Sanwire Corporation Reports Record Revenues for the Second Quarter Ended June 30, 2020
17 Agosto 2020 - 7:30AM
InvestorsHub NewsWire
Sanwire
Corporation Reports Record Revenues for the Second
Quarter Ended June 30,
2020
Los Angeles, CA -- August 17,
2020 -- InvestorsHub NewsWire -- Sanwire Corporation, ("Sanwire" or
the "Company") (OTC:
SNWR), a diversified company focused on the entertainment
industry, is pleased to announce
its second quarter
financial
performance for its subsidiary Intercept Music, Inc.
("Intercept") and Art is War Record label ("AIW
Records").
Per Sanwire’s revenue
guidance press release
dated July 7, 2020, the Company is reporting better than expected
results for the
quarter ended June 30, 2020. Key highlights from second
quarter compared to first quarter financial results are: Revenues
increased by over 325% and Gross Profit increased by approximately
200%. All
figures are unaudited and based on consolidated
basis.
Sanwire's second quarter
revenues encompass one whole quarter for Intercept (April-June
2020) and approximately three weeks of AIW Records June 9-30,
2020. Sanwire acquired Intercept on March 5,
2020 and AIW Records on June 9,
2020.
Management
Comments
Tod Turner, President of
Intercept, and Chris Whitcomb, CEO of Sanwire, commented, “Our
financial performance for the first six months of 2020 validates
our business plan. Despite domestic and international economic
slowdown, we continue to experience increased demands for our
products and services, especially Intercept PLUS, our label
services program.”
“Moving forward, we anticipate
continued growth in third quarter of 2020, both in terms of
increased revenues and business activities. We are adding new
services on a regular basis and expanding existing services. The
management team is committed to execute its vision to rapidly
expand growth from existing markets and penetrate new
ones.”
Year-to-Date
Milestones
· Acquisition
of Intercept Music: Sanwire’s foundational
acquisition. This acquisition firmly entrenched Sanwire
in the music distribution and marketing
industry.
· Development
of Intercept PLUS, artist label services program: Vastly
expanded service offerings to include many of those services
offered by a full-service label, including distribution,
marketing/promotion, retail stores and
more.
· Acquisition
of Art is War record label: The acquisition of the label provided a
strong base for the Intercept PLUS program with many artists ready
to join.
· Addition
of Mr. Jim Urie to Intercept’s board of directors. Mr. Urie is the
former president and chief executive officer of Universal Music
Group Distribution Group. Called one of the "music industry distribution
giants" by
Billboard Magazine, Mr. Urie has had a career-long focus on maximizing
profitability for music distribution, across all outlets and
formats.
· Added
physical music distribution through partnerships
with Amplified
Distribution (www.AmplifiedDistribution.com)
and Super D (www.sdcd.com)
that collectively provide distribution channels
with major
retailers including Amazon, Amazon International, Tower Japan, Barnes
& Noble, BarnesNoble.com, and many others.
· Agreement
with UK based company to expand service offerings and reach new
markets.
· Addition
of several brand ambassadors across several genres of music to
expand our reach and influence
nationally.
About Intercept
Music, Inc.
Intercept Music, Inc. is an
entertainment technology company dedicated to helping independent
artists effectively distribute, market, and monetize their music.
Sold through a Software as a Service (Saas) model, Intercept’s
online platform delivers an unsurpassed combination of marketing,
promotion, and distribution to hundreds of stores worldwide and
every major streaming service, including Apple Music, Google Music,
Pandora and Spotify. Intercept’s options include full-service,
concierge-style support and even one-on-one coaching from
award-winning music industry professionals. Intercept focuses
exclusively on the independent music market, which is estimated at
12 million artists, and is the fastest-growing sector of the music
industry. For more information,
visit interceptmusic.com.
About Sanwire
Corporation
Sanwire Corporation (OTC:
SNWR), a diversified company with a focus on the entertainment
industry, has been involved in aggregating technologies for a
number of years. We look for opportunities in fragmented markets,
where technology can be applied to consolidate services into a
single platform of delivery. Our current focus is advanced
entertainment technologies. For more information,
visit sanwirecorporation.com.
For further
inquiries, contact ir@sanwirecorporation.com, casper.casparian@interceptmusic.com,
or (424) 835-0833.
Safe Harbor
Statement:
Forward-Looking Statements are included within the meaning of
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Act of 1934, as amended. All statements regarding our
expected future financial positions, results of operations, cash
flows, financing plans, business strategy, products and services,
competitive positions, growth opportunities, plans and objectives
of management for future operations, listing on the OTC Markets,
including words such as "anticipate," "if," "believe," "plan,"
"estimate," "expect," "intend," "may," "could," "should," "will,"
and other similar expressions are forward-looking statements and
involve risks, uncertainties, and contingencies, many of which are
beyond our control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
Sanwire (PK) (USOTC:SNWR)
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