Recall Studios Reports Third Quarter 2018 Results Including $276 Million Increase in Stockholders’ Equity
New York, NY, Nov. 19, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Recall Studios (OTC: “BTOP”), a leading developer of hyper-realistic digital humans for entertainment, mixed reality and artificial intelligence, today reported financial results for the third quarter ended September 30, 2018.
In August 2018, Recall Studios acquired Evolution AI Corporation, including a majority interest in Pulse Evolution Corporation (OTC: PLFX). Our third quarter financial reports incorporate the purchase accounting and consolidation effects of these acquisitions, including a third-party appraisal of included assets which was commissioned to support the Company’s allocation of purchase price to its adjusted balance sheet.
The highlights of our third quarter financial report are as follows:
The Company acquired 99.7% of artificial intelligence firm Evolution AI Corporation on August 8, 2018,which included a 58% interest in digital human, entertainment firm Pulse Evolution Corporation, for purchase consideration of $211.5 million;
Total Assets increased to $291.5 million, for the quarter ended September 30, 2018, as compared to $86,000 for the year ended December 31, 2017;
Total Stockholders’ Equity increased to $273.0 million, for the quarter ended September 30, 2018, as compared to Total Stockholders’ Deficit of $3.1 million for the year ended December 31, 2017;
Current Assets increased to $847,823, for the quarter ended September 30, 2018, as compared to $80,000 for the year ended December 31, 2017;
Net Loss of $4,260,257, or $(0.03) per share, for the quarter ended September 30, 2018, as compared to a net loss of $808,000, or $(0.01) per share, for the comparable quarter of 2017.Recall Studios CEO John Textor will host a shareholder call on November 27, 2018, at 11am EST to discuss the Company’s third quarter financial results and other key developments.Recall Studios Third Quarter 2018 Shareholder Information Call: Tuesday, 11:00am EST, November 27, 2018Registration Required in advance for this meeting: Register After registering, you will receive a confirmation email containing Telephone and Webcast Information about joining the meeting.
About Recall Studios
Recall Studios, including its consolidated subsidiaries, is a globally recognized, market leading developer of hyper-realistic digital humans – computer generated assets that can be distributed across the full spectrum of traditional media and emerging display technologies, including live entertainment, virtual reality, augmented reality, mobile, interactive and artificial intelligence applications. In August 2018, Recall Studios acquired Evolution AI Corporation, a developer of digital humans as an ‘inter-Face’ of artificial intelligence applications, including its majority interest in Pulse Evolution Corporation, a globally recognized leader in the development of hyper-realistic digital humans for entertainment.
Evolution AI Corporation’s John Textor, described recently by Forbes magazine as “Hollywood’s Virtual Reality Guru”, was recently appointed CEO of Recall Studios and, together with Chairman Alexander Bafer, is committed to applications of Mixed Reality (VR and AR) and the important role that digital humans and artificial intelligence will play in the world of immersive entertainment. Our leadership team is currently focused on applications of digital humans in entertainment. We believe the entertainment industry provides us with attractive near-term opportunities to put digital humans to work in proven performance-oriented business models, while also allowing us to use the visibility of our globally recognized celebrities to showcase our digital human technologies and their applications across other industries. Accordingly, our current business plan is to generate revenues from our digital human representations of the world’s best-known living and late celebrities.
Beyond entertainment, we believe our specific business opportunity will be driven by the rapid evolution of the methods by which people access information and content through various forms of interactive electronic media. We believe that we are moving toward a world in which we will simply ask a computer a question and we will be given an answer, by a hyper-realistic digital human who possesses a universe of accurate and relevant information. Through our continued development of the world’s most advanced human animation technology, and our collaboration with the larger community of artificial intelligence pioneers, we expect that we will do more than just put a face on ‘AI.’ We intend to build your most knowledgeable teacher, your most trusted advisor, and in a digital world that reveals more possibilities each day, maybe even your best friend.
Now, with a complete understanding of creative and technical content creation, a global reputation for delivering some of the world’s most visually stunning imagery, including our unprecedented hyper-realistic digital humans, and with proprietary technology that is as attractive to strategic partners as it is to consumers, we believe Recall Studios has a profound and global opportunity to capitalize on the most lucrative business opportunities across the industries of entertainment, education, communications and artificial intelligence.
Our most recent SEC filings and financial information can be found on the Securities and Exchange Commission’s website at www.sec.gov
FORWARD-LOOKING STATEMENTS; ADDITIONAL INFORMATION
Certain statements in this communication may be “forward-looking statements” that are subject to risks and uncertainties, are based on management’s current expectations, and as a result of the following risks and uncertainties, among others, actual results and events may differ materially; the successful integration of Recall Studios, Evolution AI, and Pulse Evolution, and the ability to realize synergies and other benefits; the availability of funds to meet debt obligations and to fund operations and necessary capital expenditures; and other risks and uncertainties detailed our filings with the Securities and Exchange Commission. More information on potential factors that could affect our financial results is included from time to time in our SEC filings and reports. Recall Studios disclaims any obligation to update information contained in these forward-looking statements.
The Tender Offer to acquire additional interests in Pulse Evolution, referenced in previous press releases, has not yet commenced. Such communications are for information purposes only and should not be considered an offer nor a solicitation of an offer to purchase, sell or exchange securities or a solicitation of a proxy from any stockholder. Subject to future developments, additional documents regarding the proposed transaction, such as a Schedule TO and a registration statement on Form S-4, may be filed with the SEC, which investors should read carefully if and when they become available because they contain important information. Investors may obtain a free copy of the documents filed by Recall Studios, when they are available, from the SEC’s website at www.sec.gov. Recall Studios, its directors and certain of its executive officers may be deemed to be participants in a solicitation of proxies for the proposed transaction.
Information about the directors and executive officers of Recall Studios is set forth in its most recent proxy statement for the annual meeting of stockholders, as filed with the SEC, and will be included in the relevant documents regarding the proposed transaction filed with the SEC.
Contact: Bradley Albert President, Recall Studios firstname.lastname@example.org 212-537-5775