
$19,230
|
$26,840
|
|
|
|
|
|
|
Gross profit
(loss)
|
($2,005)
|
$703
|
($4,416)
|
$3,200
|
|
Add: amortization
associated with intangible assets acquired as part of the Business
Combination Transaction
|
$7,504
|
$7,470
|
$22,416
|
$22,415
|
|
Adjusted Gross
Profit (B)
|
$5,499
|
$8,173
|
$18,000
|
$25,615
|
|
|
|
|
|
|
Adjusted Gross
Margin (B/A)
|
93.40 %
|
95.20 %
|
93.60 %
|
95.40 %
|
BBTV Share and Adjusted Gross Profit are non-GAAP financial
measures while Adjusted Gross Margin is a non-GAAP ratio. Further
details on these measures are included in the "Key Metrics
Definitions" section of this press release.
Free Cash Flow
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
Cash flow used in
operating activities
|
($9,213)
|
($3,286)
|
($23,951)
|
($17,651)
|
|
Purchase of property
and equipment
|
($6)
|
($21)
|
($18)
|
($267)
|
|
Purchase or development
of intangible assets
|
($385)
|
($528)
|
($1,122)
|
($1,944
|
|
Free Cash
Flow
|
($9,604)
|
($3,835)
|
($25,091)
|
($19,862)
|
Free Cash Flow is a non-GAAP financial measure. Further details
on this measure is included in the "Key Metrics Definitions"
section of this press release
About BBTV
BBTV is a global media and technology company headquartered in
Vancouver, Canada. The Company's
mission is to help content creators become more successful. With
creators ranging from individuals to global media brands, BBTV
provides comprehensive, end-to-end Solutions to increase viewership
and drive revenue powered by its innovative technology, while
allowing creators to focus on their core competency – content
creation. In December 2022, BBTV had
the fourth most unique monthly viewers among digital platforms with
more than 600 million globally, who consumed more than 30 billion
minutes of video content [1]. (www.bbtv.com)
[1] Calculations and classifications made by BBTV based on data
from Comscore's "Top 12 Countries = December
2022 comScore Video Metrix Media Trend – Multi-Platform –
Top 100 Video Properties Report"; Top 12 countries represent ~50%
of world's digital population.
Links to SEDAR filings, conference call recordings and press
releases are available on the investor website at:
https://investors.bbtv.com/
Key Metrics Definitions
The information presented within this press release includes
certain financial measures such as non-GAAP financial measures,
non-GAAP ratios, and supplementary financial measures, as well as a
non-financial performance measure (collectively, "Key Metrics") to
assist investors in assessing the overall operating performance of
the Company. These measures are provided as additional information
to complement IFRS measures by providing further understanding of
our results of operations from management's perspective.
Accordingly, these measures should not be considered in isolation
nor as a substitute for analysis of our financial information
reported under IFRS. They are not standardized measures under IFRS
and do not have standardized meanings prescribed by IFRS, and might
not be comparable to similar financial measures disclosed by other
issuers. These Key Metrics are used to provide investors with
supplemental information on our operating performance and thus
highlight trends in our core business that may not otherwise be
apparent when relying solely on IFRS measures. We also believe that
securities analysts, investors and other interested parties
frequently use Key Metrics in the evaluation of issuers. Our
management also uses Key Metrics in order to facilitate operating
performance comparisons from period to period, to prepare annual
operating budgets and forecasts and to determine components of
management compensation.
The numbers for the Company's Key Metrics and related
information are calculated using external industry data sources
and/or internal company data. These measures may be different from
non-GAAP financial measures or ratios or other metrics used by
other companies and may not be comparable to similar meanings
prescribed by other companies, limiting their usefulness for
comparison purposes. Moreover, some of these adjustments or
measures are provided for period-over-period comparison purposes,
and investors should be cautioned that the effect of the
adjustments provided herein is not indicative of the actual effect
on the Company's operating results.
Non-GAAP Ratios contained in this press release are:
"Adjusted Gross Margin" means Adjusted Gross Profit divided by
BBTV Share; and
"Adjusted EBITDA Margin" means Adjusted EBITDA divided by
revenue.
"Gross Margin Excluding PPA Amortization" means Adjusted Gross
Profit divided by revenue.
Non-GAAP Financial Measures contained in this press release
are:
"Adjusted EBITDA" means net earnings or loss, as applicable,
before finance expenses, income tax expense (recovery),
amortization and depreciation, share-based compensation, unrealized
and realized gains or losses due to foreign exchange,
transaction-related costs, and certain other items as set out in
the reconciliation table;
"BBTV Share" means revenue less content creator and third-party
platform fees;
"Adjusted Gross Profit" means gross profit plus amortization
associated with intangible assets acquired as part of the Business
Combination Transaction;
"Free Cash Flow" means cash flows from (used in) operating
activities less purchases of property and equipment and purchase or
development of intangible assets;
See the financial tables above for a reconciliation of the
non-GAAP ratios and non-GAAP financial measures.
Supplementary Financial Measures
Supplementary Financial Measures contained in this press release
are:
"Advertising Revenue" means the revenue generated from
advertising sales from the Company's owned and licensed video on
demand content across digital platforms, rights management revenue
from advertising sales on video on demand content, and in-app
advertising on Mobile Gaming Apps.
"RPMs" or "Revenue per one thousand video Views" means the
Advertising Revenues for every thousand Views generated by the
Company's owned and licensed digital content. The Company does not
provide a reconciliation for RPMs as there are no directly
comparable IFRS measures for the components that make up RPMs.
"Gross Margin" means gross profit divided by revenue.
We monitor Advertising Revenue and RPMs to help us evaluate our
business, measure our performance, identify trends affecting our
business, formulate business plans and make strategic decisions.
These measures are also used to provide investors with supplemental
measures of our operating performance and thus highlight trends in
our core business that may not otherwise be apparent when relying
solely on IFRS measures. Unless the context otherwise requires, the
Company believes that readers should consider the applicable
metrics to be indicative of engagement and monetization trends that
are key factors that affect the Company's revenue. The Company may
or may not update these metrics based on the Company's
determination of applicability, circumstance, relevance or other
considerations.
Non-Financial Performance Measures
Views are one of BBTV's non-financial performance measures and
are defined as the number of views, in billions, of the Company's
owned and licensed digital video content on various platforms,
notably YouTube, for the stated period. The presentation of Views
is reliant on certain third-party industry data and therefore is
not comprehensive and may exclude views of the Company's content on
certain platforms or in geographies whereby such data sources are
unable to or do not track such information. Trends in Views affect
revenue and financial results by influencing the Company's volume
of salable media inventory, RPMs, as well as its product offerings,
expenses and capital expenditures.
While Views are reported using reasonable judgments and
estimates of the audience and its engagement with its content for
the applicable period of measurement, there are certain challenges
and limitations in measuring the usage of its content across its
audience. Such challenges and limitations may also affect the
Company's understanding of certain details of its business. For
example, the methodologies used to measure the Company's Views and
RPMs (see "Supplementary Financial Measures" above) may be
susceptible to algorithm, calculation or other technical or human
errors, and following an acquisition or strategic transaction,
certain data may be, among other things, integrated, analyzed and
reported differently by the Company than it was by the target or
the strategic partner. Moreover, the Company's or its data
provider's business intelligence tools may experience glitches or
fail on a particular data backup or upload, which could lead to
certain customer activity not being properly included in the
calculation of Views and RPMs. Although the Company typically
attempts to address and correct any such failures and inaccuracies
relatively quickly, its reported Views and RPMs are still
susceptible to the same and its estimations of such metrics may be
lower or higher than the actual numbers.
Forward Looking Statements:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws (collectively, "forward-looking information").
Forward-looking information is not information about historical
facts but instead represents the Company's intentions, beliefs,
plans, goals, objectives and strategies regarding future events and
results, and includes certain financial outlooks. Financial
outlooks are provided to aid in understanding management's goals
and expectations regarding future financial matters, and, for all
the reasons set out below, may not be achieved. Such financial
outlooks may not be appropriate for other purposes. Forward-looking
information contained in this press release includes statements
that over time, based on industry stakeholder feedback, it is
expected that the monetization of YouTube Shorts should improve to
more closely reflect those of regular-length YouTube videos; to the
extent YouTube Shorts RPMs track higher, notwithstanding typical
seasonality, overall RPMs also are expected to increase over time;
the Company continues to look for opportunities to optimize
operations in the coming months; with a large pipeline of mostly
global enterprise clients, Plus Solutions should continue to grow
as a percentage of total revenue and Adjusted Gross Profit, even as
Shorts monetization increases; statements containing certain
details of the Company's plan to undertake a go-private
transaction by way of a statutory Plan of Arrangement, subject to
securityholder approval, and complete a related financing; and the
Company's ability to continue as a going concern is dependent upon
its ability to meet its cash flow forecasts and secure additional
financing. Forward-looking information is necessarily based
on a number of estimates and assumptions that the Company
considered appropriate and reasonable as of the date such
information is given, including but not limited to the assumptions
that growth trends in views and RPMs overall will improve over
time; the Company will be able to find ways to optimize operations
in the coming months; the Company will continue to acquire and
maintain significant content management clients resulting in the
Company's Plus Solutions revenue continuing to grow as expected;
that BBTV will continue to acquire new content partners of the same
nature and type and at least at the same rate or better than it has
historically; the Company will continue to implement cost
reductions; our content providers and our strategic and other
partners will perform as contractually required; we will be able to
obtain and maintain financing on acceptable terms on a timely
basis; the go-private transaction and related financing will close
as anticipated; and that there will be no changes in general
industry, market and economic conditions adverse to the Company.
Forward-looking information is subject to known and unknown risks,
uncertainties, and other factors, many of which are beyond the
Company's control, that may cause actual results, performance or
achievements to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to the risk that the Company's assumptions on which its
forward-looking information is based may not be accurate; the
effect of competition; that the Company has a history of losses and
negative cash flow; the Company may not become profitable as
anticipated by management or at all; the Company's need for
additional capital on acceptable terms and to meet its cash flow
forecasts, neither of which is assured; the Company's significant
reliance on its relationship with YouTube; the impact of the
continuing COVID-19 pandemic and of economic uncertainty; the risks
of potential claims of infringement by the Company or its content
providers of third party intellectual property and other rights;
changes in laws and regulations; future market, consumption
patterns and other trends may fail to meet or exceed historical
trends or current expectations; failure of the Company to realize
significant distribution on new platforms or at all; as well as
other factors discussed in the Company's Final Long Form Prospectus
dated October 22, 2020 and its latest
Annual Information Form, MD&A and other filings with the
Canadian securities regulatory authorities at www.sedarplus.ca. The
Company does not undertake any obligation to update any
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
Contacts:
Media Relations
pr@bbtv.com
Mark Funston,
Head of Marketing and PR,
778-288-4950
mfunston@bbtv.com
Investor Relations
ir@bbtv.com
Ron Shuttleworth
Partner
Oak Hill Financial Inc
(647)-500-7371
rshuttleworth@oakhillfinancial.ca
BBTV-F
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SOURCE BBTV Holdings Inc.