ARHT Media Announces Fiscal 2023 Audited Financial Results

- TSX Venture News
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  • 2023 Revenue of $4.9m in 2023
  • Technological innovations elevate product offering including AI Virtual Concierge and SAAS based platform
  • Growth of global Channel Partners expected to scale revenue in 2024 and beyond
  • Q1 2024 revenue of approximately $1.6m

TORONTO, May 06, 2024 (GLOBE NEWSWIRE) — ARHT Media Inc. (“ARHT” or “the Company”) (TSXV: ART), (OTCQB: ARHTF) the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced its financial operating results for the fiscal year ended December 31, 2023 which are available on SEDAR.

“While our financial results were disappointing in 2023, our technological innovations were the best in the history of ARHT which in turn has created a reliable, patent-protected, superior product,” said CEO, Larry O’Reilly.

The Company is on the path of a renewed strategy and the pillars of this plan include:

  • Prioritizing sales and marketing efforts in its most profitable regions in North America and Europe;
  • Targeting organizations with significant scaling potential;
  • Achieving substantial cost reductions in cash operating expenses;
  • Creating new supply partnerships to reduce cost of goods sold;
  • Utilizing proprietary software, hardware and technical support systems to enable scalability and key competitiveness;
  • Continuing to integrate AI applications to reduce costs and drive innovation and efficiency.

“In Q1 2024, we have already seen meaningful growth in sales of approximately $1.6m from a blue-chip list of clients including Samsung, Infosys, Franklin Templeton and The University of Quebec at Trois Riviere. We are confident this momentum will continue throughout 2024,” added Mr. O’Reilly.

About ARHT

ARHT is a pioneer and the global leader in live hologram technology. Thanks to its patented end-to-end technology, executives, medical experts, educators, entertainers, and thought leaders can travel at the speed of light to any destination.

ARHT was founded in 2014 and is publicly traded on the TSX Venture Exchange. ARHT has offices in North America, Europe and Asia and operates from its own studios in locations from Toronto to Singapore, as well as a large network of partner studios in every region.

Connect with ARHT:
LinkedIn: https://www.linkedin.com/company/arht-tech
Instagram: https://www.instagram.com/arht.tech
Facebook: https://www.facebook.com/arht.tech
X: https://twitter.com/arht_tech
Youtube: https://www.youtube.com/@arht-tech

For more information, please visit www.arht.tech/about/investors or www.arht.tech.

Alternatively, email us directly at [email protected].

ARHT trades under the symbol “ART” on the TSX Venture Exchange.

Press Inquiries:
Kristen Spence
[email protected]

ARHT
Larry O’Reilly
Chief Executive Officer
+1 (416) 844 – 6747 (head office)

This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the intention to exercise convertible securities of the Company; disclosure related to the Company’s sales funnel; the Company’s technology; the potential uses for the Company’s technology; the future planned events using the Company’s technology; the future success of the Company; the ability of the Company to monetize the ARHT Media technology; the development of the Company’s technology; and interest from parties in ARHT’s products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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