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New CFO, new audit committee chair, and forgiveness of $600,000 in PPP loans
Toronto, Ontario–(Newsfile Corp. – April 11, 2022) – DGTL Holdings Inc. (TSXV: DGTL) (OTCQB: DGTHF) (WKN: A2QB0L) (“DGTL Holdings” or “the Company”) announces a reorganization of its financial administration team and the disbursement of $600,000 in COVID-19 relief loans to small businesses.
First, the Company welcomes Mr. Christopher Foster (CPA, CGA) as the new Chief Financial Officer of DGTL Holdings Inc. (effective April 30and, 2022). Mr. Foster is an experienced CFO and has led financial management teams for several public and private companies, across a range of industries. As Chief Financial Officer, Mr. Foster will manage all financial controllers at the subsidiary level and work with appointed auditors to prepare quarterly and annual financial statements.
The Company also announces that Mr. David Beck, interim independent director, has been appointed as the new chair of the audit committee and that Mr. Gilbert Boyer has stepped down as Chief Financial Officer of Engagement Labs, effective April 8, 2022.
Second, DGTL reports that its two wholly-owned subsidiaries have been approved for PPP (Paycheck Protection Program) loan forgiveness. PPP loan forgiveness applications have been processed by the SBA (Small Business Association), an agency of the US federal government that administers COVID-19 small business relief loans (as authorized by Section 1106 of the Act federal CARES).
Hashoff LLC’s request for forgiveness of a $177,000 PPP loan has been officially approved. Additionally, a request for cancellation of a $420,000 loan held by an Engagement Lab affiliate was also approved. To date, over $600,000 in interest-bearing loans held by DGTL subsidiaries have been considered fully repaid. These significant debt reductions will be reflected in future financial reports, including the annual financial statements for fiscal year 2023.
Managing Director, Mr. John Belfontaine reports; “We are delighted to have revamped our financial management team and welcome Mr. Chris Foster to the management team. We are also delighted to have over $600,000 in PPP loans forgiven and now considered fully paid.The immediate priority of the new DGTL Holdings Inc. management team is to implement better tax accountability and sound corporate governance.The first step in this process is to implement effective reductions material and material debt and operating expense at the subsidiary level Scalable and sustainable revenue growth models provide a solid foundation upon which DGTL Holdings Inc. can continue to build on its vision of becoming a full-service digital media software.”
DGTL Management Inc. (TSXV.DGTL)
DGTL acquires and accelerates transformative digital media, marketing and advertising software companies, powered by artificial intelligence (AI). DGTL (i.e. Digital Growth Technologies and Licensing) targets fully commercialized SaaS (Software as a Service) companies entering a rapid growth phase in the social, mobile, gaming and streaming industries . DGTL acquires operating software businesses through mergers and acquisitions, licensing, and a mix of unique capitalization structures. DGTL Holdings Inc. is listed on the Toronto Venture Exchange as “DGTL”, on the OTCQB as “DGTHF” and on the FSE as “A2QB0L”. For more information visit: www.dgtlinc.com
As a wholly owned subsidiary of DGTL Holdings Inc., Hashoff is an enterprise-level self-service CaaS (content as a service) based on proprietary artificial intelligence and machine learning technology ( AI-ML). Hashoff’s AI-ML platform operates as a full-service content management system, designed to empower global brands by identifying, optimizing, engaging, managing and tracking top-ranked digital content publishers for marketing campaigns localized brands. Hashoff is fully commercialized and currently serves many global brands by providing direct access to the global gig economy of over 500 million independent content creators. Hashoff’s client portfolio includes global brands in a range of key growth categories, including DraftKings, Anheuser Busch-InBev, PepsiCo, Currency.com, Syneos Health, and more.* To learn more, visit https://dgtlinc .com/technology/social-media-cms.
As a wholly owned subsidiary of DGTL Holdings Inc., Engagement Labs is a leading data and analytics company providing social intelligence to Fortune 500 brands and companies. Engagement Labs’ TotalSocial® platform focuses across the entire social ecosystem by combining powerful online (social media) and offline (word of mouth) data with predictive analytics. Engagement Labs has a decade-long proprietary database of unique brand, industry, and competitive intelligence coupled with its industry-leading predictive analytics that use machine learning and artificial intelligence to reveal social metrics that increase marketing ROI and core revenue for its diverse group. Fortune 500 customers. To learn more, visit https://dgtlinc.com/social-media-analytics.
Email: [email protected]
Phone: +1 (877) 879-3485
* Past and present clients. All currencies in Canadian dollars unless otherwise specified.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120044