BOCA RATON, Fla., July 15, 2021 /PRNewswire/ -- Grom Social
Enterprises, Inc. (NASDAQ: GROM), which recently entered into an
agreement to acquire Curiosity Ink Media, today announced its
wholly-owned subsidiary, Top-Draw Animation (TDA), has secured an
additional $1.7 million in new
business commitments, increasing its overall backlog to
approximately $8.0MM. TDA's animation
studio in Manila, the Philippines,
produces animated series, movies, specials and short-form content
on behalf of several leading global entertainment providers.
Grom Social's Top Draw Animation Adds $1.7
Million New Business While Reducing Debt-Service and Overall
Expenses
Additionally, Grom reported a final one-time payment of
approximately $800k to the original
TDA Sellers Note, eliminating nearly $33k in recurring monthly payments. At the same
time, by transitioning a portion of its workforce to remote work
opportunities, TDA has created production efficiencies that have
enabled it to reduce its physical office space needs by nearly
7,000 square feet, resulting in an estimated $100k additional annual savings.
The new work assignments come as Grom completes its acquisition
of storytelling production company, Curiosity Ink Media, and the
onboarding of its Chief Content Officer and former Nickelodeon
President of Animation, Russell
Hicks. Hicks will now simultaneously champion Curiosity's
revenue-generating intellectual property (IP) as well as oversee
TDA's animation production and client relations. Hicks will assume
oversight of TDA alongside the company's CEO and Founder,
Wayne Dearing.
Dearing stated, "That Top Draw Animation was able to maintain
its high standards and continue to deliver during the pandemic is a
remarkable achievement and demonstrated our commitment to serving
as a reliable, top shelf producer of animation for our clients. The
resilience and commitment of every team member of Top Draw
Animation is paying off considerably and we are proud that our hard
work has resulted in both new business and increased profits."
About Curiosity Ink Media:
Curiosity Ink Media is a
global media company that develops, acquires, builds, grows and
maximizes the short, mid & long-term commercial potential of
Kids & Family entertainment properties and associated business
opportunities. Driven by a best-in-class leadership team, Curiosity
Ink Media's multi-faceted I.P. library is designed to amass ongoing
value through strategic stewardship, partnerships and highly
targeted market entry.
About Grom Social Enterprises, Inc.:
Grom Social
Enterprises, Inc. is a growing social media platform and original
content provider of entertainment for children under 13 years of
age, which provides safe and secure digital environments for kids
that can be monitored by their parents or guardians. The Company
has several operating subsidiaries, including Grom Social, which
delivers its content through mobile and desktop environments (web
portal and apps) that entertain children, let them interact with
friends, access relevant news, and play proprietary games while
teaching them about being good digital citizens. The Company owns
and operates Top Draw Animation, which produces award-winning
animation content for some of the largest international media
companies in the world. Grom also includes Grom Educational
Services, which has provided web filtering services for K-12
schools, government and private businesses. For more information,
please visit gromsocial.com.
Forward-Looking Statements:
This press release
contains statements, which may constitute "forward-looking
statements.". Those statements include statements regarding the
intent, belief, or current expectations of Grom and members of its
management team as well as the assumptions on which such statements
are based. Such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by
such forward-looking statements. Important factors currently known
to management that may cause actual results to differ from those
anticipated are discussed throughout the Company's reports filed
with Securities and Exchange Commission which are available at
www.sec.gov as well as the Company's web site at
www.gromsocial.com. The Company undertakes no obligation to update
or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
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SOURCE Grom Social Enterprises, Inc.