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November 8, 2024 – Richmond, BC – ICARUS CAPITAL CORP. (TSXV: ICRS) – TheNewswire –
Icarus Capital Corp is pleased to have filed its unaudited condensed consolidated interim financial statements and MD&A for the three months and nine months ended September 30, 2024.
In summary, revenues were $193,837 and gross margin of $49,696 for the quarter ended September 30, 2024 (revenues of $769,824 and gross profit of $268,608 for the nine months ended September 30, 2024). For the quarter, on consolidation, Icarus reported a loss of $108,868 or $0.02 per share, compared to a loss of $38,465 or $0.01 per share for the three months ended September 30, 2023.
On July 1, 2024 the non-arm’s length acquisition of all the outstanding shares of Yuichi Inc. from Garry Yuill, CFO was completed (as previously announced in a news release dated June 28, 2024) – which added Yuk Yuk’s Comedy Club Surrey to Icarus Capital Corp.’s operations for this quarter.
Subsequent to the period ending September 30, 2024, October 28, 2024 the Company announced a Listed Issuer Finance Exemption Offering (the “Offering”). The Offering will be for a minimum of 1,265,000 and maximum of 2,186,666 units of the Issuer (the “Units”) at a price of $0.10 per Unit. Each Unit consists of one (1) common share of the Issuer (a “Unit Share”) and one half (1/2) common share purchase warrant (a “Warrant”). Each Warrant is exercisable into one half (1/2) common share, or two warrants can be converted to one share at a price of $0.10 (a “Warrant Share” and collectively with the Units, the Units Shares and the Warrants, the “Securities”) for a period of 36 months. The Offering document is available at www.sedarplus.ca. The Offering is available for 45 days to December 12, 2024 at www.icaruscapital.ca/invest.
Also subsequent to the period ending September 30, 2024, October 29, 2024 the Company announced that it has entered into a non-binding letter of intent (LOI) proposing a transaction and outlining the general terms whereby Icarus intends to acquire 100% of the shares of Yuk Yuk’s Inc. and Funny Business Production Inc. The LOI does not constitute a comprehensive and binding agreement – such an agreement will arise only upon the negotiation, settlement and execution of a complete share purchase agreement following completion of due diligence procedures and securing adequate financing to complete the acquisition. The purchase and full terms will be finalized at the time a complete share purchase agreement is executed but is anticipated to be comprised primarily of cash consideration but may include issuance of shares of Icarus as well. Mark Breslin has agreed to stay on in a salaried position for a number of years to ensure a smooth transition. The full details of the announcement are available at www.sedarplus.ca.
Icarus trades on the TSX-V as “ICRS”. Icarus operates a “Yuk Yuk’s” Comedy Club in Calgary, Alberta, a “Yuk Yuk’s” Comedy Club in Surrey, BC, hosts comedy events in theatres in British Columbia; and operates its subsidiary Yuk Yuk’s Media.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the transactions; the business plans of Icarus; use of funds; and the business and operations of the Issuer. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay and failure to receive applicable Board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and Icarus disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
For further information regarding the above, please contact:
Garry Yuill, Chief Financial Officer, Icarus Capital Corp.
Email: [email protected]
Telephone: (778) 866 – 9041
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES
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