Entravision Announces Participation in NobleCon18

Research, News, and Market Data on Entravision

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced its participation in NobleCon18, Noble Capital Markets’ eighteenth annual investor conference, to be held April 19-21, 2022 in Hollywood, Florida. Chris Young, Chief Financial Officer and Treasurer, is scheduled to present on Wednesday, April 20, 2022 at 2:00 p.m. ET and will participate in meetings with investors throughout the day.

The presentation will be webcast live over the Internet, and a link to the live webcast and replay will be available on Entravision’s Investor Relations website at investor.entravision.com.

About Entravision Communications Corporation

Entravision is a leading global advertising solutions, media and technology company connecting brands to consumers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220412005385/en/

Christopher T. Young
Chief Financial Officer
Entravision

310-447-3870

Kimberly Esterkin
Addo Investor Relations
310-829-5400

evc@addo.com

Source: Entravision Communications Corporation

Noble Capital Markets Media Sector Review – Q1 2022

INTERNET AND DIGITAL MEDIA COMMENTARY

High Flying Tech Stocks Get Their Wings Clipped

As we noted last quarter, despite performing well in 2021 overall, stocks in the Internet and Digital Media sectors performed poorly in the fourth quarter of 2021. Unfortunately, that quarter’s performance carried over into the first quarter of 2022. None of Noble’s Internet and Digital Media Indices outperformed the broader market, which we define as the S&P 500. Stocks in the S&P 500 Index decreased by 5% in 1Q 2022, which was better than Noble’s Digital Media Index (-9%), Ad Tech Index (-24%), MarTech Index (-25%), Esports & iGaming Index (-26%) and Social Media Index (-31%).

Noble’s Internet & Digital Media Indices are market cap weighted, so each sector’s performance is often driven by the FAANG stocks (Facebook, Apple, Amazon, Netflix and Google). While none of the FAANG stocks were up in the first quarter, Apple (APPL: -2%), Amazon (AMZN: -2%), and Google (GOOG: -4%) outperformed the S&P 500, while Facebook (FB: -33%), and Netflix (NFLX: -38%) significantly underperformed the broader market.

We attributed the 4Q 2021 underperformance in the Internet and Digital Media sectors to two factors: 1) difficult comparisons due to Covid related comparisons (i.e., companies that benefited from business migrating online in 2020 had tough comps in 4Q 2021 as the economy re-opened), and 2) the Fed pivot to signaling higher rates to tame inflation. Both of these issues remained evident in the first quarter.

The “re-opening” story has wreaked havoc in certain stocks and sectors. For example, investors have long been attracted to the MarTech universe based on the sector’s high growth and recurring revenue business model.

While growth has moderated slightly in recent quarters (revenues increased by 29% on average in 4Q 2021 vs. 32% in 3Q 2021), 21 of the 22 stocks in the sector posted stock price declines in 1Q 2022, and 19 of the 22 posted double digit stock price declines. Three months ago, MarTech stocks were trading at an average revenue multiple of 8.5x and a median revenue multiple of 5.3x. Today, the “mean” and median revenue multiples have fallen to 6.7x and 5.0x. It’s interesting to note that the average multiple has contracted a lot more than the median multiple, indicating that the “high-flying” MarTech stocks have been most impacted.

A good example of this is Shopify (SHOP), which traded 22.2x 2022E revenues at the time of our last quarterly Internet and Digital Media newsletter but now trades at 11.8x 2022E revenue. Shares of Shopify fell by 51% in the first quarter as its forward revenue multiple nearly halved. A provider of e-commerce software, Shopify thrived during the pandemic, as many offline businesses rushed to add online storefronts. But as the economy has reopened, and more consumers return to physical retail stores, Shopify’s growth has slowed considerably.

High-fliers in other Internet and Digital Media sectors appear to have been more impacted by Fed policy than re-opening concerns. In the Ad Tech sector, shares of The Trade Desk (TTD) fell by 24% during the first quarter. Three months ago, TTD shares traded at 24.8x 2022E revenues, but today its shares trade at 20.1x 2022E revenue. In the Social Media sector, the highest multiple stock three months ago was Snap (SNAP), which traded at 16.5x 2022E revenues, but shares of Snap fell by 24% and trade at 9.7x. In the Digital Media sector, three months ago the highest multiple stock was Netflix, which traded at 7.3x 2022E revenues, but shares of Netflix fell by 38% and now trade at 5.3x 2022E revenue.

It was not a great time to own shares in the Internet and Digital Media sectors in the first quarter of 2022, despite the fact that revenue trends continue to be robust and margins continue to improve. In our opinion, what’s changed is investor perception of where to invest in this stage of the economic cycle and the Fed’s impact as it raises rates. While signs of a slowdown don’t appear imminent in the Internet and Digital Media sectors we monitor, investors appear concerned about the impact Fed policy will have on the sector later this year or next. As the Fed continues to tighten monetary policy, investors appear to have rotated out of expensive, growth-oriented tech stocks and into more defensive sectors, as evidenced by the S&P Energy index increasing by +38%, the S&P Utility Index increasing by +7% and the S&P Health Care index declining by just 1%. Each of these sectors outperformed the broader market in 1Q 2022.

1Q 2022 M&A – Weathering the Storm; Will it Hold?

According to S&P Global Market Intelligence, technology industry M&A slowed considerably in the first quarter of 2022 with deal value falling by 36% to $216.7 billion from $338.5 billion in the first quarter of 2021. S&P Global cites heavy M&A activity in January followed by a sharp slowdown in February and March, even though the total number of technology M&A deals increased in 1Q 2022 relative to 1Q 2021. This is rather impressive during a quarter in which inflation reached a 40-year high, a war started in Ukraine, and publicly traded stocks performed poorly.

Noble tracks M&A deals in a narrower subsector of technology sector, and our data showed very different trends than the broader tech M&A. Noble breaks down our universe into 9 categories: Ad Tech; Agency & Analytics; Digital Content; Ecommerce; Information; MarTech; Mobile, and Social Media). We tracked 170 deals in these sectors in the first quarter of 2022, an 5% decrease in deal activity (unlike the broader sector). We also did not see a material slowdown in deal activity, as we tracked 62 deals in January, 51 in February and 57 in March, which is impressive in light of inflation, a war, and stock price declines.

The dollar value of the deals we tracked in 1Q 2022 increased by 225% to $106.8 billion, up from $32.8 billion in 1Q 2021. The huge increase comes almost solely from the $69 billion announced acquisition of Activision Blizzard by Microsoft in January. Excluding this one transaction, deal value increased by a healthy 15% in 1Q 2002.

From a deal volume perspective, the most active sectors we tracked were Digital Content (63 deals), Marketing Tech (47 deals) and Agency & Analytics (31 deals). From a deal value perspective, the most active sectors were Digital Content ($86.9B), Agency & Analytics ($15.9B), Marketing Tech ($1.5B), and Ad Tech ($1.4B).

As has been the norm for the past several quarters, the largest subsector of deal value within the Digital Content sector is the video gaming sector, with $85 billion of announced deals in the first quarter. The quarter got off to a fast start with Take-Two Interactive’s (TTWO) $12 billion announced acquisition of Zynga in early January. That was followed a little more than a week later with Microsoft’s announced acquisition of Activision Blizzard for $69 billion. Sony finished the strong January with its $3.6 billion acquisition of Bungie. Perhaps most notably, Netflix has become an active acquirer in the gaming sector in the last six months. In September of last year, Netflix entered the video gaming market with the acquisition of Night School Studio, and the company followed that up in 1Q 2022 with the acquisiton of Next Games Oy and Boss Fight Entertainment.

A look at the largest Gaming M&A transactions of 2021 is provided in the chart below.

Another sector that showed continued M&A strength was the online gaming, or “iGaming” sector. As more states and countries allow for betting online, a land rush has ensued, often times with companies buying foreign assets, where online betting has been around a while, in order to provide the tools to compete in North America, where there remains significant upside opportunity. Some of the most notable transactions of betting software companies are provided below. We have included the Better Collective acquisition of Canada Sports Betting, even though Canada Sports Betting isn’t an online gaming company per se. Rather, we have included it because we have found that iGaming companies are targeting data and information companies which provide information to bettors, which is key to helping them understand their odds ahead of placing bets.

In recent quarters we have written about robust M&A activity in the Digital Publishing and Podcasts sectors. However, activity in these sectors slowed considerably. In Digital Publishing, the New York Times Company announced the acquisition of sports focused content provider The Athletic for $550 million, but that was the only major digital publishing deal where the purchase price was announced publicly. In podcasting, Liberated Syndication, or Libsyn (LSYN) acquired Podcast Ad Reps for $11.9 million, but no other major podcast M&A transactions took place during the quarter.

M&A activity weathered a storm in 1Q 2022. For now, as long as solid revenue growth, improving margins, and strong balance sheets remain the norm, we expect M&A activity to remain solid, although likely not at record levels we saw in 2021 given the backdrop of higher rates and a war on European soil, each of which creates higher levels of uncertainty.

Esports & iGaming

The following is an excerpt from a recent note by Noble’s Media Equity Research Analyst Michael Kupinski

One of the poor performing sectors in the latest quarter was the Esports & Gaming sectors, down 25% in the quarter versus a 5% decline for the S&P 500 Index. Given the recent performance, the sector is down 52% for the trailing 12 months. The performance of the sector is disappointing given that we had expected that it would be a beneficiary of the economy reopening. Our view was that in person esports events would rebound and that igaming would become a favored way for strapped States to increase revenue. While this is still our view, we were surprised that the industry became a victim of the flight to quality. Many of the stocks in the index are developmental companies, investing to gain a foothold in the fast-growing space. As such, many of the companies in the space are not cash flow positive and have needs to raise capital for investment. Consequently, many of these companies are selling non-strategic assets, raising expensive capital, and aggressively cutting expenses.

It has not helped that the fundamentals of some of the companies have not been as strong as expected. In the latest quarter, we have revised downward revenues and adj. EBITDA due to gaming regulations, slower than expected product rollout, and geopolitical issues. One exception is Codere Online (CDRO), which has significant amount of cash to continue its international expansion. While the company has been adversely affected by recent gaming regulation in Spain, we believe that there is an attractive opportunity to expand into many Latin American markets. The company also has longer term plans to enter the US market.

TRADITIONAL MEDIA COMMENTARY

The following is an excerpt from a recent note by Noble’s Media Equity Research Analyst Michael Kupinski

Overview

Is it time to buy? 

Consumer cyclical stocks, such as the media and entertainment sectors, tend not to perform well during periods of rising interest rates. This is a function of the sensitivity of advertising to the general economy. Rising interest rates tend to slow economic activity and potentially portend an economic downturn. The Fed Reserve indicated that it plans a series of rate hikes in 2022, with the first being a 0.25 basis point bump on March 16th. . But media investors do not appear focused on the prospect of an economic downturn. This is largely due to the current favorable advertising environment. Most media companies reported better than expected advertising in the fourth quarter and guided toward favorable first quarter trends. In addition, media companies appear optimistic for the second half of the year with the anticipated influx of political advertising.

For this reason, we believe, the traditional media companies outperformed the S&P 500 Index in the latest quarter, with the TV sector performing the best, (highlighted later in this report). Coincidently, Broadcast Television is one of the biggest beneficiaries of the influx of political advertising, which will largely fall in the third and fourth quarters. In addition, TV broadcasters have diversified revenue streams, most notably retransmission revenue, which is not tied to the vagaries of the economy. Retransmission revenues as a whole account for an average –% of total broadcast revenue. Finally, many broadcasters indicated that sports betting has become a meaningful contributor to the improved advertising environment. With favorable revenue visibility, not surprisingly, TV stocks have outperformed the traditional media stocks, including Broadcast Radio and Publishing.

No doubt that there has been a rotation in the market, with investors moving toward larger, established companies, with more predictable revenue and cash flow, favoring those with solid balance sheets. Developmental companies and industries that are in investment mode have struggled in this environment, like the Esports & iGaming industries. Many of these companies have investment spending desires, but may be locked out as access to the capital markets have become limited. As a result, many developmental companies significantly cut back costs in a survival mode reaction.

Is the pain nearly over? We do not think so. In our view, while the inverted yield curve may have investors and analysts likely to begin modeling the prospect of an economic downturn in the future, we believe that the portfolio repositioning has just begun. Our key takeaway is that investors should be looking for opportunities. The best time to buy media stocks has typically been during an economic downturn or when the markets already factor one in. A process that seems to have begun. As such, we encourage investors to go hunting. We continue to favor companies that are in growth industries, have solid balance sheets, and stock valuations that may already reflect recession type valuations.

Broadcast Television

Broadcast Television: Returning Capital To Shareholders

The Noble Broadcast TV index increased 15% in the first quarter as investors anticipate a strong fundamental year in 2022 with the influx of political advertising and a strong economy. Some broadcasters indicated that political advertising in 2022 could be more than what was spent in the past Presidential election year. We are not as sanguine about that opportunity but believe that political advertising should increase a solid 30%, which is in line with the historic 20-year growth rates over Presidential year and biennial election year cycles. While the key auto category is still not fully recovered, broadcast management indicated that the category should cycle toward growth in 2023, a function of supply chain issues abating and a significant number of new models being introduced. Notably, most companies appeared very optimistic about sports betting advertising, which has emerged to become a leading category. Several large States appear to be poised to approve online sports betting, like Florida and California, which should meaningfully bolster core advertising.

In addition, we believe the reason that the stocks outperformed in the quarter, investors have come to realize that advertising is a smaller portion of total broadcast revenue. For the year 2021, retransmission revenue, a stable a predictable source of revenue, now accounts for a significant 44% of average broadcast revenue. Finally, the broadcast industry has substantially improved balance sheets.  Industry wide, net debt is on average 3.6 times EBITDA, with the mean at a modest 2.7 times. While there are companies higher than the averages, many of those companies have a path toward lowered leverage in 2022 given the anticipate influx of high margin political advertising.

With the favorable fundamental tailwind and reasonable debt levels, many companies are returning capital to shareholders in the form of dividends and share repurchase programs. Entravision announced a $20 million share repurchase program and Nexstar increased its quarterly cash dividend by 29%. We believe that more companies are likely to announce similar moves as debt leverage comes down.

Notably, with the favorable Q1 stock performance up 15%, the Noble Broadcast TV index over the trailing 12 months increased a modest 1%. This modest gain was below historic 25-year averages for the stocks in the year prior to an election year. On average, TV stock gained 22% in the year prior to an election year. We wonder if investors are nervous about the geopolitical events, rising inflation and rising interest rates. Notably, the stock valuations appear compelling. As the accompanying Broadcast TV Company Comparable table illustrates, the average TV stock trades at 6.5 times EV to 2022 EBITDA and 7.5 times 2023 EBITDA, at the low end of historic averages in the range of 6 to 12 times. In our view, the Broadcast TV stocks appear to trade at recessionary type valuations. As such, we believe that investors should go hunting for bargains in TV.

Broadcast Radio

A Transformed Industry

Broadcast Radio stocks failed to hold onto the previous quarter gains and fell in line with the general market in the first quarter 2022, down slightly over 4%. For the trailing 12 months, Radio stocks were flat versus a 15% gain for the general market, as measured by the S&P 500 Index. The relatively poor performance of the Radio group, in our view, does not do the group justice.

There has been a favorable transformation happening in the industry, one that is shifting away from traditional Radio and toward faster growth revenue streams, such as Digital, and, even into the Metaverse. In addition, many companies are aggressively paring down debt, another aspect we believe is missed by investors. Furthermore, there is a favorable fundamental tailwind, bolstered by strong revenue growth in developing ad categories including crypto currency and sports betting. There are also improving trends in the important auto category. In addition, the industry is expected to benefit from the influx of political advertising, largely in the fourth quarter. Political advertising typically accounts for roughly 3% of total full year Radio revenue.

Regarding the transformation…

Many of the Radio broadcasters have invested in growing businesses outside of Radio and into fast growing digital, podcasts, esports, and gaming. For some of the more aggressive diversified Radio companies, like Salem Media and Townsquare Media, digital now accounts for 29% and 50% of total company revenues, respectively. Beasley Broadcasting, with digital roughly 13% of total revenues, is ramping up its digital investments, which is expected to reflect an acceleration in revenue and improved margins. Companies like iHeart Media have even announced venturing into the Metaverse to bring virtual spaces and enhanced fan experiences. Importantly, digital revenue streams have been especially resilient during the Covid pandemic and we would expect a similar experience should the economy weaken.

Debt is coming down…

Companies like Cumulus Media, Salem Media and Beasley Broadcasting, which have had some of the highest debt leverage in the industry, have shored up balance sheets through asset sales and aggressive debt reduction. In the case of Cumulus, management highlighted that debt levels are approaching a range that it will likely pursue some form of a return of capital to shareholders. This prospect seemed to be dismissed by investors, the CMLS shares are down 30% from highs reached in November 2021.

As shown in the accompanying radio comp sheet, Radio stocks trade at compelling multiples below 7 times EV to EBITDA. Notably, some of these companies have significant digital media operations, and, as such, the stock valuations are all the more compelling. For instance, as illustrated earlier in the Digital Media section of this report, the Marketing Technology stocks trade an average 4.2 times Enterprise Value to Revenues. Applying this metric to Townsquare’s digital businesses would place a stock valuation at $35 per share. That would be just for its digital businesses! We believe that investors have not yet realized the transformation of some of these companies, or the substantial upside as these companies garner more attractive valuations based on its fast-growing businesses lines.

Publishing

The Noble Publishing Index was down a modest 3% in the first quarter, slightly outperforming the general market’s 5% decline. For the latest 12 months, the Noble Publishing Index decline 11%, underperforming the general market’s 14% advance. The biggest news in the Publishing sector was that Lee Enterprises successfully thwarted the Alden Group’s efforts to gain seats on the company’s board and take control of the company. Notably, near current levels, LEE shares trade slightly above the $24 takeover offer by the Alden Group. We believe that the recent weakness in the shares, down from recent highs in January of $43, is a reflection of investors exiting the takeover story.

While deal oriented investors appear to be putting pressure on the LEE shares, we encourage investors to take a look at this company. The company is aggressively investing into its digital future and is near the transition toward revenue growth. We believe that the company’s favorable revenue and cash flow growth outlook into 2024 is compelling as highlighted in the accompanying Newspaper Industry Comp sheet.

DOWNLOAD THE FULL REPORT (PDF)

View the PDF version for segment analysis, M&A activity, and more…

Noble Capital Markets Media Newsletter Q1 2022

This newsletter was prepared and provided by Noble Capital Markets, Inc. For any questions and/or requests regarding this news letter, please contact >Chris Ensley

DISCLAIMER

All statements or opinions contained herein that include the words “ we”,“ or “ are solely the responsibility of NOBLE Capital Markets, Inc and do not necessarily reflect statements or opinions expressed by any person or party affiliated with companies mentioned in this report Any opinions expressed herein are subject to change without notice All information provided herein is based on public and non public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on their own appraisal of the implications and risks of such decision This publication is intended for information purposes only and shall not constitute an offer to buy/ sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice Past performance is not indicative of future results.

Please refer to the above PDF for a complete list of disclaimers pertaining to this newsletter

Endeavour Silver Delivers Strong Production in Q1 2022

Research, News, and Market Data on Endeavour Silver

VANCOUVER, British
Columbia, April 11, 2022 (GLOBE NEWSWIRE) — Endeavour Silver Corp.
(“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to report first quarter 2022 production of 1,314,955 silver ounces (oz) and 8,695 gold oz, for silver equivalent 1 (“AgEq”) production of 2.0 million oz.

“The year is off to a strong start,” stated Dan Dickson, Chief Executive Officer. “Operationally, Guanacevi continues to outperform production expectations and Bolañitos remains steady. Strategically, we made a significant move in January signing a definitive agreement to acquire the Pitarrilla Project, one of the world’s largest undeveloped silver deposits. The addition of Pitarrilla, which is expected to close in the second quarter, significantly enhances our already attractive pipeline of growth projects, which also includes Terronera and Parral.”

Q1 2022
Highlights

• Guanacevi
  Continued to Outperform: Silver and gold production exceeded plan driven by higher grades.
• Bolañitos’
  Performance Remained Steady: Strong silver production, higher silver grades and increased throughput were offset by the impact of lower than anticipated gold production and lower gold grades.
• Metal
  Sales and Inventories : Sold 1,717,768 oz silver and 8,381 oz gold during the quarter. Held 608,788 oz silver and 1,911 oz gold of bullion inventory and 59,594 oz silver and 1,931 oz gold in concentrate inventory at quarter end.
• Advancing
  the Terronera Project : Work continued on final detailed engineering, early earth works, critical contracts and the procurement of long lead items.   The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months.
• Announced
  Definitive Agreement to Acquire the Pitarrilla Project: Endeavour is acquiring Pitarrilla, one of the largest undeveloped silver deposits in the world, from SSR Mining Inc. in a transaction expected to close in Q2 2022. Pitarrilla is located in Durango State, Mexico, which has a long history of mining and is known as a mining-friendly jurisdiction with several mines in operation, including our Guanacevi mine.
• Completed
  US$46.0 Million Bought Deal Financing: On March 22, 2022 Endeavour completed a prospectus offering for the issuance of 9,293,150 common shares at a price of US$4.95 per common share for gross proceeds of US$46.0 million, including the exercise of an over-allotment option. The Company plans to use the net proceeds to pay the US$35 million cash consideration payable to SSR Mining Inc. on completion of the Company’s acquisition of the Pitarrilla project and for the Company’s general corporate purposes and working capital.

Q1 2022 Mine
Operations

Consolidated silver production increased by 25% to 1,314,955 ounces in Q1 2022 compared to Q1 2021, primarily driven by a 23% increase in silver production at the Guanacevi mine and a 70% increase in silver production at the Bolañitos mine offset by nil production at El Compas, which the Company put on care and maintenance last August.

Gold production decreased by 22% to 8,695 ounces as a 27% increase in gold production at the Guanacevi mine was offset by a 16% decrease in gold production at the Bolañitos mine and nil production at El Compas.

Guanacevi throughput in Q1 2022 was 14% higher than Q1 2021 and silver grades and gold grades were 10% and 13% higher, respectively. Guanacevi throughput met plan and mining the new higher grade El Curso orebody has led to significantly improved grades and mine flexibility. Additionally, supplies of local third-party ores continued to supplement mine production, amounting to 11% of quarterly throughput and contributing to the higher ore grades.

Bolañitos Q1 2022 throughput was 7% higher than Q1 2021 with silver grades 61% higher and gold grades 20% lower. Silver production increased by 70% while gold production decreased by 16% at the Bolañitos mine.

Production
Highlights for the Three Months Ended March 31, 2022

Q1 2022
Production by Mine

*gpt = grams per
tonne

Q1 2022 Financial
Results and Conference Call

The Company’s Q1 2022 financial results will be released before markets open on Wednesday, May 11, 2022 and a telephone conference call will be held the same day at 10:00 a.m. PT / 1:00 p.m. ET. To participate in the conference call, please dial the numbers below.

About Endeavour
Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact
Information
Trish Moran
Interim Head of Investor Relations
Tel: (416) 564-4290
Email: pmoran@edrsilver.com
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook ,
Twitter ,
Instagram and
LinkedIn

Cautionary Note
Regarding Forward-Looking Statements

This news release
contains “forward-looking statements” within the meaning of the United States
private securities litigation reform act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities legislation.
Such forward-looking statements and information herein include but are not
limited to statements regarding Endeavour’s anticipated performance in 2022
including changes in mining operations and production levels, the timing and
results of various activities and the impact of the COVID 19 pandemic on
operations. The Company does not intend to and does not assume any obligation
to update such forward-looking statements or information, other than as
required by applicable law.

Forward-looking
statements or information involve known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity, production
levels, performance or achievements of Endeavour and its operations to be
materially different from those expressed or implied by such statements. Such
factors include but are not limited to the ultimate impact of the COVID 19
pandemic on operations and results, changes in production and costs guidance,
national and local governments, legislation, taxation, controls, regulations
and political or economic developments in Canada and Mexico; financial risks
due to precious metals prices, operating or technical difficulties in mineral exploration,
development and mining activities; risks and hazards of mineral exploration,
development and mining; the speculative nature of mineral exploration and
development, risks in obtaining necessary licenses and permits, and challenges
to the Company’s title to properties; as well as those factors described in the
section “risk factors” contained in the Company’s most recent form 40F/Annual
Information Form filed with the S.E.C. and Canadian securities regulatory
authorities.

Forward-looking
statements are based on assumptions management believes to be reasonable,
including but not limited to: the continued operation of the Company’s mining
operations, no material adverse change in the market price of commodities,
mining operations will operate and the mining products will be completed in
accordance with management’s expectations and achieve their stated production
outcomes, and such other assumptions and factors as set out herein. Although
the Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking statements
or information, there may be other factors that cause results to be materially
different from those anticipated, described, estimated, assessed or intended. There
can be no assurance that any forward-looking statements or information will
prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements or information.
Accordingly, readers should not place undue reliance on forward-looking
statements or information.

_____________________________________________
1 Silver equivalent calculated using an 80:1 silver:gold ratio.

Friday, April 08, 2022

Engine Media (GAME)(GAME:CA)
Out of Eden

Engine Media Holdings Inc is engaged in esports data provision, esports tournament hosting, and esports racing. Its brand profile includes Eden Games, Allin sports, and UMG, and others. The company’s operating segments include E-Sports; Media and Advertising and Corporate and Other. It generates maximum revenue from the Media and Advertising segment. The Media and Advertising segment includes platform and advertising services provided to other broadcasters, primarily local tv and radio broadcasters.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Sale of Eden Games. The Company announced the sale of its subsidiary, Eden Games, to Animoca Brands for $16 million or 1.8 times projected fiscal 2022 revenue of $8.78 million. Engine received $15.3 million for its 96% stake. We view the transaction favorably, given that we viewed Eden as a non-strategic asset.

A more focused approach.  The sale of Eden should allow management to focus its attention on its fast growing B2B businesses, which include gaming data and analytics, programmatic advertising, and influencer marketing …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Sets Date For First Quarter Earnings Release And Earnings Conference Call

Research, News, and Market Data on Gray Television

Gray Contacts:
Website: www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Thursday, March 31, 2022

Motorsport Games (MSGM)
Likely To Be A Reset Year

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), across PC, PlayStation, Xbox, Nintendo Switch and mobile. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. The company’s IPO was in January 2021, and it is headquartered in Miami, FL. For more information about Motorsport Games, visit www.motorsportgames.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q4 misses, but better than feared. The company reported Q4 revenue of $8.2 million, 41.9% below our forecast of $14.2 million. Adj. EBITDA for the quarter was negative at a loss of $5.433 million compared with our forecast of $1.250 million.

Slow off the block.  The disappointing Q4 was due largely to an underwhelming launch of the company’s new game, NASCAR 21: Ignition. The game’s 2021 sales trailed that of its predecessor, NASCAR Heat 5 in 2020. We believe that the company is focused on 2023 when the company is expected to have a stable of franchise product offerings …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Eric Bolling and Mike Gallager to Moderate Metaverse, Psychedelics and “The World Is Hot Right Now” Panels at NobleCon18

The 18th annual conference will be “live” again! To celebrate the return to IN PERSON, thanks to our sponsors, investor registration is FREE

Gray Sets Date For First Quarter Earnings Release And Earnings Conference Call

Research, News, and Market Data on Gray Television

Gray Contacts:
Website: www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Image Credit: Image Credit: Twitter: @CEOAdam

AMC Entertainment’s Plot Twist Gets Even More Interesting to Investors

While on his way to the Oscars Sunday afternoon, the CEO of AMC Entertainment spoke on the phone while his driver navigated the vehicle to Hollywood’s “big night.” He was being interviewed by Reuter’s about AMC’s recent purchase and plans for future acquisitions. What Mr. Aron revealed as part of the company’s evolution demonstrates a complete rethinking of the AMC’s strengths and what they can do to reward investors.

AMC is sitting on a large cash position that could benefit investors better if deployed to serve those that have believed in the company and invested in it during the pandemic – covid19 challenged the entertainment industry. They are beginning to recognize their current potential; this includes being able to shop for and make strategic acquisitions. The make-up of companies they would look to get involved with are those that could benefit from AMC’s competence in the capital markets.

On March 15, AMC surprised many by announcing a $27.9 million investment for a 22%
stake in Hycroft Mining Holding Corp (HYMC). This outlay initially met with some head-scratching as the investment in the Nevada-based gold mine didn’t naturally seem like a fit for a company operating 900 theaters. It was explained by the CEO that one of the company’s core competencies is navigating the capital markets, he evidenced this by pointing to its success after being left for dead by investors in 2020.  After just 10 trading days, AMC’s Hycroft purchase looks good. AMC bought Hycroft shares at $1.07, and it is trading this morning (March 29) at $2.44. Hycroft has since raised $139 million by selling stock to investors in a bid to strengthen its balance sheet and grow operations at its gold and silver mine.

AMC has “dry powder” of about $1.8 billion that came from selling stock during the meme stock and short squeeze frenzy.

In another Adam Aron interview held by CNBC the day after the Academy Awards, David Faber asked, “Is that the new core competence of AMC, to sort of use these meme-sters that you have to help turnaround the fortunes of a company because they’re willing to put money behind it?” “I think I have to say the answer is yes, and we proved it,” Aron responded.

This response on CNBC was not a surprise to investors that had read the Reuter’s interview where he said, “I’d like to think there will be more third-party external M&A announcements going forward…Transformational M&A is mandatory. Our shareholder base has given us capital to deploy with the clear expectation that we are… going to do exciting things with the money they entrusted to us”

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading

AMC is Thinking Outside the Box Office and Diversifying

AMC Theaters Now Accepts 4 Cryptocurrencies

Is it Game-Over for Meme Stock Investors?

SPACs and Potential Sellers are Successfully Thinking Outside the Box

Sources

https://investor.amctheatres.com/newsroom/news-details/2022/AMC-Entertainment-Holdings-Inc.-Announces-Significant-Investment-Buying-22-of-Hycroft-Mining-Holding-Corporation/default.aspx

https://www.reuters.com/business/exclusive-amc-ceo-says-more-meme-stock-powered-deals-are-coming-2022-03-28/

https://markets.businessinsider.com/news/stocks/amc-entertainment-meme-stock-price-ceo-plans-more-deals-ahead-2022-3?utm_medium=ingest

https://www.google.com/search?q=what+is+a+transformational+acquisition

Stay up to date. Follow us:

Image Credit: Image Credit: Twitter: @CEOAdam

AMC Entertainment’s Plot Twist Gets Even More Interesting to Investors

While on his way to the Oscars Sunday afternoon, the CEO of AMC Entertainment spoke on the phone while his driver navigated the vehicle to Hollywood’s “big night.” He was being interviewed by Reuter’s about AMC’s recent purchase and plans for future acquisitions. What Mr. Aron revealed as part of the company’s evolution demonstrates a complete rethinking of the AMC’s strengths and what they can do to reward investors.

AMC is sitting on a large cash position that could benefit investors better if deployed to serve those that have believed in the company and invested in it during the pandemic – covid19 challenged the entertainment industry. They are beginning to recognize their current potential; this includes being able to shop for and make strategic acquisitions. The make-up of companies they would look to get involved with are those that could benefit from AMC’s competence in the capital markets.

On March 15, AMC surprised many by announcing a $27.9 million investment for a 22%
stake in Hycroft Mining Holding Corp (HYMC). This outlay initially met with some head-scratching as the investment in the Nevada-based gold mine didn’t naturally seem like a fit for a company operating 900 theaters. It was explained by the CEO that one of the company’s core competencies is navigating the capital markets, he evidenced this by pointing to its success after being left for dead by investors in 2020.  After just 10 trading days, AMC’s Hycroft purchase looks good. AMC bought Hycroft shares at $1.07, and it is trading this morning (March 29) at $2.44. Hycroft has since raised $139 million by selling stock to investors in a bid to strengthen its balance sheet and grow operations at its gold and silver mine.

AMC has “dry powder” of about $1.8 billion that came from selling stock during the meme stock and short squeeze frenzy.

In another Adam Aron interview held by CNBC the day after the Academy Awards, David Faber asked, “Is that the new core competence of AMC, to sort of use these meme-sters that you have to help turnaround the fortunes of a company because they’re willing to put money behind it?” “I think I have to say the answer is yes, and we proved it,” Aron responded.

This response on CNBC was not a surprise to investors that had read the Reuter’s interview where he said, “I’d like to think there will be more third-party external M&A announcements going forward…Transformational M&A is mandatory. Our shareholder base has given us capital to deploy with the clear expectation that we are… going to do exciting things with the money they entrusted to us”

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading

AMC is Thinking Outside the Box Office and Diversifying

AMC Theaters Now Accepts 4 Cryptocurrencies

Is it Game-Over for Meme Stock Investors?

SPACs and Potential Sellers are Successfully Thinking Outside the Box

Sources

https://investor.amctheatres.com/newsroom/news-details/2022/AMC-Entertainment-Holdings-Inc.-Announces-Significant-Investment-Buying-22-of-Hycroft-Mining-Holding-Corporation/default.aspx

https://www.reuters.com/business/exclusive-amc-ceo-says-more-meme-stock-powered-deals-are-coming-2022-03-28/

https://markets.businessinsider.com/news/stocks/amc-entertainment-meme-stock-price-ceo-plans-more-deals-ahead-2022-3?utm_medium=ingest

https://www.google.com/search?q=what+is+a+transformational+acquisition

Stay up to date. Follow us:

Motorsport Games’ rFactor 2 Becomes The Official Sim Racing Platform Of Formula E

Research, News, and Market Data on Motorsport Games

CONTINUATION OF THE COMPANY’S MULTIYEAR AGREEMENT WILL SEE THE SERIES IMPLEMENTED WITHIN THE RACING SIMULATION, AS WELL AS THE CREATION OF ESPORTS EVENTS AND ACTIVATIONS FOR FANS

MIAMI, March 28, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announces today that it has become the official sim racing platform of Formula E, the world’s first all-electric international single-seater motorsport series. The agreement comes as part of an extension on the current multiyear partnership between Motorsport Games and Formula E.

Motorsport Games will implement Formula E, including its drivers and teams, into rFactor 2, the premier racing simulation platform available today. All drivers and teams will be updated to reflect Season 8 of the ABB FIA Formula E World Championship that is currently underway. Once implemented, rFactor 2 will feature every season of Formula E since 2018 and provide availability to race on many high-fidelity circuits within the series. The Formula E content pack will be available to purchase for all users of rFactor 2.

“Formula E is one of the fastest growing motorsports series and we couldn’t be more excited and honored to bring it to life fully within rFactor 2,” said Dmitry Kozko, CEO of Motorsport Games. “rFactor 2 continues to be the best-in-class simulation platform in the marketplace. This addition to its robust offering of motorsport series will greatly enhance the experience and offerings available to our players. With our expertise on creating authentic racing simulations and remarkable esports events coupled with Formula E’s surging popularity, we know that our partnership will reach every goal in place between our teams.”

In addition to adding the Formula E series to rFactor 2, Formula E will launch its Accelerate esports series which will be powered by rFactor 2’s in-game competitions platform. Additionally, rFactor 2 will power the Formula E Gaming Arena at future races and events allowing players to experience the thrill of the ABB FIA Formula E World Championship in venues all around the world, including Rome, Berlin and New York City. “Formula E is all about accelerating change, for this reason we want to give more accessibility to our sport and push the boundaries of what is possible both on and off the track,” said Kieran Holmes-Darby, Gaming Director at Formula E.

The partnership between the two brands further builds upon the foundation that was previously set when Motorsport Games conducted the ABB Formula E Race at Home Challenge esports event for the FIA. The series of esports events, which served as a temporary replacement for the suspended 2019–20 ABB Formula E Championship season due to the COVID-19 pandemic, created a fantastic viewing experience for new and existing fans of the sport.

The Formula E update to rFactor 2 will be live starting today, for all players. For full details on the update, please visit www.studio-397.com.

To keep up with the latest Motorsport Game news visit www.motorsportgames.com and follow on Twitter, Instagram, Facebook and LinkedIn.

About Motorsport Games:
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans, rFactor 2, KartKraft and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.

About Formula E and the ABB FIA Formula E World Championship 

As the world’s first all-electric FIA World Championship and the only sport certified net zero carbon since inception, the ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world’s most iconic cities providing an elite motorsport platform for the world’s leading automotive manufacturers to accelerate electric vehicle innovation. 

The Formula E network of teams, manufacturers, partners, broadcasters and host cities are united by a passion for the sport and a belief in its potential to accelerate sustainable human progress and create a better future for people and planet.

www.FIAFormulaE.com

For Formula E media enquiries, please contact – media@fiaformulae.com

Forward-Looking Statements:
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: (i) the expected benefits to Motorsport Games and to Formula E of implementing Formula E, including its drivers and teams, into rFactor 2; and (ii) the Company’s expected timing of releasing the Formula E update to rFactor 2. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to the Company experiencing difficulties and/or delays in implementing Formula E into rFactor 2, such as due to higher than anticipated costs incurred in developing, launching and continuing to enhance and improve such products and/or less than anticipated consumer acceptance of the Company’s products and/or difficulties, delays in or unanticipated events that may impact the timing and scope of releasing the Formula E update to rFactor 2, such as due to difficulties or delays in using its product development personnel in Russia due to Russia’s invasion of Ukraine and the related sanctions, delays and higher than anticipated expenses related to the ongoing and prolonged COVID-19 pandemic and related economic lockdowns and government mandates; unanticipated operating costs, transaction costs and actual or contingent liabilities; adverse effects of increased competition; and unanticipated changes in consumer behavior, including as a result of general economic factors, such as increased inflation. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the SEC, which may be found at www.sec.gov and at ir.motorsportgames.com, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q filed with the SEC during 2021, Current Reports on Form 8-K filed during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.

Website and Social Media Disclosure:

Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:
Ashley DeSimone
Ashley.Desimone@icrinc.com

Press:
ASTRSK PR
motorsportgames@astrskpr.com