Grom
Social's
Top Draw Animation Adds $1.7 Million New Business While Reducing
Debt-Service and Overall Expenses
BOCA
RATON,
FL
-- July 15, 2021 -- InvestorsHub NewsWire
-- 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.
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.
###
For
Grom
Social Enterprises/Curiosity Ink Media:
Marianne Romano
+1-818-681-0849 Romanomarianne@me.com
For Investor Relations:
John
McNamara TraDigital
IR
+1-917-658-2602 john@tradigitalir.com