New Chief Financial Officer, New Chairman of the Audit Committee and $600,000 in PPP Loans Forgiven
Toronto, Ontario–(Newsfile Corp. – April 11, 2022) – DGTL Holdings Inc. (TSXV: DGTL) (OTCQB: DGTHF) (WKN: A2QB0L) (“DGTL Holdings” or “the Company”) reports a reorganization of its financial administration team and the forgiveness of $600,000 in small business COVID-19 relief loans.
Firstly, the Company welcomes Mr. Christopher Foster (CPA, CGA) as the new Chief Financial Officer of DGTL Holdings Inc. (to be effective April 30th, 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 CFO, Mr. Foster will manage all financial controllers at the subsidiary level and will work with appointed auditors to prepare quarterly and annual financial statements.
The Company also reports that Mr. David Beck, acting independent director, has been appointed as the new Audit Committee Chairman, and that Mr. Gilbert Boyer has departed as CFO of Engagement Labs, as of April 8th, 2022.
Secondly, DGTL reports that both of its wholly owned subsidiaries have been approved for PPP (Paycheck Protection Program) loan forgiveness. PPP loan forgiveness applications were processed by the SBA (Small Business Association) a US federal administration agency that administrates COVID-19 small business relief loans (as authorized by s.1106 of the federal CARES Act).
Hashoff LLC’s application for the forgiveness of a $177,000 PPP loan has officially been approved. In addition, an application to forgive a $420,000 loan held by an Engagement Lab’s subsidiary was also approved. To date, over $600,000 in interest bearing loans held by DGTL subsidiaries have been considered paid in full. These significant debt reductions will be reflected in future financial reports, including the 2023 FYE annual financial statements.
Chief Executive Officer, Mr. John Belfontaine reports; “We are pleased to have reorganized our financial management team and we welcome Mr. Chris Foster to the senior executive team. We are also pleased to have over $600,000 in PPP loans forgiven, and now considered paid in full. The immediate priority for the new DGTL Holdings Inc. executive team is to implement improved fiscal accountability and sound corporate governance. The first step in this process is to action effective and material debt and operating expense reductions at the subsidiary levels. 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 conglomerate.”
DGTL Holdings 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 enterprise level SaaS (software-as-a service) companies entering a rapid growth stage with in the sectors of social, mobile, gaming and streaming. DGTL acquires operating software businesses via M&A, licensing and a blend of unique capitalization structures. DGTL Holdings Inc. is traded on the Toronto Venture Exchange as “DGTL”, the OTCQB exchange as “DGTHF”, and 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) built on proprietary Artificial Intelligence and Machine Learning (AI-ML) technology. Hashoff’s AI-ML platform functions 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 localized brand marketing campaigns. Hashoff is fully commercialized and currently serves numerous global brands by providing direct access to the global gig-economy of over 500 million freelance content creators. Hashoff’s customer portfolio includes global brands in a range of key growth categories, including DraftKings, Anheuser Busch-InBev, PepsiCo, Currency.com, Syneos Health, etc.* To learn more visit https://dgtlinc.com/technology/social-media-cms.
As a wholly owned subsidiary of DGTL Holdings Inc., Engagement Labs is an industry-leading data and analytics firm that provides social intelligence for Fortune 500 brands and companies. Engagement Labs’ TotalSocial® platform focuses on the entire social ecosystem by combining powerful online (social media) and offline (word of mouth) data with predictive analytics. Engagement Labs has a proprietary ten-year database of unique brand, industry and competitive intelligence, matched with its cutting-edge predictive analytics that use machine learning and artificial intelligence to reveal the social metrics that increase marketing ROI and top line revenue for its diverse group of Fortune 500 level clients. To learn more visit https://dgtlinc.com/social-media-analytics.
Email: [email protected]
Phone: +1 (877) 879-3485
* Past and present customers. All currencies in Canadian dollars unless stated otherwise.
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