Tiny Ltd. (“Tiny” or the “Company”) (TSXV: TINY)
today announced that it has completed a review of its business
following the closing of the combination between Tiny Capital Ltd.
and WeCommerce Holdings Ltd., on April 17, 2023, and completed
several targeted efficiency initiatives. These measures were
completed effective today, and are expected to result in cost
savings for the Company in the range of $4.0 million to $5.0
million annually, beginning in Q4 2023 (the “Efficiency
Initiatives”).
Management Commentary
With the public listing completed, and our first combined
quarter reported, our head office and operating teams are focused
on executing with one eye toward growth and the other toward
driving ongoing efficiencies to contribute to profitability and
free cash flow per share. Over the past several months we have
taken a concentrated look at our business from top to bottom,
resulting in the measures announced today. We expect these steps to
generate meaningful savings, while eliminating any overlap in
responsibilities that would hinder our team’s agility as we look to
the future.
Departure of President
As part of the Efficiency Initiatives, Tiny also announced the
departure of President Ampere Chan, effective today. Tiny does not
plan to replace Mr. Chan’s position. His responsibilities will be
assumed by the Company’s co-CEOs, Andrew Wilkinson and Chris
Sparling, and its CFO, David Charron.
“Ampere has been a valuable part of Tiny’s journey, and his
contributions have shaped our trajectory. As he moves on, we offer
our thanks for his dedicated service and wish him all the best in
his future endeavours,” said Chris Sparling, Tiny’s
Co-CEO.
About Tiny Ltd.
Tiny is a Canadian-based investment company focused primarily on
acquiring majority stakes in businesses that it expects to hold
over the long-term. The Company is structured to give maximum
flexibility to operating management teams by maintaining a focus at
the parent company level on only three areas: capital allocation,
management, and incentives. This structure enables each company to
run independently and focus on what they do best, within an
incentive structure that is designed to drive results for both the
operating business and ultimately for Tiny and its
shareholders.
Tiny currently has three principle reporting segments: Digital
Services, which provides design, engineering, brand positioning and
marketing services to help companies of all sizes deliver premium
web and mobile products; E-Commerce Platform, which is home to a
complementary portfolio of recurring revenue software businesses
that support merchants, as well as digital themes businesses that
sell templates to Shopify merchants; and Creative Platform, which
is comprised primarily of Dribbble, the leading social network for
designers and digital creatives, as well as a premier online
marketplace for digital assets such as fonts and templates.
For more about Tiny, please visit www.tiny.com or refer to the
public disclosure documents available under the Company’s SEDAR+
profile at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute
“forward-looking statements” and “forward-looking information”
within the meaning of applicable securities laws (collectively,
“forward-looking statements”), including statements
regarding the plans, intentions, beliefs and current expectations
of the Company with respect to future business activities and
operating performance. Forward-looking statements are often
identified by the words “may”, “would”, “could”, “should”, “will”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or
similar expressions and forward-looking statements in this press
release include, but are not limited to, information and statements
regarding the expected cost savings of the Efficiency
Initiatives.
Investors are cautioned that forward-looking statements are not
based on historical facts but instead reflect the Company’s
expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, such statements
involve risks and uncertainties, and undue reliance should not be
placed thereon, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the Company. Financial outlooks, as with
forward-looking information generally, are, without limitation,
based on the assumptions and subject to various risks as set out
herein.
Among the key factors that could cause actual results to differ
materially from those projected in the forward-looking statements
are the following: assumptions concerning the Efficiency
Initiatives and the operational plans of the Company following
completion of the Efficiency Initiatives; changes in the business
activities, focus and plans of the Company and the timing
associated therewith; the Company's actual financial results and
ability to manage its cash resources; changes in general economic,
business and political conditions, including challenging global
financial conditions and the other risk factors more fully
described in the Company's most recent MD&A as well as the list
of risk factors in the Company's management information circular
dated March 6, 2023 available on SEDAR+ at https://www.sedarplus.ca
under the Company's profile.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. Although the Company has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended and
such changes could be material. The Company does not intend, and
does not assume any obligation, to update the forward-looking
statements except as otherwise required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
Source: Tiny Ltd.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231004479162/en/
Investor:
David Charron Chief Financial Officer Phone: 416-418-3881 Email:
david@tiny.com
Jonathan Ross Tiny Ltd. Investor Relations Phone: 416-283-0178
Email: investors@tiny.com
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