Investment in technology infrastructure and digital platforms and products repositions MediaCentral Corporation for near-term profitability, debt reduction and double-digit revenue growth
- MediaCentral will build its foundational future on NOW Magazine and the Georgia Straight's 93 years of brand awareness and trusted alternative news content.
- Investments in a new unified technology infrastructure will significantly enhance the user experience across all of its wholly owned digital platforms.
- The Company anticipates releasing two new digital products slated for Spring 2021 to diversify revenue beyond traditional advertising:
- CreatorNews will be a global news aggregator site focused on arts, culture and lifestyle content and supported by supply side programmatic advertising.
- CreatorStack will be a subscription newsletter platform that hosts paid content creators specialized in arts, culture and lifestyle in a revenue sharing business model.
TORONTO, ON / ACCESSWIRE / February 4, 2021 / Media Central Corporation Inc. (CSE:FLYY)(FSE:3AT) ("MediaCentral" or the "Company"), a publicly held holding company of media assets that trades on the Canadian Securities Exchange, today announced a wave of new digital initiatives as part of the Company's 2021 strategic growth plan.
"We believe that the future of our business is the intersection of content and technology," said Manos Pavlakis, the Company's Board Chairman. "Our strategy is to leverage this intersection to allow MediaCentral the flexibility to quickly embrace new digital revenue streams and methods to scale our audience. This plan reduces the risk of being reliant on traditional print and digital advertising and is key to the success of a modern media company."
A critical element of the plan is integrating Lunarstorm Technologies, Inc. ("Lunarstorm") with MediaCentral's operating teams and management to develop new, cutting-edge digital products.
Lunarstorm is a leading provider of technology solutions to Canadian businesses based in Guelph, ON. They have already completed the first stage of unifying MediaCentral's existing publishing platforms. Development of MediaCentral's new digital products CreatorNews and CreatorStack is well underway to meet a Spring 2021 launch deadline.
CreatorNews and CreatorStack will expand MediaCentral's position as the voice of alternative publications as established through its legacy outlets NOW Magazine ("NOW") and the Georgia Straight ("Straight"). CreatorNews will function as a global aggregator of top alternative news and content while CreatorStack will be a platform to curate paid newsletters published by independent journalists and bloggers under a shared revenue business model. The new digital platforms will focus on established areas of interest among alternative publication readers including: Politics, Arts, Culture, Film, Comedy, Music, Books, Urban Living & Real Estate, Food & Drink, Events, Lifestyle and Adult Entertainment.
A second key element of MediaCentra's strategic plan is to embrace and enable omnichannel content creators on both existing publications and new platforms like CreatorNews and CreatorStack. The Company is focused on identifying leading journalists, podcasters, video producers and bloggers to produce content across MediaCentral's publications, web sites, web-enabled mobile sites, newsletters and social media feeds in addition to its existing award-winning editorial team.
"We face the same challenges today as every media company with the exception of a handful of highly successful global media organizations," said MediaCentral President Kirk MacDonald. "If we don't find ways to rapidly increase the depth and range of our content and the scale of our audience, we are living on borrowed time. Relying only on traditional media advertising revenue streams is a death sentence. CreatorStack and CreatorNews will introduce new readers to MediaCentral by tapping into leading global content creators. We anticipate that this will open up significant new streams of revenue for the Company."
MediaCentral also intends to rebrand both its cannabis digital magazine CannCentral and its adult entertainment platform Toronto Adults including introducing enhanced user experience features such as ecommerce and streaming video. The Company anticipates announcing the new brand names of both platforms in Q2, 2021.
Additionally, MediaCentral announced that it has negotiated various debt conversion agreements (collectively, the "Debt Agreements") with two (2) arm's length creditors (collectively, the "Creditors").
Pursuant to the terms of the Debt Agreements, the Company has agreed to issue an aggregate of 9,000,000 common shares ("Debt Shares") to the Creditors in exchange for the cancellation of $90,000 in debt owing to the parties.
The Debt Shares issued pursuant to the debt conversion are subject to a statutory four (4) month hold period.
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the acquisitions of Vancouver Free Press Corp. and NOW Central Communications Inc. as well as the launch of digital cannabis platform CannCentral.com and ESports outlet ECentralSports.com. MediaCentral is consolidating and digitally monetizing the over 100 million coveted and premium consumers of the approximately 100 alternative urban publications across North America, creating the most powerful audience of influencers.
Facebook: Media Central Corp.
About Vancouver Free Press Corp.,
Vancouver Free Press Corp., owns and operates Georgia Straight and straight.com. Established in 1967 as the news, lifestyle, and entertainment weekly in Vancouver, the Georgia Straight has been an integral part of the active urban West Coast lifestyle for over 50 years. Reaching over 56 million annual readers, every Thursday in print, and every day at straight.com, Georgia Straight delivers an award-winning editorial package of features, articles, and reviews. Regular coverage includes news, tech, arts, music, fashion, travel, health, cannabis, and food, plus Vancouver's most comprehensive listings of entertainment activities and special events. Vancouver Free Press Corp. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About NOW Central Communications Inc.
NOW Central owns and operates NOW Magazine and nowtoronto.com. Since 1981 NOW has been Toronto's news and entertainment voice, published in print every Thursday, and daily at nowtoronto.com. Reaching over 25 million annual readers, NOW has been a leading publication, defining and pioneering the independent and alternative voice for more than 38 years. NOW Central Communications Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About CannCentral Inc.
With unique daily content appealing to both new and experienced cannabis consumers, Canncentral is poised to become the leading digital publisher for all things cannabis. Presenting authentic news and lifestyle content through a verified lens, Canncentral is emerging as an industry leading authority on knowledge, product and insight for cannabis enthusiasts, patients and investors around the world. Canncentral Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
ECentralSports is a dynamic digital destination for eSports fans in search of the latest in news, competitive gaming coverage, analysis, events, lifestyle features and gaming culture. With a strong focus on covering cultural, artistic, and social subjects from deep within the esports world, ECentral provides the ultimate insider guide to the industry. ECentralSports is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations, expectations with respect to estimated margins, cost structures, and cost structures in the media industry. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of MediaCentral to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
For further information:
Investor Relations: Investors@mediacentralcorp.com
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SOURCE: Media Central Corporation Inc.
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